The Malta-based digital asset exchange, OKEx have announced that they will be introducing a decentralized exchanged based on their own blockchain. They have been secretly working on the blockchain, named OKChain, and it is in the final development stage, with the expected launch of a testnet in June 2019.
According to the post, a number of users called for the company’s global utility token, OKB, to be put on the blockchain so they made the decision to put it on to the ERC-20 blockchain. Once the OKChain becomes stable, OKB will be migrated from the ERC-2- network to the OKChain mainet.
OKB will be the native token of the OKChain network, which can be used to settle transaction fees, or used in the Dapps developed on OKChain. The release of 700 million OKB tokens will be delayed from 2020 until 2022 in order to build the ecosystem more efficiently. They will make an announcement six months in advance to let people know if the lock-up period will be extended or if they will release the token in batches. The token will be used in its upcoming decentralized exchange (DEX) to settle transactions.
OKB Will Be Used For Token Pre-Sale
“We will launch OKEx’s first decentralized exchange on OKChain and open the super nodes election for the blockchain,” the post says. “With OKB, one can vote for his favourite super node candidate and settle transaction fees on OKDEx. OKB will also be used for token pre-sales, and project teams will need to pay super nodes OKB as service fee in the future”.
OKB will be the only token accepted on OK Jumpstart, the platform’s initial exchange offering (IEO) for blockchain projects. They should soon be announcing their first Jumpstart project and open sale to users who hold OKB tokens and meet KYC requirements
“Any projects launched on OK Jumpstart will be listed on our spot market, and those with outstanding performance will even stand a chance to be listed on our C2C and derivatives markets”.
“We are all set to connect excellent innovative blockchain projects with our users and professional investors,” they say.
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