On January 22, TokenPocket Wallet officially released the OKExChain version and joined the OKExChain ecosystem. You can use TokenPocket wallet to create accounts and send& receive OKT on OK Trading Chain. You can also easily experience DApps such as OKExChain DEX and OKExChain SWAP via TokenPocket wallet afterwards.
So far, TokenPocket wallet has supported all the public chains incubated by the three major exchanges, Binance, Huobi, and OKEx. Users could experience the three major public chains in one wallet — TokenPocket , which is very convenient.
Unlike the public chains incubated by other exchanges, the OKExChain public chain puts more emphasis on transaction attributes. The goal is to promote the implementation of transaction business based on blockchain technology. Let us take a look at how it got designed.
What is OKExChain
OKExChain is the world’s first trading chain — blockchain technology built for trading. It is the next step in the development of decentralized trading, where people can trade anything of value on-chain, and own and control the assets that they trade. OKExChain provides safe and efficient infrastructure for creating decentralized applications for seamless on-chain trading of all kinds of assets within a cross-chain, value-exchange ecosystem.
8 core features of OKExChain
While OKExChain supports all types of DApps, it is specially designed for high-performance scenarios and high-volume transactions typical of trading activities and financial services.
Any user can apply to become or to campaign for a network validator, participating in the community development.
OKT holders define the direction of OKExChain development by initiating and voting for proposals.
Users can create their own digital assets, trading pairs and liquidity pools on OKExChain without approval or permission from any centralized entity.
OKExChain will support the Ethereum Virtual Machine, including Ethereum developer tools. Once OKExChain supports EVM, developers can use the development tools and languages of Ethereum to develop smart contracts on OKExChain.
OKEx DEX’s desktop application is supported by all major operating systems and provides easy access to on-chain trading with its user-friendly design.
OKEx has already launched its OKExChain-based Cross-chain Gateway for easily transferring assets across various major public chains. We also plan to introduce support for Cosmos’s IBC cross-chain solution soon.
8.Spot and derivatives
OKEx DEX on OKExChain not only supports spot trading, but it will also integrate blockchain oracles and consequently support derivatives trading and other related products.
What is OKT?
OKT is the native token of the OKExChain ecosystem, providing immediate utility and benefits — such as voting rights, staking privileges and transaction fee payment — for decentralized exchanges and other DeFi applications built on the network. The OKT genesis block will contain an initial minting of 10 million OKT, which will be distributed to OKB holders who stake their OKB on OKEx Jumpstart. OKT has the same halving model as Bitcoin, where its block reward is cut in half roughly every three years. The initial block reward is 1 OKT and the theoretical upper limit of OKT’s total supply is about 72.2 million.
Use of system resources:
An application running on the OKExChain network requires the chain to allocate certain network resources — such as computation, storage and bandwidth. OKExChain charges a transaction fee for resource usage.
It is required to stake a certain amount of OKT in order to apply to become a validator candidate, as well as to submit a chain-governance proposal or execute an order pending operation.
OKT holders obtain voting rights by staking their tokens. One address can vote for up to 30 different validator candidates, and the number of votes for each validator candidate that the address has supported depends on the amount of OKT the address has staked.
How to use OKExChain via Wallet
How to create OKExChain account：
- Open TP wallet, select [I don’t have a wallet] for new user registration, and click [OKExChain] in the selection list to create.
2. The wallet name can be customized. After setting the password, click [Create Wallet] to enter the backup wallet prompt interface. After reading the notes carefully, click [I know] to enter the mnemonic phrase backup interface.
3.After the wallet is created, we can export the private key and Keystore through the built-in functions of the wallet; click on the [details] in the upper right corner of the blue area, and you can choose to export [mnemonic phrase], [private key] or [Keystore], be sure to save and back up these important information.
How to Send and Receive tokens via wallet
- Open the wallet, click [Receive], you can share the QR code to friends and let them use the TP wallet to scan the code to pay; you can also use the copy button on the right side of the receiving address to copy the address and send to your friends.
- Open TP wallet, click the top left corner [Transfer], and you can choose [Directly Transfer] or use [Address Book] and [QR Code], which are suitable for different scenarios;Click on Directly Transfer to enter transfer details.