VALLETTA, Malta, Feb. 11, 2020 (GLOBE NEWSWIRE) — OKEx (www.okex.com), the world largest cryptocurrency spot and derivatives exchange, announced the launch of OKChain, an OKEx-owned commercial public blockchain, in order to contribute to the community with more decentralized applications. At the same time, OKEx also rolled out OKEx DEX, the first decentralized application based on OKChain. To ensure a better trading experience and liquidity, OKEx DEX supports real-time settlement in a trustless environment.
OKChain is a Cosmos SDK-based public chain developed by OKEx. It supports various decentralized applications and allows users to issue their own cryptocurrencies, create trading pairs, and trade freely on it. Thanks to its multi-chain structure, the efficiency and scaling of application development are significantly improved. OKChain separates data into three layers: block, operations and off-chain data, which can improve the system consensus speed and expand data dimensions on chain.
Adopting a Delegated Proof of Stake (DPOS) consensus mechanism, OKEx has issued OKT as native token of OKChain. The issuance of OKT will be on the genesis block and node block, and is expected to increase by 1-5% every year.
“We believe decentralized finance is the key to financial inclusion and financial freedom for all. That’s why we have longed for unleashing the power of DeFi. OKChain is huge milestone for us, meaning that we are now able to provide an open, low-cost, and autonomous ecosystem for everyone to enjoy the benefits blockchain and decentralization brings,” said Jay Hao, CEO of OKEx. “Blockchain development keeps bringing me new experiences and surprises. Today, when we talk about blockchain, it is way beyond just bitcoin and the major ERC-20 tokens. As a leading player in the industry, we hope OKChain will become an inspiration for more innovations and will attract more talents to join the blockchain revolution with us.”
OKEx DEX – The first decentralized application on OKChain
Besides OKChain, OKEx DEX, the decentralized exchange arm of OKEx, is also an innovation not to be missed.
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OKEx is a world-leading digital asset exchange headquartered in Malta, offering comprehensive digital asset trading services including fiat-to-token trading, spot trading, futures trading, and perpetual swap trading to traders globally with blockchain technology. Currently, the exchange offers over 400 token and futures trading pairs enabling users to optimize their strategies.