OKEx Announces Launch Date for Its Own Blockchain
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OKEx's blockchain network called OKExChain officially has a launch date.

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According to an announcement, the launch of the OKExChain mainnet will be divided into four stages:

  • The first stage (also known as the genesis stage): start is scheduled from 4:00 pm UTC on Dec. 31, 2020 to 4:00 pm UTC on Jan. 14, 2021;
  • The second stage: OKEx will check the OKExChain mainnet's stability. The exchange admits the duration timeframe is not yet set;
  • The third stage: the launch of the transaction function. Users can withdraw their OKT and deposit it onto OKExChain;
  • The fourth stage: the launch of the smart contract virtual machine.

OKExChain will also have its own native token — OKExChain Token (OKT). It has an initial minting of 10 million tokens. OKT also works on the same halving model as Bitcoin (EXANTE: Bitcoin) — the initial block reward is 1 OKT and it is halved every three years. OKEx says the "theoretical total upper supply limit" is approximately 72.2 million OKT.

BlackRock Looking for Blockchain Lead

Earlier in December, OKEx's CEO Jay Hao said the exchange is working on a new transparency plan after it suffered a temporal suspension of withdrawals. Hao admitted the incident highlighted several very important issues. In November, OKEx announced a compensation program for users who have made deposits, held tokens or traded during the period in which the exchange had to freeze withdrawals.

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