The project has been in development for three years and 10 test versions of OKExChain were worked through before the launch of the main network. The deployment of the core network will take place in four phases. The current genesis phase will last until January 13, 2021. At this stage, the network's internal token, OKT, will be issued, which will be received by OKB holders as a staking reward. This means that OKB token stakers will receive a proportional amount of OKT. At the same time, there are no restrictions for staking since there are no minimum and maximum amounts for this.
In the second and third stages of the main network deployment, the protocols responsible for the stable operation of the network will be implemented and the OKT output function will also be implemented. This function will be voted on by OKExChain blockchain validators.
In the fourth stage, smart contracts will be implemented to ensure full compatibility with Ethereum. OKEx CEO Jay Hao said the launch of OKExChain is part of the exchange's initiative to improve its financial system.
In October, OKEx faced organizational challenges by suspending the withdrawal of digital assets from its platform. However, after a month and a half, OKEx resumed the withdrawal of cryptocurrencies, launching a compensation program for users who continued to trade, despite the current situation.
OKEx is not the first cryptocurrency exchange to launch its own blockchain. In 2019, the Binance exchange launched its own Binance Chain network. In 2020 the Binance Smart Chain added an option for smart contracts. In the same year, Huobi announced its intention to launch the open blockchain FinanceChain to support the decentralized finance industry.
Over to my amiable readers, do you think OKEx blockchain will stand the test of time ?
