OKEx has been a leading exchange and trading platform in the crypto industry. It is known for its long list of products and features that offer plenty of options across a variety of assets to the crypto trading community. However, the company’s mission is no longer confined to growing its own ecosystem as it embarks on developing the OKChain commercial public blockchain.
With the OKChain testnet already in place, and the code uploaded on GitHub to make the blockchain open-source, OKEx has now announced the launch of the OKChain hackathon. It is the very first hackathon organized by the company to encourage the development of decentralized applications on the OKChain commercial public chain.
Launched earlier this year, OKChain’s codebase was made open source in April 2020. Last month witnessed the release of the latest version (ver 0.10) of OKChain that included validator selection and dividend mechanism, making it the first public chain created by a crypto exchange to support access of third-party institutions. During the hackathon, developers from across the world can create OKChain based products and services like development tools, delegator service products, market computing plugin, SDK, and staking service products. Participation is open till July 20, 2020, and the hackathon winners stand to receive up to $5000 equivalent in OKB as rewards.
Announcing the decision to turn OKChain into a collaborative ecosystem rather than limiting its use exclusively for the OKEx ecosystem, CEO of OKEx Jay Hao said, “Adhering to the original spirit of blockchain, OKChain won’t become an extension of the exchange, but an independent ecology. We are looking forward to co-constructing an open, decentralized, practical, and diverse ecosystem with our global users. Now users can realize their will through the voting mechanism, develop their own DEX or dApp and list their own trading pairs freely based on the latest version of OKChain testnet.”
The active involvement of developers and users in the OKChain ecosystem through various initiatives like the hackathon will accelerate the development and testing of the public chain, which in turn could help in establishing the OKChain much sooner.
With OKChain OKEx is offering an advanced commercial blockchain ecosystem to the industry. The peer-to-peer network is completely decentralized with irreversibility and efficient autonomy in its source code. The design makes it impossible for anyone including its developer OKEx to manipulate the decentralized ledger. The node runners on OKChain enjoy high levels of autonomy, allowing them to come to a consensus to effect any development without requiring authorization from its creators. The voting and consensus mechanism on OKChain is managed using the native OKT token which follows an inflationary model.
The latest release of OKChain further optimizes the cost of operating nodes by implementing the concept of OpenDEX model and DEX Operator. It allows the separation of public chain operator from DEX operator to reduce the server and technology costs incurred by the nodes while ensuring future continuous benefits for operators. Contributors to the OKChain stand to receive multiple benefits including block generation rewards, voting reward, mining fee, transaction fee and more.
Learn more about the OKChain Hackathon here