At the moment when DeFi and NFT are attracting much attention, the three major head exchanges have also begun to exert their strength and have entered the public chain field to compete. Among them, OKChain, which stands out as a "public chain rookie", has naturally become the backbone of it, and has won the attention of the industry with its unique advanced vision and strong layout.
OKChain came out as a dark horse, the performance is quite amazing, can be considered from the long term, OKChain in the future can always maintain its core competitiveness, in the cross-chain mechanism, Token, ecological role and other aspects of the strategy? Today, Shichain Investment Research Institute will conduct a comprehensive analysis for everyone.
What is OKChain?
OKChain is a set of open source blockchain application public chains developed by OKEx Exchange, with the goal of establishing a secure and efficient DeFi infrastructure, and is committed to building a decentralized trading platform (DEX) with community operation, transparent trading rules and user assets controlled by themselves.
OKChain is an open public chain ecology, and its advantages are very obvious. Anyone can campaign to become an OKChain supernode, and at the same time, you can freely issue your own digital assets on OKChain, create your own digital asset trading pairs, and trade them.
OKChain is based on Cosmos' Workplace mechanism and The Cosmos SDK. The so-called Cosmos is to propose a cross-chain interaction protocol IBC (Inter-BlockchainCommunicationprotocol). It is a network composed of many independent, parallel running blockchains, and the various blockchains are connected through nodes, and its emergence is committed to realizing the interconnection of the blockchain field. On this basis, it combines the instant certainty of the Tensrett consensus algorithm, which greatly realizes the transfer of value between blockchains. In the near future, it will also support heterogeneous cross-chain approaches to address the multi-directional flow of value.
Tendermint contains two main technical components: a blockchain consensus engine, TendermintCore, and a common API, ABCI. TendermintCore, which is responsible for data transfer between nodes and Byzantine consensus, uses a consensus algorithm that combines BFT and DPoS to achieve the final certainty of block generation. ABCI is a blockchain api and a protocol that supports transaction processing implementations in any programming language.
OkChain's team is a team with ideas, visions, and visions. They have been working hard for 3 years to build OKChain into a truly decentralized, borderless, and efficient trading ecosystem that everyone can use. At least from the current point of view, they have not forgotten their original intentions, and are walking steadily on this road.
What are the core advantages of OKChain?
The Battle of the Public Chain is like a smokeless war, although the shadow of the sword and light is not visible, but it is full of cruelty and ruthlessness. If you don't have core strengths and strong strengths, it is difficult to gain a foothold in this highly competitive field.
So, what are the features and advantages of OKChain?
First of all, OKChain's architecture selection was quite successful.
As mentioned earlier, OKChain is built on the Cosmos Tendermint mechanism and the Cosmos SDK. In this way, it will be very convenient to dock Cosmos-based public chains in the future. At the same time, OKChain also analyzes specific problems, and redesigns OKChain governance, elections and other modules according to the unique needs of THE DEX on OKChain, thereby supporting diversified business logic.
In addition, OKChain also chose a "divide and rule" cross-chain scheme, using the instant certainty of the Dops consensus algorithm to achieve value and data transfer between multiple heterogeneous chains. In this network, relay chains and parachains play a pivotal role. For the blockchain virtual user datagram protocol (UDP) or transmission control protocol (TCP), okChain network relay chain and each parachain can communicate through the blockchain inter-blockchain communication (IBC) protocol, using OKChain can achieve interoperability between blockchains to achieve on-chain assets can be safely and quickly transferred from one partition to other partitions.
It should be known that cross-chain technology is the key link in the blockchain world to achieve asset and data interaction, and it is the technical foundation of DeFi. If you want to achieve cross-chain, you must realize asset circulation, information interoperability and application collaboration between different blockchain platforms. It is similar to a bridge between different public chains, realizing data transmission between different blockchain networks and greatly reducing transmission costs. Through the cross-chain module, OKChain simply and effectively realizes the value interconnection, user interconnection and scene application interconnection of the blockchain. In terms of cross-chain architecture, OKChain adopts the principle of "organically combining overall universality with specific uniqueness", from this point of view, OKChain is undoubtedly a potential and valuable internet network.
Second, OKChain has low-cost data expansion capabilities.
In terms of data scaling, OKChain boldly innovated, splitting the data into 3 layers, namely block data, runtime data, and off-chain data. This operation not only satisfies the advantages of existing system docking costs, improving system consensus speed, and expanding the data dimensions on the chain, but also solves the drawbacks of "data can only be implemented in the block" in the traditional public chain solution, thus solving the problem of data redundancy and inefficiency.
In this way, OKChain successfully layers the huge amount of data on the blockchain, stripping redundant parts and transmitting only a small part of the hash. In this way, when a large amount of data needs to reach consensus, it can effectively reduce the amount of data and retain the advantages of the blockchain being irreversible and tamper-proof.
In addition, OKChain put forward the universal concept of "DEX for everyone".
Blockchain application development is more complicated, not to mention newcomers and small whites, even for many senior developers, it is not very friendly. OKChain keenly aware of this problem, timely put forward the "everyone to develop DEX" universal concept, through the public chain layer design and application layer sub-module design, developers do not need to design the entire public chain, just to achieve the core business functions. In this way, the concept of "everyone can develop DEX based on OKChain" becomes possible.
If we carefully analyze the single-chain architecture in the OKChain ecosystem, we will find that it is composed of three parts: the application layer, the consensus layer, and the network layer from top to bottom, based on Tendermint, OKChain packages the consensus layer and the network layer into a common engine, as a common bottom layer, so that developers do not have to spend energy on the two common bottom layers, but can save time and can be used to focus on the development of the application layer.
What projects on OKChain are worth paying attention to?
Finally, and what makes OKChain unique, OKChain has a completely independent OKT fuel.
It is worth mentioning that OKChain has currently launched an OKT token native to the public chain, and the OKT token is completely independent of the system of OKEx and OKB holders, and the two are not related to each other.
The reason for this is presumably also for long-term considerations. The interests of platform coins are often highly related to the interests of the exchange, and if the token of the exchange is directly used for the additional issuance or reward nodes of the public chain platform, it will greatly affect the relevant value. The direct issuance of the public chain basic token can take into account the relationship between the two at the same time, and it is more conducive to the construction and development of the public chain ecology.
OKChain adopts the concept of on-chain governance and realizes on-chain governance through proposals. In this way, the concept of decentralization can be fully reflected, and OKT holders can participate in okChain governance by initiating proposals, collateralizing proposals, and voting on proposals (OKT needs to be entrusted).
KSwap
When it comes to the more important projects in the field of OKChainDEX, KSwap is the only one. KSwap, or KSwapFinance, is a decentralized trading product based on TheokexChain, based on the concept of automatic market making of capital pools, which is responsible for supporting liquidity mining and trading mining mechanisms. KSwap is committed to providing users with token exchange, liquidity, transaction mining and other services in the OKChain ecosystem.
At present, KSwap has issued token KST, with a total issuance of 1 billion pieces. Among them, 80% is used for mining incentives; 10% is used for team incentives (this part of the team incentive will be unlocked linearly in 36 months after the main network is launched); 5% is used for marketing, operation, airdrop and other activities (this part will be linearly unlocked in 12 months after the main network is launched, and the specific address and usage details will be announced to the community); the 5% saved will be used for early institutional investors. In addition, transaction fees will be used to buy back KST and pay dividends to ecosystem contributors. Users can obtain liquidity vouchers by providing liquidity, pledge them to the corresponding incentive pool, and thus obtain token rewards provided by KST or other project parties, and the amount of rewards depends on the proportion of tokens pledged by users in the incentive pool.
Lemond
Lemond belongs to the lending field and is one of OKChain's earlier projects, and it can also be called OKChain's main ecological project.
If we look at Lemond's past and present lives, it is still "a bit historical". Lemond was launched on the Gate exchange earlier, and did not want to perform very unsatisfactorily, and returned home. The reason for this is largely because they rush to the office when they are not ready.
After the launch of OKChain, Lemond's overall performance was quite good. If you compare the entire lending field vertically, the highest lock-up volume on Ethereum is MakerDao, with a total lock-up of $690 million, and from the perspective of lock-up funds, Lemond's lock-up is only lower than MakerDao.
Lemond is arguably one of the more controversial projects, with some arguing that Lemond has a "black history" and that it has been launched at Gate earlier and is likely to have been whitewashed by private equity. But it is fair to say that as an early project of OKChain, it still has advantages, not only to help users capture value, but also to help them find the right time to follow the project to harvest the early dividends of growth.
Dematrix
If there is anything special about Dematrix, it must be that it is committed to completing the iteration of smart contracts on OKChain.
In the 1.0 era, Dematrix was a derivatives revenue aggregation platform built on OKChainTestnet. Dematrix's branded mining pool offers liquidity mining returns to clients with a variety of earning preferences. On this basis, Dematrix also launched version 2.0, and the upgraded version will become a comprehensive platform that supports NFT asset launching, exhibition exchange, auctions, mining, lending and gaming. In addition, Dematrix will also be strategically deployed to create flagship front ends including blind boxes, mining pools, NFT20, NFTFi, and decentralized auction markets, thereby greatly strengthening the connection between digital assets and the real world.
According to the official, Dematrix has completed a million-dollar institutional round of financing, including The TriterTop Foundation, WeBounty, On-Chain Capital, Aquaria, BlockLofty Ventures, Coldlab, Bit9Capital, TokenHODL, R8Capital, 7O'clockCapital and many other capital institutions have invested in it. Dematrix issued token DMX for a total of 200 million coins. It is expected to unlock 25% after going online, and 15% of the subsequent monthly line will be unlocked, which will be unlocked in 5 months. Dematrix has officially landed on Cherryswap on August 10, Beijing time, open to trading for global users, interested friends can pay more attention to the business opportunities and dividends.
Orange
In OKChain, there are not only lemons , but also oranges , which can be described as "fruit meetings" .
Orange is the main project on the OKChainNFT ecosystem. Orange provides users with an NFT full-chain operation system, any user on the Orange platform can upload and create their own unique NFT works, which have uniqueness, scarcity, and natural protection of everyone's works from infringement.
In fact, the whole process of users creating their own NFT works on the Orange platform is not complicated, by logging on to the official website, opening an account, uploading their own works (naming and filling in the introduction), digital signature to confirm the right, selecting the auction method / price / time / the process of signing can be completed, minting Mint, so as to have their own NFT works, and have a proof of ownership on the OKChain public chain. After ownership is confirmed, the NFT work has a tradable value. Users enjoy the right to place pending orders, transactions or auctions on Orange. This means that your work has similar attributes and values to digital financial assets, and your "work" will circulate around the world.
It is worth mentioning that the first time you create an account on the Orange platform, you need to submit 20 ORGs as the activation fee, and then the operation no longer needs this fee.
Orange's governance token is ORG, and holding ANG allows you to participate in decentralized governance and get staking revenue. The total circulation of ORGs is 20 million, of which 11 million ORGs are mined. ORG mining pools are divided into 5, the first is OKT single-coin pledge pool, 300,000 ORG, 300 days released, every 30 days production reduction of 25%; the second is ORG single-coin pledge pool, 1 million ORG, 300 days to release, every 30 days to reduce production by 25%; the third is ORG liquidity pool, 2.5 million ORG, 360 days to release, every 30 days production reduction of 25%; the fourth is NFT mining pool, 2.2 million ORG, 360 days to release, 360 days to release, Production is reduced by 25% every 30 days; the fifth is OSwap, with a total of 5 million ORGs. It is reported that the total amount of each mining pool and the output method are carefully calculated and planned by actuaries to ensure that the daily ORG output not only meets the needs of the market, but does not cause selling pressure on the market.
What else to say about OKChain?
Undoubtedly, whether from the perspective of operating value or from the development conditions, Ethereum is the well-deserved leader in the industry. However, as far as the current development situation is concerned, although Ethereum is flawed, there are still many shortcomings and problems that need to be corrected and modified. It is precisely because of this that other public chains are given the opportunity to catch up and even break through. Among them, there is no doubt that OKChain also has a huge competitive advantage.
100% open source code, open nodes, this is the biggest highlight of OKChain, but also means that OKEx will contribute its strong strength, for many blockchain projects to do the underlying support, so as to achieve complete decentralization. From this perspective, OKChain is likely to become the next Ethereum, and OKT, the premium coin on the platform, will also have the opportunity to become the new generation of ETH.
However, judging from the current development progress of OKChain, it is not fast, and even some "low efficiency". At present, the projects on the chain, in terms of popularity alone, are difficult to compete with Heco and BSC.
Even so, we are still looking forward to OKChain, after all, complete decentralization is the biggest difference between OKChain and other public chains. It is hoped that OKChain can truly achieve "slow work and fine work" and create a truly efficient, open and shared transaction public chain.
We are still looking forward to OKChain, after all, complete decentralization is the biggest difference between OKChain and other public chains. It is hoped that OKChain can truly achieve "slow work and fine work" and create a truly efficient, open and shared transaction public chain.