OKB is a cryptocurrency launched by OK Blockchain Foundation and OKEx. The exchange is one of the largest in the world and currently ranks third in liquidity, fourth in trading volume and offers a wide range of trading pairs. OKEx is in many ways identical to the giant cryptocurrency exchange Binance, but there are important differences. The OKEx platform offers its own cloud mining service and the company has a larger user base for options trading. Binance, on the other hand, strives to offer a full range of crypto services.
OKB is the OKEx Utility Token that allows users to access the exchange’s specialized services. OKB is used to calculate and pay trading fees, give users access to voting and platform management, and reward users for holding the coin.
OKEx has been a leading global trading platform since its launch in 2017. The platform went live in the spring of 2017 as an extension of the original OKCoin platform (founded in China in 2013). While OKCoin focuses on fiat-to-crypto exchanges, OKEx focuses on crypto trading with an API for algorithmic trading. In addition, consumers have access to a multi-currency wallet and margin trading features.
Who Founded OKB?
Jay Hao has been the CEO of OKEx since its inception. He currently holds this position. Hao has focused his career on technology and engineering. A long-time follower of the blockchain industry, Hao specializes in blockchain-based video streaming and mobile gaming solutions. Before joining OKEx, Hao had two decades of experience in the semiconductor industry. He developed various codecs including multimedia codecs and SOCs for UVLED, ASIC and FPGA processors and multimedia processors. During this time, Hao has gained tremendous expertise in product development and management.
Mingxing “Star” Xu is a key addition to the management team. Xu founded OKCoin in China in 2013 and built a strong reputation in the market. In 2017, Xu founded OKEx in Malta as a second exchange operating under a different legal entity. Xu is the current CEO of OK Group.
Why is OKB Traded? What are the Differences?
The OKB token is very important to the OKEx ecosystem. It offers consumers savings of up to 40% on transactions (depending on the number of tokens the user holds). The exchange distinguishes between regular users and VIP users. Regular users receive a tier based on their OCD holdings, while VIP clients receive a tier based on their trading volume. Users receive discounts based on daily updated commission rates.
OKB tokens are part of OKEx Earn, a program that allows platform participants to earn passive income (this project helps users earn on their assets). OKB tokens are also used to allocate funds on the OKEx Jumpstart platform. Participation in Jumpstart is possible after registering on the website; the sale is then handled by MixTrust.
OKB is the first asset of the network (OKEx blockchain). The OKB token is embedded in the blockchain to enable parallel development of spot trading, derivatives trading and various scalable applications. A multi-layered architecture not only shortens settlement times, increases scalability and improves security, but also minimizes settlement times.
OKEx routinely burns tokens every three months and documents this process on its website to increase the value of OKB and make the digital currency more attractive to holders. This technique accounts for 30 percent of OKEX’s profit from commission fees. In addition, new users receive a bonus.
How Many OKBs Are Currently Available?
Looking at the global service token associated with Binance Coin (BNB). 50% of the service fees are distributed equally among each token holder’s OKB balance. OKB credentials include the ability to invest and trade on OKEx, as well as the ability to vote on the platform.
There are 1 billion OKBs on the market, distributed as follows:
40% Founders and Project, 10% Investors and 50% AirDrops and Rewards.
700 million OKBs are expected to be completed by 2022. This means that 300 million tokens will be available in 2021.
The additional 700 million OCD will be distributed in 2022 as follows:
One hundred million will be allocated to early investors, two hundred million will remain with the founding team, one hundred million will go to the OK Blockchain Foundation, and three hundred million will be allocated for public rewards.
What Are the Issues Raised About the Security of the OKB Network?
Proof-of-Stake (PoS) based ERC-20 token consensus. OKB used to use the Ethereum blockchain but has now moved to its own blockchain, OKExChain.
OKEx is a very accessible platform. OKEx offers a reliable and stable trading environment and the company’s founders emphasize that security is their top priority. They use load balancing on servers, distributed clusters and other technologies for security.
In addition, OKEx has developed both hot and cold wallets, and cold wallets are among the safest ways to store Bitcoin. However, the highest level of security and performance for hot wallets must be ensured. Therefore, OKEx has introduced a semi-autonomous multi-signature feature that ensures fast, convenient and secure transactions.
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