OKEx, the world’s largest cryptocurrency spot and derivatives exchange, announced the 0.10 version of OKChain, the commercial public chain developed by OKEx, will be launched on May 25. The rules of validator selection and dividend mechanism have been revealed at the same time. Users who have staked OKT token can vote for up to 30 candidates with one ballot, generating 21 validators.
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After the update, OKChain will become the first public chain developed by crypto exchange to support the access of third-party institutions. At the same time, OKChain launched the recruitment of validator candidates globally and invited users and institutions to participate.
“We hope that more users and institutions will participate in OKChain. The foundation of OKChain’s ecological construction is an important preparation before the launch of the OKChain mainnet,” said Alysa Xu, Chief Strategy Officer of OKEx. “Based on the new 0.10 version, users can realize their will through the voting mechanism and make choices that are in line with their own interests and diversified the development of OKChain. We are looking forward to co-constructing an open, decentralized, practical, and diverse ecosystem with our global users.”
OKChain, an permissionless and decentralized public chain
Compared to other exchange public chains, OKChain tends to adhere to the ideals of decentralization, fully utilizing the nature of peer-to-peer network, irreversibility, and efficient autonomy in its source code. Given that, all participants, including OKEx as the developer, cannot control this public chain.
In addition, instead of requiring nodes to submit a proposal to the public chain “governor” before every action in traditional public chain, OKChain adopts a “peer-to-peer network”, which enables node runners to develop DEX and dApp or decide which cryptocurrencies and trading pairs to list without having to acquire any permission from the “governor”. In a nutshell, OKChain is a fully community autonomous public chain.
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