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About OKB
Key Points
- OKB is a cryptocurrency released by the OK Blockchain Foundation and Maltese crypto exchange, OKEx.
- OKEx is one of the largest exchanges in the world, ranking third in liquidity and fourth in trading volume.
- OKB is the OKEx utility token, used to access special features, calculate and pay trading fees, grant voting and governance, and reward users.
Founders
- Jay Hao, CEO of OKEx, with 20 years of experience in the semiconductor industry.
- Mingxing “Star” Xu, co-founder of OKEx and CEO of the OK Group
About OKB: Empowering the Future of Cryptocurrency
Introducing OKB (OKB): A Comprehensive Overview
OKB is a cryptocurrency launched by the OK Blockchain Foundation and the Maltese-based cryptocurrency exchange, OKEx. As one of the world’s largest exchanges, OKEx boasts a third-place ranking in liquidity and fourth in trading volume, offering an extensive array of trading pairs. While OKEx shares many similarities with the cryptocurrency exchange giant Binance, several key differences set it apart. Notably, the OKEx platform features its own cloud mining service, and the company has a more concentrated focus on providing options trading for users. In contrast, Binance aims to provide a broad range of crypto services globally.
OKB, the native utility token of OKEx, empowers users to unlock the crypto exchange’s premium features. By leveraging OKB, users can settle trading fees, participate in voting and governance on the platform, and receive rewards for holding the token.
Since its inception in 2017, OKEx has evolved into a premier global trading platform. Born in the spring of 2017 as a spin-off from the esteemed OKCoin platform, which has been operational in China since 2013, OKEx has carved out a distinct niche for itself. While OKCoin concentrates on facilitating fiat-to-crypto exchanges, OKEx specializes in crypto trading, boasting a built-in API that enables seamless algorithmic trading. Additionally, the exchange provides users with a versatile multi-currency wallet and sophisticated margin trading capabilities.
The Visionaries Behind OKB: Meet the Founders
Jay Hao has been at the helm of OKEx as CEO since its inception, leveraging his extensive background in technology and engineering. With a keen interest in the blockchain space, Hao has been following its developments closely, particularly in the realm of blockchain-based applications for video streaming and mobile gaming. Prior to joining OKEx, Hao amassed twenty years of experience in the semiconductor industry, where he successfully developed a diverse range of codecs, including UVLED, ASIC, FPGA, and multimedia codecs, as well as SOCs for multimedia processors. Throughout his tenure, Hao honed his expertise in product development and management, skills that have served him well in his current role.
Notably, Mingxing “Star” Xu, a prominent figure in the industry, is another key member of the management team. Having founded OKCoin in China in 2013, Xu has established a stellar reputation for himself. In 2017, he co-founded OKEx, a separate exchange entity based in Malta. Currently, Xu serves as the CEO of the OK Group.
Unveiling the Distinctive Characteristics of OKB (OKB)
The OKB token assumes a pivotal role within the OKEx ecosystem, empowering users to enjoy transaction discounts of up to 40% (contingent upon their token holdings). The exchange categorizes users into two distinct status groups: regular and VIP. Regular users are assigned a level based on their OKB stock, while VIP users are ranked according to their trading volume. Commissions are recalculated daily, with users receiving discounts commensurate with their respective level.
By holding OKB tokens, platform members can generate passive income, particularly when the token is utilized within OKEx Earn, a platform designed to facilitate earnings on users’ assets. Furthermore, the OKB token plays a pivotal role in allocating funds on the OKEx Jumpstart platform. To participate in Jumpstart, users must first register on the website, after which sales are facilitated through MixTrust.
OKB is the native cryptocurrency of the OKExChain, the proprietary blockchain of OKEx. The OKB token plays a pivotal role in facilitating seamless spot trading, derivatives trading, and the concurrent development of multiple scalable applications on the chain. Furthermore, its layered architecture significantly reduces consensus times, enhances scalability, and bolsters security.
To enhance the value of OKB and increase its appeal to holders, OKEx undertakes a quarterly token burn, meticulously documenting each event on its official website. This process is funded by 30% of the revenue generated from commission fees. Furthermore, new users are eligible to receive a warm welcome in the form of exclusive bonuses.
The Circulating Supply of OKB Coins: A Closer Look
The global utility token bears a resemblance to Binance Coin (BNB). A substantial 50% of service fee revenues are allocated among token holders in direct proportion to their OKB balance. The privileges afforded to OKB holders encompass the right to participate in platform voting, investment opportunities, and trading on OKEx.
Currently, there are 1 billion OKB in circulation, with the following allocations:
- 40% – Reserved for Founders and Project Development;
- 10% – Allocated to Investors;
- 50% – Designated for AirDrops and Rewards;
- A significant portion of 700 million OKB tokens are locked until 2022, resulting in a total supply of 300 million tokens in 2021.
The forthcoming release of 700 million additional OKB in 2022 will be allocated as follows:
- A staggering 100 million tokens were allocated to early investors;
- A further 200 million were retained by the founding team;
- A significant 100 million tokens were earmarked for the OK Blockchain Foundation;
- Meanwhile, a substantial 300 million tokens were reserved for public awards.
The Security Framework of the OKB Network: A Robust Defense Mechanism
The coin is an ERC-20 token that leverages a proof-of-stake (PoS) consensus mechanism. Initially, OKB operated on the Ethereum blockchain, but subsequently, the company migrated to its proprietary blockchain, OKExChain.
OKEx prides itself on being a beacon of transparency in the cryptocurrency landscape. The development team emphasizes that security is their paramount concern, and they spare no effort in maintaining a reliable and stable trading environment. To achieve this, they employ cutting-edge technologies, including load balancing on servers and distributed clusters, to ensure the platform’s integrity.
Moreover, OKEx has devised a robust wallet infrastructure, comprising both hot and cold wallets, with the latter being a paramount method for safeguarding cryptocurrencies. While hot wallets necessitate meticulous attention to security and capabilities, OKEx has introduced a semi-autonomous multi-signature feature, thereby facilitating swift, convenient, and secure transactions.
Where to Acquire OKB (OKB) Tokens
The most convenient method of acquiring OKB coins is to purchase them directly through OKEx. Alternatively, you can explore various other reputable cryptocurrency exchanges that facilitate the buying and trading of this token. Notable examples include OKEx, Gate.io, Uniswap (V2), HitBTC, BiONE, LBank, Hotcoin Global, Coin Ex, ProBit Global, and Hotbit. For a comprehensive list of options, please refer to our dedicated crypto exchanges page.
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