OKB is OKExChain’s, i.e., the OKEx blockchain, native cryptocurrency. The OKB token is utilized to promote spot trading, derivatives trading, and the development of several scalable apps simultaneously on the OKEx blockchain. A layered design also increases scalability and security while reducing consensus times.
What is OKB?
According to its founders, the OK Blockchain Foundation issues OKB, a worldwide utility cryptocurrency. The OK Blockchain Foundation is a token economy system based on blockchain technology built and launched by Hao and Xu in 2017.
OKB aims to connect potential digital asset projects with OKEx users and professional investors, forming an OKEx ecosystem that helps support the advancement of blockchain technology and the digital asset industry.
The OK Blockchain Foundation and OKEx, a Maltese crypto exchange, launched OKB as their crypto token. Maltese crypto exchange is one of the world’s largest exchanges, ranking third in terms of liquidity, fourth in terms of trading volume, and offering a diverse range of trading pairs. In many ways, OKEx is comparable to Binance, the world’s largest cryptocurrency exchange, but there are a few important distinctions. The OKEx platform includes its own cloud mining service, and the firm focuses on offering consumers options trading.
Meanwhile, Binance aims to provide a diverse range of crypto services worldwide.
The OKEx utility token, OKB, allows customers to utilize the crypto exchange’s unique features. The token is used to compute and pay trading fees, give users access to platform voting and governance, and reward users for holding OKB.
Since its inception in 2017, OKEx has grown to become a global trading leader. The platform was launched in 2017 as a spin-off of the original OKCoin platform (operating since 2013 in China). OKEx focuses on crypto trading with a built-in API for algorithmic trading, whereas OKCoin focuses on converting fiat for crypto.
Users may also utilize the exchange to access a multi-currency wallet and margin trading capabilities.
OKB: Roots and History
Jay Hao has been the CEO of OKEx since the company’s inception, and he currently retains the post. Hao has devoted his professional life to the fields of technology and engineering. He has been following the blockchain business for a long time, with a particular interest in blockchain-based video streaming and mobile gaming apps. Hao had worked in the semiconductor business for twenty years before joining OKEx. UVLED, ASIC, FPGA, and multimedia codecs and SOCs for multimedia processors are among the codecs he has created. During this period, Hao gained valuable product development and management skills.
However, Hao is not the only star shining in the OKB’s management team. Mingxing “Star” Xu is another essential part of the management team. In 2013, he launched OKCoin in China, and he has a solid reputation in the market. Xu co-founded the independent OKEx exchange in Malta in 2017, which is legally speaking, a different company. Xu is now the CEO of the OK Group.
The OKB is an ERC-20 token with a proof-of-stake (PoS) consensus mechanism. OKB used the Ethereum blockchain, but eventually, the founders decided to switch the coin to its own blockchain, i.e., the OKExChain.
How Does OKB Work?
The OKB token plays a significant role in the OKEx ecosystem. It allows consumers to save up to 40% on transactions. This, of course, depends on the number of tokens a user has. Users are divided into two status groups on the exchange: regular and VIP. Regular users receive a level based on their OKB stock, whereas VIP users receive a level based on their trading volume. The commissions are changed on a daily basis, and users receive a discount based on their level.
Platform participants who own OKB tokens and participate in OKEx Earn can earn passive income.
This project helps users earn on their assets. The OKB token may also be used to allocate money to the OKEx Jumpstart platform. Only after registering on the site is it possible to participate in Jumpstart, and then sales are processed through MixTrust.
Why Choose OKB?
OKEx is a platform with a high level of transparency. As OKEx offers a safe and stable trading environment, developers promise security is their top concern. They safeguard themselves by using load balancing on servers, distributed clusters, and other technologies.
OKEx has also created hot and cold wallets, with cold wallets being one of the safest ways to store cryptocurrency. Hot wallets, on the other hand, need a high level of protection and functionality. As a result, OKEx developed a semi-autonomous multi-signature functionality for its platform, allowing quick, easy, and secure transactions.
Moreover, OKEx burns tokens every three months to increase value to OKB and make the digital coin more appealing to holders. The coin burn is recorded on the official website. OKEX utilizes 30% of the revenue from transaction fees for this operation. Additionally, new users are given welcome bonuses as an incentive.