OKExChain ecological construction officially opened, 8 major points at a glance

OKExChain ecological construction officially opened, 8 major points at a glance

On May 10, Jay Hao, CEO of OKEx, released an open letter about the OKExChain ecological construction. The letter mentions that OKExChain main network has supported EVM and the ecological construction is officially opened.

According to the plan, the OKExChain ecological construction is initially divided into 3 stages, the first stage will invite famous projects such as SushiSwap, Bounce and Chainlink to deploy their products, after that it will be open to deploy colorful and innovative projects, and after the operation is stable, it will be completely open and anyone can freely deploy the contracts.

In addition, Jay Hao also explained the positioning, technical concept, and future plans of OKExChain in his letter. In a nutshell, OKExChain will build a decentralized high-performance trading public chain, providing on-chain application scenarios such as spot, derivatives, NFT, stable coins, lending, etc. to provide better decentralized financial services for global users.

In fact, the battle for the public chain track has been white-hot. When the performance bottleneck of ethereum has not been completely solved, various emerging public chains have emerged and made a lot of eyeballs in the bull market, but many problems have been exposed in the process of wild growth.

In contrast, OKExChain seems to be a bit out of step. Instead of rushing to the market, it continues to test and polish over and over again. In the short term, this will obviously lose a lot of traffic and suffer many questions, but in the long term, OKExChain leaves the market with more expectations, after all, only a finely crafted product can withstand the test of time.

As the OKExChain ecosystem is officially launched, how should we look at this public chain? And how should we participate in it? With these questions in mind, I have extracted the following points from the open letter and interpreted them, hoping to help you get a comprehensive understanding of OKExChain.

Point 1: Decentralization

Regarding OKExChain, the first thing mentioned in the open letter is decentralization, which shows the importance of this attribute in the ecological construction.

As we all know, under the DeFi boom, decentralized technologies and concepts have been rapidly spreading around the world. As an open platform, public chains should provide decentralized on-chain services for developers and users.

At this stage, exchanges tend to concentrate most nodes in their own hands when laying out public chains in order to ensure their own voice, which is against the principle of decentralization. Unlike this, OKExChain is thoroughly open source and open, and anyone can become a node and build and maintain this network together with the community.

In addition, OKExChain has its own native token, OKT, which insists on on-chain governance and allows OKT holders to participate in governance by initiating proposals, pledging, voting, etc., avoiding the problem of centralization due to the adoption of platform coins to participate in community governance.

Key point 2: High performance

The delay in solving the performance bottleneck of Ether provides an opportunity for the rise of emerging high-performance public chains such as OKExChain.

It is reported that OKExChain is built based on Cosmos’ Tendermint mechanism and Cosmos SDK, and uses a consensus algorithm combining BFT and DPoS to generate a new block every 0.5 seconds, greatly accelerating the speed of transactions.

Not only that, Jay Hao also revealed in his open letter that OKExChain has integrated EVM since Cosmos sdk version 0.39, achieving complete compatibility of Cosmos with EVM, and will completely refactor the underlying code and open up new technical routes in the future.

Simply understand, OKExChain is compatible with both Cosmos cross-chain solution and Ether EVM, and further optimized on the basis of both to ensure the efficient operation of large-scale on-chain business.

Point 3: Focus on transaction ecology

Unlike other public chains that are big and comprehensive, OKExChain focuses on the transaction scenario: to ensure the security and anonymity of decentralized transactions, but also to meet the high-frequency transaction needs of different transaction scenarios.

The reason is not difficult to understand, most of the on-chain applications are related to transactions, but with more and more users coming in, the current infrastructure can no longer match the demand. Even if EtherChip completes the 2.0 upgrade, it is still difficult to meet the diversified needs of various users.

OKExChain will not only support decentralized order book and Swap trading while providing high performance, but will also support prophecy machine and thus various derivatives trading such as leverage and perpetuity to build a complete decentralized trading ecology.

In fact, as early as in the previous joint public test, OKExChain ecology has already taken shape, including DEX, NFT, stable coins, lending, insurance, etc. In the future, once the entire trading ecology is built, users will have a more efficient and low-cost decentralized trading experience.

Point 4: Openness

Open source and openness are the core of blockchain, moreover, the essence of public chain. According to Jay Hao’s description, OKExChain is not a centralized server cluster, but a thoroughly open source and open public chain.

How is OKExChain open source and open? Public reports show that as early as April last year, OKExChain has announced the completion of its 100% open source program. At the same time, the OKExChain community welcomes developers from around the world to join in building a decentralized, high-performance trading public chain that will become one of the global DeFi infrastructures.

In other words, OKExChain is open to developers on any blockchain network such as Ether, Polka, etc., allowing them to use all kinds of middleware provided by OKExChain in a fair manner. As for users, they are free to use the decentralized applications on the chain.

From this level, OKExChain and public chains such as Ether are not in complete competition, but complement each other to serve developers and users worldwide.

Point 5: Compatible with EVM, feeding Cosmos community

OKExChain announced the launch of EVM, which means that it is officially compatible with Ethernet smart contracts, and projects originally in the Ethernet network can be easily migrated to OKExChain. It can also solve the current problems of network congestion, high fees, etc.

It is important to note that OKExChain was custom developed based on Cosmos underlying technology in the early days, but based on the positioning of a high-performance trading public chain, EVM has been integrated into Cosmos sdk since version 0.39, and all the code integrating EVM will be opened to Cosmos community in the future. This actually also reflects the openness of OKExChain from the side.

In the future, OKExChain will also refactor the underlying code and open up new technical routes. It is foreseeable that OKExChain is not simply borrowing from the technical implementation level, but integrating innovation, which may become the core competitiveness later.

Key point 6: OKB and OKT are both “shovels” on the chain

The relationship between OKB and OKT has been a hot topic of discussion in the industry.

The relationship between the two is not difficult to understand: OKB is the platform coin of OKEx, while OKT is the native token of OKExChain, both of which have their own roles to play and are “shovels” on OKExChain.

According to Jay Hao, OKB will become the “bridge” between exchange users and OKExChain, while OKT will play an important role in OKExChain’s system operation and community governance.

This means that in the future, both OKB and OKT holders can participate in the construction of the OKExChain ecosystem and share the fruits of its development.

Point 7: 3 stages of ecological construction

At the level of ecological construction, OKExChain continues its previous steady approach, first allowing mature projects to deploy and test products, and then opening up colorful and innovative projects. After these two stages, OKExChain will be completely open and allow anyone to freely deploy contracts under the premise of stable operation.

Jay Hao explains why 3 stages are designed: he hopes that the majority of users will gradually become familiar with the OKExChain ecosystem, while clearly understanding the risks of decentralized projects and avoiding capital losses.

In other words, OKExChain will not blindly pursue speed, but further help users get familiar with the on-chain environment and accumulate knowledge to better use various on-chain applications in the future.

Point 8: No endorsement for on-chain projects

Under the bull market, various on-chain projects have emerged, testing users’ discernment ability all the time.

Although the various testing activities launched by OKExChain have helped users accumulate awareness in a big way, the risk of the project cannot be assessed because it is a completely decentralized public chain itself, which requires users to participate carefully to avoid capital loss.

In the open letter, Jay Hao clearly stated that OuYi OKEx will never endorse any project. This means that users should rationally analyze any project that is heavily advertised under the banner of OuYi OKEx and should not invest blindly.

Conclusion

From the inception of the project in 2018 until now, OKExChain has always been under the industry’s attention, and since the launch of the main network at the beginning of the year, every action of OKExChain has triggered discussions in the industry.

Looking at the progress alone, OKExChain is not considered fast and has no first-mover advantage, but from the public chain core, OKExChain insists on open source, openness and decentralization, while drawing on the strengths of Cosmos and Ether, and has a comparative advantage in the new generation of high-performance public chains.

Along with the launch of EVM, OKExChain ecological construction has officially kicked off, and Jay Hao, CEO of OEE OKEx, describes this as a great practice of self-revolution. As for the future, we may wait and see.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/okexchain-ecological-construction-officially-opened-8-major-points-at-a-glance/
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

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