Dear valued customers,
Blockchain technology is a revolutionary infrastructure of the internet. We are excited to be part of the history making as a major industry player. There have been times of challenges and hardship along the way, but, as the old saying says, what doesn't kill us makes us stronger.
Today, blockchain technology has reached its unprecedented height. Central banks worldwide are experimenting with blockchain, and many innovations like Libra are springing up.
Such decentralized, peer-to-peer technology is not merely a technological advancement, but it will reshape the global economy like the internet did.
At OKX, we believe blockchain technology will become a fundamental infrastructure and catalyst for the next human breakthrough, like how printing press broke changed the distribution of knowledge, aviation eliminated geographical limitation, and the internet revitalized traditional businesses.
Capitalizing on the global decentralization development, we have developed our very own blockchain - OKXChain, in order to contribute to the community with our decentralized applications.
Today, we are happy to announce that OKXChain testnet is live!
1. Our Vision
In the era of blockchain, we must embrace openness and complete decentralization. We want to build a decentralized and open public chain to empower every participating node with the same power to run and issue decentralized apps freely, that’s why we started to build OKXChain.
Our goal is to be as decentralized as Bitcoin, to build a highly efficient public chain that can be used by anyone around the world, to create a truly borderless ecosystem.
2. OKXChain Features
OKXChain is a decentralized public chain that supports various decentralized applications and allows users to issue their own cryptocurrencies, create trading pairs, and trade freely on it.
We maintain a “one application, one chain” operation principle that allows OKXChain to power applications for everyone.
Some special features include:
a. Multi-chain Development
- Significantly speed up the development process: By developing multi-chains, various applications can be developed on OKXChain at the same time while achieving mutual connections;
- Sharding according to business data:OKXChain implements sharding according to business data, effectively solves the scaling problem of traditional sharding, and can support large-scale applications;
- Positive internal competition: Parallel development allows different parties to develop an application at the same time, fostering a positive competitive environment for products to implement regular upgrades, so that users can get the best user experience.
b. Data Layering
OKXChain separates data into 3 layers: block, operations and off-chain data. It also meets the needs of reducing the cost of combining the current systems, which can improve the system consensus speed and expand data dimensions on chain.
- Block data:As the fundamental data layer, block data retains the advantages of blockchain technology – they are irreversible and unable to be tampered;
- Operations data:Through on-chain calculation algorithms, only operating data are kept when transmitting data. It can effectively lower the amount of data transmitted when a large amount of data needs to reach a consensus, thus greatly improve the block operation speed;
- Off-chain data:OKXChain allows easy incorporation with PLUS, i.e. traditional data software such as MySQL and Redis, or syncing with IPFS and other databases, to effectively expand data communication channels from traditional data to blockchain data.
We believe that everyone has the power to realize their value on blockchain.
3. OKXChain’s Ecological Development
We hope to build an open and autonomous ecosystem on OKXChain to achieve large-scale commercial application of blockchain technology.
OKXChain will support the distribution of DeFi applications. Users can build their own financial applications based on blockchain technology and crypto on OKXChain, creating a highly autonomous financial system.
OKXChain will support smart contracts.
These are the major focuses and development blueprints of OKXChain. We hope to build an open and free platform for our global users, which can adapt to different application scenarios and eventually creating a unique OKXChain ecosystem.
4. Using the testnet
In order to optimize the performance of the OKXChain testnet as the fundamental infrastructure in the decentralized field, all users are invited to experience the power of OKXChain. Participating users can receive free OKT testnet coin too!
How to install OKXChain:https://okchain-docs.readthedocs.io/en/latest/getting-start/install.html
OKT testnet: https://www.OKX.com/dex-test
Last but not least, we would like to thank you all users for their continued support on the development of OKXChain. We look forward to building a bright future with you on OKXChain!
Feb 10, 2020