At 14 pm Beijing time today, OKEx issued an announcement saying that the OKChain testnet was officially launched, and announced that it had destroyed all 700 million OKBs that had not yet been issued. Affected by this, OKB's response rose by more than 30%, and once reached 5.5 US dollars. As of press time, OKB temporarily reported $ 5.457, an increase of 38% in the day.
Prioritize and read the announcement
The Odaily Planet Daily sorted out this announcement and drew some important points for investors to pay attention to.
The first is the destruction issue that ordinary investors are most concerned about. The announcement indicates that 700 million OKBs that have not yet been issued will be destroyed.
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(Odaily Planet Daily Note: About these 700 million OKBs, it was explained in the official announcement in March 2019 that 300 million will be distributed to OKEx users through point cards, and 400 million will belong to the OK Blockchain Foundation and operation team.)
This also means that in the future, OKEx's repurchase destruction will all come from the secondary market. OKB has officially entered the era of absolute deflation. The current circulation of OKB in the market is 286,021,636, which is undoubtedly good for OKB.
Regarding why the 700 million uncirculated OKBs were destroyed, OKEx CEO Jay Hao told the Odaily Planet Daily to give back to OKB currency users. "OKB has received in-depth support from tens of millions of users worldwide in the past 2 years. In order to ensure the interests of OKB currency holders, we promise not to issue additional OKBs privately. In the future, we will continue to promote the ecological application of OKB and increase repurchase efforts. Real performance rewards our users. "
Second, OKChain, OKEx's public chain, does not use OKB as the basic token, but issues OKT as the basic token of OKChain.
However, in the "OKB Five Ecological Construction Announcements" on March 22, 2019, it was mentioned that OKB will become the basic token of the public chain. "OKB will become OKDex's transaction fee and the only supernode candidate voting tool. OKB will be used on OKChain for token pre-sale."
Compared to Binance Chain's use of BNB as the basic token, OKEx's move means that the expected use of OKB will be limited.
In response, Jay Hao explained:
First, OKB is the underlying token of the OKEX ecosystem. The launch of OKT is used as the basic token of OKChain. They are generated based on different scenarios and purposes;
Secondly, OKChain is a native public chain. Based on the needs of the Dpos consensus mechanism adopted, we choose to issue OKT. The release of OKT will consist of two parts: the genesis block and the node block issue. It is expected that the node node block issue will be issued in the future. 1% -5%, specific rules will be announced when the mainnet is launched;
Third, in consideration of the interests of OKB holders, we have adopted a series of designs to enable OKT and OKB to form an integrated and mutually reinforcing whole. OKT will activate the internal development vitality of OKChain and will be better empowered. Development of OKB ecological construction. The OKT genesis block TOKEN maps 100% of all OKB holders to OKB holders.
We will announce the details after the OKChain mainnet is officially launched. Third, the consensus mechanism used by the public chain is different. In the 2018 publicity, Shine JIANG, the head of the OK Blockchain Engineering Institute, stated that OKChain uses an improved version of the PBFT (Practical Byzantine Fault Tolerance System) fast consensus algorithm; and today ’s announcement shows that OKChain uses the Dpos consensus, which is also the first and last EOS Consensus algorithm used.
The two algorithms have their own advantages and different usage scenarios. According to Wang Yongge, a tenured professor of computer science at the University of North Carolina at Charlotte (UNC, Charlotte), the PBFT consensus protocol cannot guarantee the safety and liveness requirements of blockchain systems. "So we recommend that PBFT should not be used as a consensus protocol, whether it is an alliance chain or a public chain."
Jay Hao told Odaily Planet Daily that their thinking has undergone some adjustments in the process of public chain product design, and the current Dpos consensus mechanism is more in line with their desired direction: "Creating a decentralized, open, completely open source The public chain of the code gives each participating node the right to the same status, and can release and run various decentralized applications without interruption.
The fourth is that the announcement shows that there will be five major use cases of OKChain, namely: asset issuance, DEX (decentralized exchange), smart contract operation, Defi applications, and carrying BTC cross-chain. It was also mentioned in the announcement that OKEx launched OKEx DEX, a decentralized exchange based on OKChain, and it went online today.
Earlier, Binance Zhao Changpeng told Odaily Planet Daily that Binance will give priority to launching projects developed on Binance Chain. In the future, will OKEx be “privileged” for projects on OKChain?
Jay Hao did not give a positive answer. "At present, we have not specifically considered whether the projects issued on OKEx and OKChain will be linked."
Delayed multiple testnets finally go online
In fact, as early as December 2018, OKEx had announced that it would launch its own public chain, OKChain.
On March 22, 2019, OKEx officially mentioned in the "OKB Five Ecological Construction Announcements" that OKB is expected to transfer from the ERC20 network to the OKChain mainnet in June (meaning that the mainnet will be online before June), and OKEx will be based on OKChain launches OKDex, its first decentralized exchange.
However, in June, the OKChain testnet bounced and failed to release it as scheduled.
On October 21st, OKEx CEO Jay Hao tweeted: "It's a good time to publish heavy news on Monday. We are testing the final stages of OKchain and will soon launch a testnet."
On the same day, Xu Kun , Chief Strategy Officer of OKEx, gave a clear date: the OKChain testnet will be launched in early November.
By November 21st, the OKChain testnet was still missing. Jay Hao tweeted: "Our team is working hard to prepare the final test. We hope that OKChain can become a financial infrastructure without bank accounts. In addition, decentralization OKDEx will be the first DApp to build on it. "
To this day, OKChain is online.
Some people familiar with the matter told Odaily Planet Daily that the OKChain testnet was actually completed as early as half a year ago, but the market was not performing well before that, and it was not a good time to release it. Now that the market is picking up, Bitcoin has successfully breached the $ 10,000 mark, which is why it chose to release news.
After the testnet, when the OKChain mainnet went online became a matter of great concern. In this regard, Jay Hao told Odaily Planet Daily that the specific launch time is uncertain.
"With the launch of the testnet, in the future, we will continue to solicit user opinions and suggestions to achieve the mainline launch of OKChain in the shortest possible time. Please stay tuned for the specific launch time, and we will inform you of the latest news . "