OKEx will launch the OKExChain mainnet in January
Blockchain platform will be launched in stage IV to ensure the security and reliability of the network
The developers said they have been working on OKExChain for three years. The project went through three stages in its development, which made it possible to better understand its competitive advantages.
At the initial stage, the task was to create a reliable and efficient platform, and the team coped with it brilliantly. The version, which will be presented to the public in January, is an open source decentralized ecosystem.
After 3⃣️ years of hard work, @OKEx is proud to bring you the next big thing in the #crypto industry: #OKExChain, the world's first trading chain: a decentralized, borderless, blockchain technology-based ecosystem for exchanging value.— OKEx (@OKEx) December 29, 2020
Details: https://t.co/fYm0J22dei pic.twitter.com/VDF6EXrUgq
Stage I (genesis)
Along with the launch of the mainnet, a new OKT token will appear. Its issue will take place towards the end of the year. The blockchain will be launched in UTC at 16:00 on December 31, 2020. The launch will continue until 01/14/2021.
Stage II (testing)
The network stability check will begin on January 14-15. The duration of this stage has not been determined. The exchange's actions will be coordinated with the community to finalize the mainnet test, as well as to ensure the security and reliability of the blockchain.
Stage III (token generation)
The global transfer of OKT tokens from OKEx to OKExChain will take place.
Stage IV (launch of smart contracts)
According to the developers, OKExChain is easily compatible with any projects on the Ethereum blockchain.
The emission of the cryptocurrency will begin immediately after the launch of the first phase of genesis on December 31. OKB token holders will be able to transfer their funds to OKEx to receive OKExChain (OKT) coins.
Holders of their own blockchain token will have the right to vote and can engage in staking and block validation. At the same time, they will be entitled to a reward for the extraction of blocks and transaction fees.
At the initial stage, 10 million tokens will be minted, and the total emission will be 72.2 million. Regularly, once every three years, through halving, the size of the mining reward will be reduced. The starting block will be mined for a reward of 1 OKT.