The OKB platform is a cryptocurrency exchange service that gives holders of its dedicated cryptocurrency access to special features such as reduced transactional fees, as well as governance and voting power on the network.
OKB was originally released by the OK Blockchain Foundation and the Maltese cryptocurrency exchange OKEx. Globally, the exchange currently ranks fourth in trading volume and third in liquidity, and is generally considered the largest exchange in the world with its large collection of trading pairs. The platform is similar in several ways to Binance, one of the giants of cryptocurrency exchange, however, there are some key differences between both systems. Among these include the OKEx system offering participants a dedicated cloud mining service, as well as having research focused on the provision of options trading for the participants. Binance on the other hand is aimed at delivering a wide range of cryptocurrency services on a global scale.
The platform was launched in 2017, and ever since, it had become a leading system in the world of trading. Upon its launch, it emerged an offshoot from the previously famed OkCoin platform which had been operating in China since 2013. Presently, the main focus of the OKCoin platform is the exchange of fiat currency for cryptocurrency tokens. OKEx on the other hand is focused on pushing the bounds of cryptocurrency trading with specific algorithms and a built-in API. In addition to this, it also works for margin trading, as well as providing users with a multi-currency wallet.
Who are the Founders of OKB (OKB)?
Jay Hao is a part of the OKEx network and served as the CEO right from its early days up until the present. Over the course of his life, Hao has been dedicated to engineering and is vastly experienced in the field. Apart from engineering, Hao has also followed the extensive applications of Bitcoin and blockchain technology with a focus on apps used for mobile gaming and video streaming. Before joining the OKEx system, Hao already had two decades of experience in semiconductors and has directly aided the development of a wide variety of codecs: ASIC, FPGA, UVLED, as well as multimedia codecs and SOCs for multimedia processors. During this period, he also gained experience in product management and development.
Another major management personnel is Mingxing “Star” Xu, who made a name for himself in the industry after he founded OKCoin in china. Later in 2017, Xu co-founded the OKEx exchange in Malta which is operated and separated by another legal entity within the network. Presently, XU is the CEO of the OK Group.
What is OKB (OKB) used for?
The main provision made by the OKB network is the provision of a dedicated cryptocurrency exchange platform. However, a major advantage exists on the platform for participants as holders of its native cryptocurrency get to enjoy some special features including reduced cost of transactions. They also enjoy other features such as the governance of the platform which allows them to vote on changes or additions to be made to the network. Essentially, its decentralized nature implies that the participants run the network.
Apart from all of this, the users still enjoy basic features like trading their OKB tokens for other cryptocurrency pairs via the network’s exchange in order to make a profit on their holdings.
What Is the Unique Point of OKB (OKB)?
The native token of the OKB network plays a major role in the system in that it allows the users receive discounts on transactions as high as 40%. The active participants on the network are divided into two status groups which are Regular and VIP. The regular participants are allotted levels according to their stock of OKB tokens while the VIP users are assigned levels according to their trading volumes. The levels are updated daily and determine the percentage of discounts that the participants get.
The members of the platform can also earn passive income if they have OKB tokens and their tokens are involved in a project by the OKB network which allows users to earn on their tokens called OKB earn. Another reason for the creation of the OKB token system is the allocation of funds on the OKEx Jumpstart platform. Jumpstart participation is only allowed for participants who have registered on the site before sales are made later via MixTrust.
OKB is the native token system of the OKExChain, which is essentially the OKEx blockchain. The OKB token is also used on the network for the facilitation of spot trading, trading derivatives, and the joint development of a series of scalable applications. In addition, the system was built with a layered architecture implying that consensus times are drastically reduced, as well as improved scalability and the security system is boosted.
To make the OKB token more valuable and make the token more attractive to holders, the network burns the token every three months, and the coin burn is recorded on the official website for all participants to see. To execute this, the system uses 30% of its income from commissions and fees and also provides welcome bonuses for new users.
How many OKB (OKB) coins are in circulation?
The utility token used in the OKB network is similar to that of the Binance Coin. Half of the total service fee incomes are distributed among the token holders in a proportion determined by their OKB balance. Some of the privileges include the right to vote on the network, as well as investment and trading opportunities on the OKEx platform.
In total, there are 1 billion OKB tokens available with 40% being assigned to the founders and the project, 10% being allocated to investors, 50% for airdrop and rewards. The system also locked 700 million tokens till 2022, pegging the 2021 supply of the token at 300 million. Upon the release of the 700 million tokens in 2022, 100 million will be awarded to early investors, while 200 million is assigned to the funding team. 100 million tokens are assigned to the OK Blockchain foundation and 300 million tokens are left for public awards.
Is the OKB (OKB) Network secured?
The OKB native cryptocurrency is an ERC-20 token which means that it is secured by the proof of stake consensus algorithm. Initially, the platform was operating on the Ethereum Blockchain, but later, it moved to its one Blockchain known as the OKExChain.
The OKEx system is very transparent as such, the creators of the system have assured its security being the platform’s top priority to maintaining a stable and reliable trading environment. The system uses load balancing on its servers, as well as distributed clusters in addition to other protective technologies.
The OKEx system has also developed hot and cold wallets with its cold wallet being one of the safest means of storing cryptocurrency. Hot wallets on the other hand require maximum attention to be at the highest level of security. As such, the OKEx system added a multi-signature feature that is semi-autonomous which enables secure, fast, and convenient transactions.
How do I buy OKB (OKB)?
Apart from the high level of comfort and security offered by the OKB network, there is also the passive waning ability of the system. The system offers all of this with massive SM discounts for trading cryptocurrency on its exchange. As such, its native cryptocurrency is generally being adopted and made available at other exchanges. To buy OKB tokens, the steps below provide the right direction to purchasing its tokens.
* Open an account with the crypto trading platform.
* Transfer the specific amount of your fiat currency to your account.
* Wait for your deposit to be confirmed and Buy OKB through your trading account.
Which Cryptocurrency Wallet Supports OKB (OKB)?
The PTPWallet platform supports many cryptocurrencies simultaneously, such as OKB tokens. Because of its speed, flexibility, and unique features, it has grown to become one of the most used new platforms. In addition, users can easily use PTPWallet as their main OKB wallet as it offers a simple and interactive interface, making it easy to navigate its system.