- 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.
1. yes 2. We've run internal tests, Tps for a single chain is over1000. As a multichain infrastracture, actual tps could be higher. Since all the applications won't be running on just one chain, if considering the practicability, too high (i.e.millions-level) tps could be useless
— Jay Hao (@JayHao8) February 13, 2020
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.