OKB is a digital currency introduced by the OK Blockchain Foundation along with the Maltese cryptocurrency exchange, OKEx. As one of the biggest exchanges globally, OKEx ranks third in terms of liquidity and fourth in trading volume, offering a vast array of trading pairs. While it shares some similarities with Binance, a major player in the crypto exchange market, OKEx has distinctive features. The platform includes a cloud mining service and emphasizes options trading for its users, whereas Binance aims to provide a wide spectrum of crypto services worldwide.
As the native utility token of OKEx, OKB lets users tap into exclusive features on the exchange. It's used for calculating and settling trading fees, enabling users to participate in governance and voting, and rewarding those who hold the token.
Since its establishment in 2017, OKEx has become a leading global trading hub. Launched in the spring of 2017, it was developed as an offshoot of the original OKCoin platform, which has been operational in China since 2013. Today, OKCoin specializes in converting fiat currency to crypto, while OKEx is geared towards cryptocurrency trading, equipped with an API for algorithmic trading. It also offers a multi-currency wallet and margin trading functions.
Who Founded OKB?
Jay Hao has been at the helm of OKEx as CEO right from the start and continues to lead the company. With a background in technology and engineering, Hao has been engaged with the blockchain sector for many years, especially in areas involving blockchain-based apps for mobile gaming and video streaming. Before joining OKEx, he spent two decades in the semiconductor industry, developing various codecs, including UVLED, ASIC, FPGA, and multimedia codecs, along with SOCs for multimedia processors. His experience in product development and management is extensive.
Mingxing "Star" Xu is another influential figure in the team. He established OKCoin in China back in 2013 and has gained considerable recognition within the industry. In 2017, Xu co-founded the independent OKEx exchange in Malta, which operates as a separate legal entity. Currently, Xu is the CEO of the OK Group.
What Sets OKB (OKB) Apart?
The OKB token is a crucial element of the OKEx ecosystem, granting users up to a 40% discount on transaction fees, depending on their token holdings. The exchange categorizes users into two groups: regular and VIP. Regular users are ranked based on their OKB holdings, while VIPs are categorized by their trading volume. Commission rates are updated daily, and discounts are applied accordingly.
Holders of OKB tokens can earn passive income, thanks to the OKEx Earn project, which assists users in generating returns on their assets. The OKB token is also instrumental on the OKEx Jumpstart platform, where users must register to participate, and sales happen through MixTrust.
In the OKExChain, the OKB token facilitates activities like spot trading, derivatives trading, and the creation of multiple scalable applications. The platform's layered architecture enhances scalability, speeds up consensus times, and strengthens security.
To boost the value of OKB and make it more appealing to holders, OKEx carries out a token burn every three months, with the process documented on their official site. For these burns, OKEx uses 30% of its commission fee income. Additionally, new users are welcomed with bonuses.
How Many OKB Coins Are Available?
This global utility token is akin to Binance Coin (BNB), with 50% of service fee income shared among token holders in relation to their OKB balance. OKB provides several privileges: voting rights on the platform, investment capabilities, and trading on OKEx.
There are a total of 1 billion OKB tokens with these allocations:
* 40% to Founders & Project;
* 10% to Investors;
* 50% to AirDrops & Rewards;
* Out of these, 700 million OKB are locked until 2022, meaning the total circulating supply in 2021 is 300 million tokens.
The release of the 700 million additional OKB in 2022 is planned as follows:
* 100 million for early investors;
* 200 million retained by the founding team;
* 100 million set aside for the OK Blockchain Foundation;
* 300 million designated for public awards.
How Is the Security of the OKB Network Maintained?
As an ERC-20 token, OKB employs a proof-of-stake (PoS) consensus mechanism. Though initially operating on the Ethereum blockchain, the company transitioned to its proprietary blockchain, OKExChain.
OKEx prioritizes transparency and security, ensuring a stable trading environment. They implement server load balancing, distributed clusters, and other protective technologies.
To further bolster security, OKEx has developed both hot and cold wallets. Cold wallets are one of the most secure ways to store cryptocurrencies, while hot wallets require stringent security measures. Thus, OKEx introduced a semi-autonomous multi-signature feature, allowing transactions to be fast, secure, and convenient.
Where Can OKB (OKB) Be Purchased?
The most straightforward way to acquire OKB coins is through OKEx. However, the token is also available on various other crypto exchanges, where you can buy or trade it. These include Gate.io, Uniswap (V2), HitBTC, BiONE, LBank, Hotcoin Global, CoinEx, ProBit Global, and Hotbit. You can find more exchanges listed on our crypto exchanges page.
