Innovation is at the heart of the cryptocurrency space

When it comes to the cryptocurrency space, the ongoing question everyone is asking is how mass adoption can be achieved. There are many ways to get new people on board and grow the space. Raising awareness, designing more user-friendly products, collaborating with each other and working with regulators are all ways we can get closer to achieving this goal. Yet cryptocurrency reaching the masses is inevitable anyway thanks to the breakthrough innovation at the heart of this space.

In addition to being the market leader in crypto derivatives and spot trading, OKEx prides itself on offering the widest range of products to our users. For example, adding options trading has already proven very popular with traders who want to keep their strategies flexible. Listing popular DeFi tokens and providing traders with advanced tools to hedge their risk and maximize capital is another, as is Jumpstart Mining, which allows OKB holders to stake their tokens in exchange for high rewards and at the same time contribute to the token issuance of new projects.

As you can see, we are much more than just a cryptocurrency exchange; OKEx is a core member of a thriving young and fast-growing community, bringing new and exciting projects and ideas to the table while supporting the growth of the blockchain industry. And it is our responsibility to move forward.

OKExChain – A fundamentalist public chain

OKEx isn’t the only cryptocurrency exchange launching a public chain. In fact, as one of the most important blockchain infrastructures, competition in this field is getting tougher. However, at OKEx, we don’t want our chain, OKExChain, to be just an extension of our exchange. We want to uphold the spirit of blockchain and provide developers with a truly decentralized fundamentalist chain that gives them a high degree of autonomy.

This will allow us to create a space attractive for developers to create decentralized apps, taking advantage of the high scalability and processing power, without sacrificing control or sticking to centralized protocols. In the same vein, OKExChain has committed to open-source two months after launch, and we wrote our first lines of code on Github in April this year.

The OKExChain testnet has recently been upgraded to v0.11.1 and OpenDEX Desktop v0.0.2 development is 90% complete. We have fixed some bugs in the code and development of the OKExChain Smart Contract Virtual Machine is also 90% complete. In addition, we are proud to say that the first OKExChain Hackathon competition has been successfully concluded, with further growth and innovative dApps built on the chain.

We had a total of 24 teams and individuals submitting entries covering a wide variety of innovative applications – including DEXs, digital asset wallets, APIs, virtual machines, blockchain browsers, strike, developer tools, SDKs, cross-chain solutions and many more Lake .

High autonomy for Node Runners

As a peer-to-peer network, node runners have a high autonomy. This means that, unlike other chains, they do not have to submit proposals to a higher ‘governor’ before they can make a move. For example, they can decide to list or scrap cryptocurrencies, develop on the DEX or start a dApp on their own initiative without prior consent.

Version v0.11.1 allows for further decentralization, making us the first public exchange chain to support access from external institutions. Our voting mechanism really proves that we are striving for true decentralization. For example, all OKT holders (the chain’s native token) who wagered the token can become regular voters or they can vote for the validators to vote on their behalf.

Since validators are chosen by the token holders, it means that the best ones come out instead of the ones that only hold the most tokens. This is especially important to us as it prevents the possibility, especially at an early stage, that someone can manipulate the chain.

An inflationary model

Another industry first with OKChain is the inflationary model. This is because it has a new token, the OKT, as its own. We decided to launch it this way to get around the constant conflict of interest in public chains between token holders and token users (including dApp developers).

As we generally know, users want the cost of use to go down while token holders want the price to go up. Deflationary models only exacerbate this problem. This is why we released a new token for OKChain instead of using OKB (which is now a completely deflationary token).

Closing thoughts

Innovation is at the heart of this space and by constantly pushing the boundaries of what is possible today, we can build a better future together. Through collaboration, a willingness to step out of our comfort zones and keep moving forward, crypto will soon become a force to be reckoned with and an integral part of everyone’s everyday life.

About the author: Jay Hao is the CEO and Chief Customer Service Officer at OKEx.

Image by Arek Socha from Pixabay

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