OKExChain Monthly Report — August 2021
Redefining the OKExChain Borderless Ecosystem
Shortly after the release of our much-anticipated public blockchain OKExChain, it has finally gone open-source and its code has been uploaded to Github on Apr 16, 2020. How does this contribute to the OKExChain ecosystem as a whole?
Cross-chain Technology: Key to the OKExChain Ecosystem
OKExChain is designed based on original technologies and concepts such as cross-chain technology and the OpenDEX full-node operation of peer-to-peer blockchain network. After becoming open-source, OKExChain will be able to provide an efficient, free and boundless public chain ecosystem for its nodes.
OKExChain's architecture is developed on the top of the Cosmos SDK and adopts Tendermint's network and consensus code. What makes OKExChain stands out is its capability of enabling seamless integration of multiple ecosystems. In order to cater to the unique demands from the decentralized exchanges (DEXs) built upon OKExChain, the governance and election modules of OKExChain have been redesigned to support diverse business logics.
In terms of technology selection, OKExChain's separate governance after cross-chain and instant confirmation based on DPoS consensus helps realize the value and data transmission between multiple isomeric chains. The "cross-chain toolkit" currently provided by OKExChain contains various cross-chain protocols, which effectively breaks the closure and islanding between chains. For example, at present, OKExChain has realized the connection with the Cosmos ecosystem through the IBC relay protocol. In the future, it will also implement cross-chain solutions with mainstream public chains such as Bitcoin and Ethereum with more diverse chain tools.
More importantly, the cross-chain communication protocol of OKExChain has realized direct transactions and information transfer across different chains while maintaining their independence intact. It not only breaks the barriers between the blockchains and maintains the completeness of a cross-chain ecosystem, but also ensures that participating institutions and individuals can run their application.
Based on this special cross-chain idea, OKExChain has formed three unique and distinctive technical features:
- Developed as a key puzzle of OKEx’s global ecosystem blueprint, OKExChain cuts in from the underlying blockchain architecture to optimize for different financial application scenarios;
- With Cosmos' IBC protocol, each important application developed on OKExChain can own its exclusive blockchain while maintaining interoperability;
- Thanks to the layered data design, OKExChain reduces the cost of blockchain data and improves efficiency, thereby supporting large-scale application publishing.
A truly decentralized blockchain
OKExChain practices a high degree of openness and thorough decentralization, giving all participating nodes equal status and rights. Each participating individual can play their abilities to the full, publish and run a variety of decentralized applications without hindrance.
Unlike the "proposal system" of traditional public chains, in which every action of nodes requires a proposal to be submitted to the governor, OKExChain breaks this rule by adopting the "OpenDEX" concept.
First, any user can build their decentralized trading platform on OKExChain and can completely decide what cryptocurrencies and trading pairs to list.
Second, when nodes runners want to build decentralized applications or DEX or list trading pairs on OKExChain, no proposal is required to submit. All DEXs based on OKExChain run on the peer-to-peer network of the blockchain, making it a true permission-less ecosystem.
The fact that most DEXs developed on traditional public chains usually run on centralized servers not only deviates from the decentralization nature of blockchain, but also puts the assets stored on the nodes exposed to great security risks. As an industry’s first, OKExChain has achieved to allow all DEXs to operate on a peer-to-peer blockchain network, which undoubtedly has a huge revolutionary impact on the industry.
To fully implement the concept of "OpenDEX", OKExChain also first proposed the concept of "DEX operator" (the portrait-like node in the figure).
If a DEX has only one operator, the public chain ecology is undoubtedly closed, and its development will be greatly restricted. If you want to construct an open DEX ecosystem, the public chain operators cannot undertake all DEX operations. The introduction of the operator is a challenge and innovation in the design of the public chain. OKExChain has made it possible for all DEX operators to use OKExChain resources in a fair and developed manner.
Ecological Partnership - The "Commercial Chains Alliance“
Based on the cross-chain technology design, OKExChain aims to promote the ecological implementation of complementary applications and pioneered the concept of a business alliance. The large-scale application of blockchain technology will be promoted. At present, the first phase of ecological partner construction has been completed, involving 5 major ecological cooperation directions including public chain, wallet, explorer, mining pool and securities.
In terms of public chains, OKExChain has launched an in-depth integration in the fields of the cross-chain technology, developer community, BTC cross-chain alliance, and others. Among them, a total of 10 world-renowned public chains and institutions including Bytom, Certic, Conflux, and Ontology have landed in the OKExChain ecosystem.
In the wallet space, ecological partners will support the storage of OKB and OKT, the functions of OKT mapping, node voting, OKExChain proposal, DEX, etc. A total of 5 companies have joined hands with OKExChain. As for blockchain explorer, partners are going to support the display of blocks height, transaction and other data, OKExChain supernode (agent) data, OKExChain proposal function and trading data in openDEX of OKExChain.
What about mining pools? There are currently three ecological partners becoming OKExChain's supernodes and will provide related staking products. Besides, there are several well-known security institutions settled in the OKExChain ecological partner's list too.
Disclaimer: This material should not be taken as the basis for making investment decisions, nor be construed as a recommendation to engage in investment transactions. Trading digital assets involves significant risk and can result in the loss of your invested capital. You should ensure that you fully understand the risk involved and take into consideration your level of experience, investment objectives and seek independent financial advice if necessary.
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