Dear valued customers,
Blockchain technology is a revolutionary infrastructure of the internet. We are excited to be part of the history making as a major industry player. There have been times of challenges and hardship along the way, but, as the old saying says, what doesn't kill us makes us stronger.
Today, blockchain technology has reached its unprecedented height. Central banks worldwide are experimenting with blockchain, and many innovations like Libra are springing up.
Such decentralized, peer-to-peer technology is not merely a technological advancement, but it will reshape the global economy like the internet did.
At OKX, we believe blockchain technology will become a fundamental infrastructure and catalyst for the next human breakthrough, like how printing press broke changed the distribution of knowledge, aviation eliminated geographical limitation, and the internet revitalized traditional businesses.
Capitalizing on the global decentralization development, we have developed our very own blockchain - OKChain, in order to contribute to the community with our decentralized applications.
Today, we are happy to announce that OKChain is live!
1. Our Vision
In the era of blockchain, we must embrace openness and complete decentralization. We want to build a decentralized and open public chain to empower every participating node with the same power to run and issue decentralized apps freely, that’s why we started to build OKChain.
Our goal is to be as decentralized as Bitcoin, to build a highly efficient public chain that can be used by anyone around the world, to create a truly borderless ecosystem.
2. OKChain Features
OKChain is a decentralized public chain that supports various decentralized applications and allows users to issue their own cryptocurrencies, create trading pairs, and trade freely on it.
We maintain a “one application, one chain” operation principle that allows OKChain to power applications for everyone.
Some special features include:
a. Multi-chain Development
- Significantly speed up the development process: By developing multi-chains, various applications can be developed on OKChain at the same time while achieving mutual connections;
- Sharding according to business data:OKChain implements sharding according to business data, effectively solves the scaling problem of traditional sharding, and can support large-scale applications;
- Positive internal competitions: Parallel development allows different parties to develop an application at the same time, fostering a positive competitive environment for products to implement regular upgrades, so that users can get the best user experience.
b. Data Layering
OKChain separates data into 3 layers: block, operations and off-chain data. It also meets the needs of reducing the cost of combining the current systems, which can improve the system consensus speed and expand data dimensions on chain.
- Block data:As the fundamental data layer, block data retains the advantages of blockchain technology – they are irreversible and unable to be tampered;
- Operations data:Through on-chain calculation algorithms, only operating data are kept when transmitting data. It can effectively lower the amount of data transmitted when a large amount of data needs to reach a consensus, thus greatly improve the block operation speed;
- Off-chain data:OKChain allows easy incorporation with PLUS, i.e. traditional data software such as MySQL and Redis, or syncing with IPFS and other databases, to effectively expand data communication channels from traditional data to blockchain data.
We believe that everyone has the power to realize their value on blockchain.
3. OKChain’s Ecological Development
We hope to build an open and autonomous ecosystem on OKChain to achieve large-scale commercial application of blockchain technology.
a. OKChain allows users to issue their own cryptocurrency on the public chain. We will also migrate OKB and USDK to OKChain;
b. Users can build their own decentralized exchange and customize what assets and trading pairs they want to list;
OKX has launched OKX DEx, a decentralized application based on OKChain. To ensure a better trading experience and liquidity, OKX DEx supports real-time settlement with a trustless manner.
Compared to centralized exchanges, OKX DEx is more open, inclusive, and secure decentralized exchange:
- Highly secured: Users have complete control over their assets;
- Efficient: Profits are settled daily to users’ account;
- Transparent: Trading records are transparent on chain.
We hope that more users can capitalize on this awesome tool to build their own DEx on OKChain.
c. OKChain will support the distribution of DeFi applications. Users can build their own financial applications based on blockchain technology and crypto on OKChain, creating a highly autonomous financial system.
d. OKChain will support smart contracts.
e. OKChain will support BTC cross-chain, acting as a bridge to connect BTC to the world. OKX market data and blockchain explorer will also be available on OKChain in the future.
These are the major focuses and development blueprint of OKChain. We hope to build an open and free platform for our global users, which can adapt to different application scenarios and eventually creating a unique OKChain ecosystem.
4. OKB Future Development
OKB is the native token of the OKX ecosystem, with wide support from our millions of users since its birth. We will continue to explore and expand the ecological applications of OKB and perfect our buy-back and burn scheme in the future.
Following the launch of the OKChain testnet, we will burn a total of 700 million unissued OKB. OKB will enter absolute deflation and become the world’s first fully circulated platform token. We will not retain any OKB, and the burn token comes entirely from the market via our buy-back and burn scheme. We have already burnt 13,978,364 OKB from the initial circulation of 300 million OKB. The current circulating amount is now 286,021,636 OKB (OKB blackhole address: 0xff1ee8604f9ec9c3bb292633bb939321ae861b30).
Despite having the ability to issue additional tokens in the current OKB ERC-20 smart contract code, we will not be issuing any and we plan to delete the smart contract code once OKB is migrated to the OKChain mainnet.
5. Giving back to OKB holders
OKChain is a native public chain that adopts DPoS consensus mechanism. In order to fulfil the DPoS consensus requirement, we have issued OKT as the 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, details to be announced when the mainnet goes live.
OKB holders are important driving force for the development and promotion of OKChain, we will map 100% of the genesis block to OKB holders. In the future, OKT and OKB will be interconnected to foster the ecological development of OKChain.
OKT and OKB are inseparable on OKChain, as OKT will empower the development of OKB ecosystem. OKT trading will be available when the OKChain mainnet is live.
6. Using the testnet
In order to optimize the performance of the OKChain testnet as the fundamental infrastructure in the decentralized field, all users are invited to experience the power of OKChain. Participating users can receive free OKT testnet coin too!
How to install OKChain:https://okchain-docs.readthedocs.io/en/latest/getting-start/install.html
OKT testnet: https://www.OKX.com/dex-test
DEx address & guide: https://okchain-docs.readthedocs.io/en/latest/
Claim your free OKT: https://www.OKX.com/activities/pro/drawdex
Last but not least, we would like to thank you all OKB holders and users for their continued support on the development of OKChain. We look forward to building a bright future with you on OKChain!
Feb 10, 2020