Be aware: This text first appeared on the OKEx web site.
Following the latest launch of OKChain, our decentralized industrial public chain, we’ve got additionally introduced its native token, OKT. With vital worldwide pursuits in the direction of this new token, we’ve got sorted out some generally requested questions that will help you perceive its uniqueness, in addition to the variations between OKT and OKB.
Are OKT & OKB the identical factor? Is OKT a fork coin of OKB?
No, they’re NOT the identical. OKT & OKB are essentially two completely different tokens with solely completely different options.
The newly issued OKT is OKChain’s native token that acts as the bottom token for OKChain’s DPoS consensus. It can first be issued in its genesis block and 1–5% extra concern will happen yearly afterward.
OKB is OKEx’s utility token that helps the event of the OKEx ecosystem. A one-off issuance of 300 million OKB was accomplished in 2018, and there will probably be no additional issuance sooner or later. On prime of its buy-back & burn scheme, the issuance plan of a complete of 700 million OKB is terminated. Thus, OKB has now turn into the world’s first absolutely circulated platform token and can enter deflation.
Will OKT have an effect on the worth of OKB?
The reply isn’t any. And their costs will probably be decided by completely different units of things.
The OKT value relies on the event of the OKChain ecosystem, together with DEX, DeFi purposes, and its future growth.
The worth of OKB is decided by the enterprise efficiency of OKEx, growth of the ecosystem infrastructure, enlargement of its buying and selling channels, in addition to OKB Purchase-back and Burn scheme. Listed here are the small print:
- Growth of ecosystem infrastructure: The Enlargement of OKB’s inside and exterior software situations. At this level, there are 11 inside and 32 exterior software use circumstances.
- Enlargement of buying and selling channels: We’ve opened fiat gateways for eight main currencies, together with US greenback, Euro, Korean received, Indonesian rupiah, and Vietnamese dong.
- OKB Purchase-back and Burn scheme: The whole issuance of OKB is 300 million, of which 13,978,364 OKB has been already burned. The present circulating quantity is 286,021,636 OKB. OKB has no additional issuance and is the world’s first absolutely circulated platform token.
Why do we’ve got to create OKT?
OKChain adopts the DPoS consensus mechanism, which requires a local token to function.
What’s extra, the natures of the OKChain ecosystem and the OKEx ecosystem are very completely different, the previous is tech-centric whereas the latter trading-centric. To raised serve and keep the extremely autonomous ecosystem on OKChain, there’s a want for a steady issuance of its native token, in addition to a versatile incentive system.
Nonetheless, as we’ve got to keep up our aim of continuous the deflation of OKB and to keep away from diluting the worth of OKB to guard its holders’ long-term pursuits, we can not use OKB to be the OKChain’s native token. This is the reason we created OKT because the native token of OKChain.
Future strikes to boost OKB worth
With the brand new token issued, we are going to nonetheless by no means cease growing our OKB ecosystem and increasing the scope of use circumstances, which already lined wallets, monetary and mortgage companies, community safety, journey, life-style, utility, and extra.
In addition to, we are going to add extra buying and selling and depositing channels. Proper now, we’ve got opened fiat gateways for a variety of main fiat currencies and have OKB listed on tens of main crypto exchanges with over 40 buying and selling pairs in opposition to main cash accessible on the markets.
Lastly, we are going to proceed to excellent the OKB Purchase-back and Burn scheme. As talked about, we are going to burn the unissued 700 million OKB and never retain any OKB. All OKB burned and to be burned come solely from the secondary market.
Advantages for OKB holders
As a token of gratitude to our OKB group for his or her superb help, we are going to map 100% of the genesis block OKT to all OKB holders in accordance with their OKB holdings. Sooner or later, each OKB and USDK will probably be migrated from the Ethereum ERC-20 community to the OKChain mainnet. As soon as the OKChain mainnet is reside, OKT buying and selling will probably be accessible. That is to say, OKB holders may have the prospect to take part within the governance of OKChain and turn into a supernode.
Though OKB and OKT are completely different in some ways, they are going to be inseparable on OKChain. Not solely does OKT help the event of OKChain, nevertheless it additionally empowers the event of OKB ecosystem.
Disclaimer: This materials shouldn’t be taken as the idea for making funding choices, nor be construed as a suggestion to interact in funding transactions. Buying and selling digital property includes vital threat and may end up in the lack of your invested capital. You must be sure that you absolutely perceive the chance concerned and take into accounts your stage of expertise, funding targets and search unbiased monetary recommendation if essential.
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