OKEx CEO Says Fully Developed OKChain To Be Faster Than Ethereum

Must Read

Social Capital Ceo’s Views On The Game Changer Asset Bitcoin

Chamatha Paliphatia, billionaire and the CEO of social capital, recently gave a statement that underlined the phase of...

Central Bank Digital Currencies (CBDCs) and Digital Payments is Future of Payments

Bank of International Settlements also known as BIS  favored central bank digital currencies (CBDCs) as well as digital...

Bitcoin Correlation Analysis: A comparison of Bitcoin with Other Significant Assets

VanEck's recent report sets out an interesting analysis with respect to the crypto-asset Bitcoin and Gold respectively. In...
IMG_20190610_132229_280
Parth Vig
Parth Vig is a Management student, and a keen observer of Cryptocurrency and blockchain technology, his interest in writing brings him to thecoinrepublic.com, He believes that he has many ideas that he pens down and he feels it would be a great asset for any kind of creative writing.
  • Ask-me-anything (AMA) session conducted by OKEx CEO Jay Hao on the newly launched OKChain testnet and the OKDEX.
  • Hao unveiled the long-awaited OKChain testnet and OKDEX, taking OKEx one step forward in its goal to bring a fully decentralized digital ecosystem.
  • Hao responded to the tweet stating that OKChain will indeed be much more faster than Ethereum.

In a Twitter ask-me-anything (AMA) session conducted by OKEx CEO Jay Hao on the newly launched OKChain testnet and the OKDEX, it was revealed by Hao that OKChain when fully deployed will be faster than Ethereum itself.

In a Twitter thread posted on February 10, Hao unveiled the long-awaited OKChain testnet and OKDEX, taking OKEx one step forward in its goal to bring a fully decentralized digital ecosystem. OKEx has also transitioned from OKB to OKT being their new native token on OKChain.

Advertisement


Crypto-sponsored Twitter influencer, Cryptocurrency Boss, posed a question on the AMA asking Hao whether OKChain will be faster than Ethereum since both cryptocurrencies seek to achieve the same decentralized ecosystem goals.

Hao responded to the tweet stating that OKChain will indeed be much more faster than Ethereum. This is a strong claim to make considering that Ethereum is the second-largest cryptocurrency, and it already has a very strong community backing and a large number of apps and services built on top of it.

Cryptocurrency Boss also asked Hao what the transactions-per-second (TPS) would be and whether the chain will be scalable. The CEO responded to that, too, saying that according to pre-deployment internal tests, the TPS is over 1000 on a single chain.

This is a massive number compared to Ethereum’s measly 15 transactions per second, and it starts becoming more obvious why Hao claims that OKChain can easily trump Ethereum.

He continued that OKChain is built from the ground up based on a multichain infrastructure, and therefore the actual TPS could clock in much higher values.

dApps running on OKChain won’t run on a single chain alone, and therefore having a large TPS on a single chain would be quite impractical too, added Hao.

To the scalability question, Hao said that OKChain currently uses the Cosmos SDK, and OKEx has also been working for the development of Cosmos’ cross-chain ID-based cryptography protocol (IBC). He said that IBC allows OKChain to be highly scalable, but great importance will be given at OKEx to keep developing the protocol further.

Hao also said in response to another question by Cryptocurrency boss about the OKT tokenomics and its similarity to the current OKB situation, that unlike OKB, the trading platform’s native token, OKT issued on the genesis block and node block will increase 1-5% per year. Hao also promised further comments on OKT’s tokenomics when OKChain is fully deployed, and the mainnet is active.

OKChain is meant to be a decentralized public platform that allows for tokens to be hosted, DeFi applications, dApps, smart contracts, etc. The OKDEX, decentralized exchange, is also hosted on the OKChain testnet providing non-custodial trading options with instant trading and high liquidity.

OKEx also announced that, in order to fully step into decentralization territory, the company is burning 700 million OKB tokens that it held before, and the token will enter a stage of full deflation during this process.

The company also hopes to give away a portion of all OKT tokens generated on the OKChain genesis block as gratitude to all loyal OKB holders and to allow a chance for everyone to participate in the governance of the chain or become a node.

Hot News

Social Capital Ceo’s Views On The Game Changer Asset Bitcoin

Chamatha Paliphatia, billionaire and the CEO of social capital, recently gave a statement that underlined the phase of transition undergone by the Bitcoin...

Central Bank Digital Currencies (CBDCs) and Digital Payments is Future of Payments

Bank of International Settlements also known as BIS  favored central bank digital currencies (CBDCs) as well as digital payments during the COVID-19 outbreak. ...

Bitcoin Correlation Analysis: A comparison of Bitcoin with Other Significant Assets

VanEck's recent report sets out an interesting analysis with respect to the crypto-asset Bitcoin and Gold respectively. In addition to the crypto-asset’s correlation...

Cryptocurrency Weekly Roundup: Insight To The Events Occurred In Crypto Industry This Week

The Binance crypto exchange announced the acquisition of CoinMarketCap,  a popular cryptocurrency data aggregator.  The court dismissed Telegram’s request of GRAM token issuance to the...

11 Class Action Lawsuits Against Cryptocurrency Companies Filed By Roche Freedman

On April 3, 11 class action lawsuits against cryptocurrency companies that alleged the sale of unregistered securities were filed with the Southern District...

Traditional Trading Firms Delighted With Crypto: Report

The Adoption of Digital Asset Trading report published by Acuiti management intelligence platform states that the trading firms have come to the terms to believe...

Partners

Central Bank Digital Currencies (CBDCs) and Digital Payments is Future of Payments

Bank of International Settlements also known as BIS  favored central bank digital currencies (CBDCs) as well as digital payments during the COVID-19 outbreak. ...

Bitcoin Correlation Analysis: A comparison of Bitcoin with Other Significant Assets

VanEck's recent report sets out an interesting analysis with respect to the crypto-asset Bitcoin and Gold respectively. In addition to the crypto-asset’s correlation...

Cryptocurrency Weekly Roundup: Insight To The Events Occurred In Crypto Industry This Week

The Binance crypto exchange announced the acquisition of CoinMarketCap,  a popular cryptocurrency data aggregator.  The court dismissed Telegram’s request of GRAM token issuance to the...

11 Class Action Lawsuits Against Cryptocurrency Companies Filed By Roche Freedman

On April 3, 11 class action lawsuits against cryptocurrency companies that alleged the sale of unregistered securities were filed with the Southern District...

RELATED NEWS

Social Capital Ceo’s Views On The Game Changer Asset...

Chamatha Paliphatia, billionaire and the CEO of social capital, recently gave a statement...

Central Bank Digital Currencies (CBDCs) and Digital Payments is...

Bank of International Settlements also known as BIS  favored central bank digital currencies...

Bitcoin Correlation Analysis: A comparison of Bitcoin with Other...

VanEck's recent report sets out an interesting analysis with respect to the crypto-asset...