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OKC (OKX Chain) is an EVM-compatible open-source blockchain developed by OKX exchange for building applications. OKX, formerly known as OKEx, is one of the largest centralized cryptocurrency exchanges, but it is not available in the U.S. Instead, the U.S. traders can access its sister exchange Okcoin. OKX was founded in 2017 by Mingxing Xu, also known as Star Xu.
OKC was launched in January 2021. It is designed for building a secure and efficient DeFi architecture that can be used to create a decentralized exchange with transparent trading rules, guaranteeing users control over their own assets. OKC current number of nodes can be found on its explorer. There are 21 validators and 33 candidate (standby) nodes.
The team used the Cosmos SDK and Tendermint to create the OKC chain. The Inter-Blockchain Communication protocol along with the Tendermint consensus algorithm, which provides instant finality, can be used to implement value transfer between blockchains.
The OKC blockchain is built using the Cosmos SDK and Tendermint. Cosmos network consists of multiple independent and parallel chains of blocks, interconnected by nodes. The use of Cosmos technologies has simplified blockchain development, reduced transaction fees, and provided seamless interconnectivity between blockchains that are built or will be built on the Cosmos SDK in the future.
In Cosmos, all consensus layers use Tendermint (BFT-DPOS), a consensus mechanism that supports Byzantine fault tolerance and boasts high efficiency, high performance, consistency, and other features.
The OKC blockchain is compatible with the Ethereum Virtual Machine (EVM). Thus, smart contracts are deployed and executed in the same way as in the core Ethereum network, allowing developers to port their Ethereum dApps to OKC without having to write new code. As a result, the OKC ecosystem is crosschain-friendly. It also allows applications built on OKC to interact with many other EVM blockchains using the native bridge.
The OKC team also provides EVM-compatible wallet addresses to its users. Each OKC user can own two wallet addresses: a native OKC wallet address and an EVM-compatible wallet address. EVM addresses begin with "0x" and OKC's own wallet addresses begin with "ex".
OKC is used to create various decentralized applications, issue tokens, and create NFT-marketplaces.
The platform utilizes EVM to provide a flexible and scalable environment for developers. OKC has its own cross-chain bridge, allowing to move assets between blockchains such as Ethereum, Algorand, Tron and OKC.
The protocol has its own native KIP-20 standard token (similar to ERC-20), OKT, which is also used for paying the OKC network fees. The wallets OKC supports include the native MetaX and Metamask wallets.
OKT holders can delegate their tokens to existing validators and receive rewards for staking. Each user is allowed to delegate staking rights for up to 30 different validator candidates.
To become a validator and receive rewards for blocks, one needs to stake a certain amount of OKTs. The top 21 validators are determined by the total number of OKT staking rights gathered and/or the OKTs self-delegated by the validator. The more voting power a validator has, the more weight they have in the consensus and governance processes. Additional validators, ranked by their total OKT staked, are also compensated by the network to serve as validator candidates.
OKC has an automated on-chain penalty mechanism, which is triggered in case of not signing block or double signing. The former leads to the validator being “jailed” for 600 seconds, the latter leads to permanent jailing.
The native OKC token is OKT (a KIP-20 standard token). Token holders gain community voting rights, staking privileges, and the ability to pay commissions with a discount. OKT can be used in decentralized exchanges and other OKC-based DeFi applications. The primary functions of the token are the commission payment in the OKC network; creation of an active validator in the network, by locking a certain amount of OKT; voting to select network validators.
The token was initially distributed to OKB token holders participating in OKB staking on OKX Jumpstart. OKT uses a halving model, whereby the reward per block is halved approximately every three years. At the start, the block reward is 0.5 OKT, and the theoretical maximum OKT offering will be about 41.96 million.
OKC team members work at OKX — the creator of OKC. Jay Hao is the CEO of OKX. He previously was a chairman of a digital marketing agency Nurotech.
The OKC protocol has been audited by SlowMist in 2019.
More than 80 projects are deployed on OEC. The apps with the largest TVL include CherrySwap, WePiggy, and TransitSwap. There is also a native OKC app MetaX, which is a multi-chain wallet supporting various networks such as OEC, Ethereum, Polygon, Fantom, BSC, and HECO. The app can be accessed both from a computer (in the form of a web extension) and mobile device. MetaX also includes a DeFi hub, where traders can trade crypto and NFT assets.
As a blockchain, OKC has partnered with numerous wallets, where the OKC chain can be integrated. These wallets include TockenPocket, Math Wallet, and others.
Collaboration with various bridges, like AnySwap, helps users to easily exchange tokens of the OKC network to the tokens of other networks.
OKC has not announced any future plans regarding its development yet.
https://okc-docs.readthedocs.io/en/latest/
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Last updated: Aug 22, 2023
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