In the second and third stages of the main network deployment, the protocols responsible for the stable operation of the network will be implemented, and the OKT output function will also be implemented. This function will be voted on by OKExChain blockchain validators. In the fourth stage, smart contracts will be implemented to ensure full compatibility with Ethereum. OKEx CEO Jay Hao said the launch of OKExChain is part of the exchange’s initiative to improve its financial system.
In October, OKEx faced organizational challenges by suspending the withdrawal of digital assets from its platform. However, after a month and a half, OKEx resumed the withdrawal of cryptocurrencies, launching a compensation program for users who continued to trade, despite the current situation.
OKEx is not the first cryptocurrency exchange to launch its own blockchain. In 2019, the Binance exchange launched its own Binance Chain network, and in 2020, the Binance Smart Chain add-on for smart contracts. In the same year, Huobi announced its intention to launch the open blockchain Finance Chain to support the decentralized finance industry.
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
