VALLETTA, Malta, Sept. 16, 2020 /PRNewswire/
-- OKEx (www.okex.com), a world-leading cryptocurrency
spot and derivatives exchange, has announced that OKChain, the
commercial public chain developed by OKEx, has been officially
renamed as OKExChain. As a public chain focusing on transaction
functions, even in testnet, OKExChain has already made
breakthroughs in many areas, including transactions per second,
on-chain governance, permissionlessness and cross-chain
mechanisms.
In terms of the degree of decentralization, OKExChain also takes
the lead among exchange-developed public chains. By fully utilizing
the nature of peer-to-peer networks, implementing irreversibility
and efficient autonomy in its source code, no participants
(including its developer, OKEx), are able to control or manipulate
the public chain, thus achieving absolute decentralization and
meaning that OKExChain can be considered a "fundamentalist" public
chain.
"We are very confident in the technical strength of OKEx.
Throughout our extensive testing, OKExChain has shown very high
performance with all the necessary elements of a decentralized
public chain," said OKEx CEO Jay
Hao, continuing:
"Decisions such as whether to enable open node elections, commit
to open source, or have governance tokens are indispensable
elements of a public chain. So, this is also the easiest way to
judge whether a 'public chain' is truly public or just a
pseudo-public chain. With the growing popularity of the DeFi
concept, users should take these considerations into account, and
be more alert to whether some so-called DeFi projects are truly
decentralized or not."
100% community-based governance
Possibly the most significant feature and advantage of OKExChain
lies in its degree of decentralization. In April 2020, OKExChain became one of the first
exchange-developed public chains to become 100% open source. Every
individual has the right to become a validator node, and not even
OKEx has the ability to control the public chain. In order to
become one of the validator nodes of OKExChain, OKEx has to compete
with other participants. As of now, 21 supernodes and 41 candidate
nodes have participated on OKExChain.
In addition to on-chain governance, users of OKExChain also
enjoy a high degree of autonomy. Through OKExChain smart contracts,
everyone can issue their own digital assets while building a
variety of decentralized applications, such as users' own liquidity
pools. The order-book model is also permissionless.
OKExChain performance: TPS higher than ETH
What the trading-centric OKExChain aims to bring to the
cryptocurrency space is the enablement of large-scale applications
with high performance based on blockchain technology. This requires
high TPS and stability, which are not easy to achieve on a
decentralized network.
At its height, OKExChain generated 10,189,564 blocks with a
total trading volume of 107,356,559, indicating that OKExChain is
operating stably. In terms of performance, the current TPS of
OKExChain can theoretically reach 1,000, which is significantly
higher than the processing capacity of the current ETH public
chain.
Moreover, OKExChain will introduce its Oracle soon as a secure
signed price feed for the liquidity pool and order-book
transactions for various derivatives, such as margin and
perpetual.
High compatibility drives the development of the ecosystem
OKExChain will be EVM-compatible and support all existing
Ethereum smart contracts in the future, which will make it easy for
developers to migrate their DApps onto the new chain without
friction.
At the same time, this cross-chain mechanism allows OKExChain to
support and migrate all mainstream digital assets. The
decentralized IBC cross-chain protocol will be integrated, and the
cross-chain transactions will be implemented by Relayer.
What's more, OKExDEX, the first project in the OKExChain
Ecosystem implemented on multiple operating systems, provides users
with a one-stop solution to issue their digital assets, create
their own digital asset trading pairs, and trade freely on both AMM
and the order book with ease.
Thanks to its high compatibility, OKExChain has already
cooperated with more than 60 ecosystem partners, covering the
public chain, PoS mining pool, explorer, wallet and other major
components of the crypto space.
About OKEx
A world-leading cryptocurrency spot and derivatives exchange,
OKEx offers the most diverse marketplace where global crypto
traders, miners and institutional investors come to manage crypto
assets, enhance investment opportunities and hedge risks. We
provide spot and derivatives trading — including futures, perpetual
swap and options — of major cryptocurrencies, offering investors
flexibility in formulating their strategies to maximize gains and
mitigate risks.
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