THELOGICALINDIAN - Testnet and aboriginal dApp launched on OKChain
OKEx, one of the largest cryptocurrency exchanges in the world, has appear the barrage of its built-in blockchain, OKChain. The aggregation has additionally ushered in the account with their aboriginal built-in dApp, the OKEx DEX.
OKEx Announces New Chapter in Blockchain Development
In a columnist absolution aggregate with Crypto Briefing, the aggregation said that the exchange’s built-in blockchain, which is still in analysis mode, will host the OKEx DEX, the company’s aboriginal non-custodial, decentralized cryptocurrency exchange.
The Malta-based aggregation said that OKChain, a Cosmos SDK-based accessible chain, will abutment assorted decentralized applications. It will acquiesce users to affair their own cryptocurrencies, actualize trading pairs, and barter cryptocurrencies freely.
“OKChain is a huge anniversary for us, acceptation that we are now able to accommodate an open, low-cost, and free ecosystem for anybody to adore the allowances blockchain and decentralization brings,” said Jay Hao, CEO of OKEx.
According to a columnist release, the OKChain testnet went live on Feb. 11, but there is no bright date set for the absolution of the mainnet.
Decentralized, Non-Custodial Exchange Launches on OKChain
The aggregation has already launched its aboriginal dApp on the OKChain testnet—OKEx DEX.
OKEx appear that they are focused on convalescent abounding of the accepted challenges adverse the DEX space, including trading acquaintance and liquidity.
To advice abound the OKEx DEX ecosystem, the aggregation has adopted a Delegated Proof of Stake (DPoS) accord apparatus and issued OKT, a badge built-in to the OKChain.
The bread is set to be issued both on the alpha block and the bulge block, the aggregation said in the release. They added that the badge has set the aggrandizement amount amid 1% and 5% every year.
RSK looks to betrayal added users to DeFi.
Interoperability amid the two better blockchains is now accessible acknowledgment to a new arch launched on the RSK platform, a side-chain of Bitcoin.
Bridging the Gap
The arch enables tokens to canyon amid the Bitcoin and Ethereum networks after any change in badge supply. Money on Chain will be amid the aboriginal to use the bridge, giving Ethereum users admission to its Bitcoin-backed stablecoin developed on RSK’s acute arrangement platform.
As a ancillary alternation of Bitcoin, RSK already operated a two-way arch with the Bitcoin blockchain, which enabled users to absorb their BTC in acute affairs on the RSK platform.
The new arch agreement is an addendum of the absolute functionality, which is now able of appointment any Ethereum ERC-20 tokens.
When a badge leaves its built-in blockchain, the arch “locks” it, arising the aforementioned cardinal of tokens on the adverse alternation to advance a connected supply. Tokens traveling from RSK to Ethereum are minted based on the ERC-777 standard, while tokens affective in the adverse administration are created to RSK’s RRC20 standard.
Interoperability—A Driver for Growth
At the contempo World Economic Forum accident in Davos, interoperability was articular as one of the key challenges adverse blockchain in 2020 by industry anticipation baton Don Tapscott. It could prove to be cogent in active cryptocurrency adoption, accouterment the befalling to alteration amount amid altered blockchain networks after defective an exchange.
Furthermore, the admittance of Bitcoin and all of the associated amount angry up in crypto-derivatives into the beginning DeFi area could additionally prove to be a game-changer.
Max Carjuzaa, a co-founder of Money on Chain, recognizes the all-inclusive abeyant of abutting into Ethereum-based DeFi, saying:
“RSK’s badge arch will accomplish it accessible for tokens such as [Money on Chain’s] DOC or BPRO to be calmly chip by ERC20 solutions, administration the security, and all-around acceptance of Bitcoin with the active DeFi ecosystem currently developed in Ethereum.”
IOV Labs, RSK’s ancestor company, currently controls the interoperability bridge. However, the ambition is for abounding decentralization by the third division of this year.
Last year, IOV Labs acquired Taringa, a Latin American amusing media belvedere with 30 actor users. At that time, it appear affairs to analysis and administer a decentralized basement aural the Taringa network.
Following the addition of the new interoperability bridge, any dApp developed on Ethereum could become accessible to Taringa’s all-inclusive banal user base.
