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OKTChain

OKTChain, integrated within the ecosystem, is an and IBC-compatible Layer 1 network developed on , emphasizing interoperability and performance. It aims to provide developers with efficient tools for building and scaling applications, offering low gas fees and high scalability.[1][2]

Overview

OKTChain, which launched its testnet in February 2020, prioritizes technological exploration and refinement. Emphasizing advancements like , consensus optimization, and cross-chain asset integration, OKTChain adopts architecture for its -chain concept.

With enhanced consensus mechanisms, it aims to achieve high scalability and performance, supporting up to 5000 Transactions per Second (TPS). Through Inter-Blockchain Communication (IBC), OKTChain seeks to enable swift value transmission within the ecosystem.

Fully compatible with the , it offers a developer-friendly environment with open-source access and integrates with protocols like . With a focus on security, OKTChain provides reliable smart contract auditing, with the goal of mitigating centralization risks in networks.[3][4][5]
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Blockchain Middleware

OKTChain introduces the concept of " middleware" to streamline application development, with the goal of reducing costs. It facilitates resource sharing across technical architectures, similar to middleware in various industries. Token holders have the opportunity to participate in OKTChain's security and governance by delegating tokens for rewards and voting on proposals.[6]

OKTC Explorer

OKTC Explorer, provides users with the ability to search, view, and analyze OKTC data, such as blocks, transactions, validators, and other essential information. Through OKlink and exchaincli, users can interact with the OKT Chain, accessing features like accounts, transfers, delegation, and governance. Exchaincli is particularly noteworthy for its comprehensive support of OKT Chain features.[10]
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History

2020

In 2020, the OKTC team worked on refining aspects like sharding, consensus optimization, and cross-chain asset integration. They adopted the architecture for its -chain concept, leading to the development of the initial OKTC version.

The OKTC testnet debuted in February 2020.[4]

2021

In May 2021, OKTChain introduced EVM compatibility, addressing the need for support within the ecosystem. By November 2021, OKTChain aimed to enhance scalability, targeting an increase in transaction throughput to 5,000 TPS by 2022.

Additionally, OKTChain launched the 0xTalks podcast series, providing insights into crypto, , and GameFi trends from industry influencers.[4][25]

2022

In 2022, OKTChain faced challenges while achieving milestones in ecosystem growth and performance optimization. Efforts were concentrated on improving user and developer experiences, leading to advancements in interoperability. The platform fostered partnerships with entities like and Unstoppable Domains, expanding its global community to over 73k members.

Additionally, key upgrades, including IBC protocol integration, were implemented to facilitate efficient asset transfers between OKTChain and other chains. Notable initiatives like the Gas Back program and the introduction of Liquid Staking aimed to incentivize ecosystem growth and enhance OKT utility within protocols.[22]

2023

In 2023, introduced OKB Chain (OKBC) as an network, initially employing sidechain technology and later transitioning to a scaling solution based on ZK technology. Meanwhile, the team focused on advancing the OKT Chain ecosystem, formerly OKC/OKX Chain, through initiatives like supporting Wasm and exploring innovative consensus models.

Reflecting on the frenzy, efforts shifted towards technical optimization and community needs, leading to adjustments such as reducing block rewards to 21 million OKT by 2028 and emphasizing decentralized governance. Looking ahead, OKTC aims to enhance OKT utility, promote decentralized governance, execute cross-chain initiatives, explore new technologies, and engage the community through the OKTC Community Program.[23][24][4]
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OKTC Nodes

  • Full Node: A Full Node in maintains the ledger's state, validates transactions, and executes . It contributes to network security and serves as a data source for OKTC ecosystem applications.
  • Validator: A Validator in participates in the consensus by proposing and voting on blocks. Validators stake as collateral, ensuring network security, and receive rewards for maintaining network integrity.[11]

OKTC Users

Normal users facilitate transactions using compatible software, contributing to network health and liquidity. Developers prioritize user-friendly applications to sustain ecosystem growth. Delegators stake to validators, who ensure network security by running full nodes and participating in consensus.

Proposers in arbitrate and select the next leader node before each block, ensuring efficiency and security through rotation. Candidate proposers are chosen based on factors like stake and past performance to promote decentralized block generation and network security.

Proposers maintain correct software versions, secure private keys, and actively participate in governance by voting on proposals, engaging with the community, and adapting to ecosystem changes.[12][13]

Consensus Architecture

OKTC utilizes the SDK for modularity and composability, while Core ensures Byzantine Fault Tolerant (BFT) State Machine Replication (SMR). This setup allows developers flexibility in selecting programming languages. Validators propose and commit blocks, with delegators determining validators based on reputation and stake. rotation mechanism promotes fairness in proposer selection.

The consensus process involves steps like proposal, pre-vote, and pre-commit, ensuring validator agreement. ABCI facilitates communication between Core and applications, enabling developers to write apps in any language. OKTC's EVM module aims to ensure compatibility with , supporting EVM state transitions for a familiar developer experience.[14][15][16]

OKTC Solutions

Liquid Staking

OKTChain's protocol aims to improve OKT token usability by enabling users to earn staking rewards while maintaining flexibility. Users can swap OKT for stOKT and utilize it in various applications, eliminating traditional barriers like minimum token requirements and lock-up periods.

stOKT tokens automatically accrue rewards, allowing users to claim their initial staked OKT and accumulated rewards by unstaking. This protocol aims to provide OKT holders with enhanced flexibility and accessibility in the staking process, contributing to a more dynamic ecosystem.[18]
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OKTCSwap

OKTChain's OKC Swap is a designed to minimize slippage in volatile crypto markets. Slippage, the variance between expected and actual trade prices, correlates inversely with liquidity. OKC Swap, supported by OKX, prioritizes safety and stable swaps with minimal slippage.

This reflects OKTChain's commitment to providing a reliable platform. OKC aims to enhance interoperability without compromising scalability or security, envisioning a multi-chain network offering equal opportunities for users, developers, and projects.[19][20]
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OKTCBridge

OKTChain's OKC Bridge, facilitated by the Inter-Blockchain Communication (IBC) protocol, aims to improve cross-chain interoperability by connecting OKTChain with other IBC-supported chains for efficient asset transfers. For instance, also expanded into the ecosystem via OKTChain, representing the first issuance on a -powered ecosystem.

Developers have the opportunity to utilize the IBC Relayer and OKTChain supernodes for cross-chain operations with . Additionally, the OKC bridge upgrade incentivizes users by providing an OKT for bridging over US$100 worth of supported tokens to OKTChain, which supports eight chains, including , , , , Bitcash, , , and , offering gas fee solutions for all users.[20]
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OKTC VRF

OKTChain's VRF (Verifiable Random Function) ensures unbiased random values for . It provides cryptographic proof to prevent manipulation by any entity, including operators and users. OKTChain VRF supports various applications, including games and , by offering two request methods: Subscription, which centralizes funding, and Direct funding, where contracts pay directly with OKT.[21]

OKToken

OKT tokens are integral to the OKTChain ecosystem, offering multiple utilities to holders. Owners can actively participate in network security and governance by delegating OKT to validators, earning more tokens through . Additionally, OKT holders can influence network decisions through voting. Validators are required to stake 10,000 OKT, with additional tokens needed for governance proposals.

Staking OKT grants voting rights, with each token equating to one vote. OKT also serves as staking rewards for validators and enables participation in OKTChain's protocols, as well as other sectors like GameFi and , providing engagement and value opportunities.[7][8][9]
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Distribution

OKT has a capped supply of 21 million tokens, with 10 million distributed initially. Approximately 17.85 million tokens are currently in circulation, with about 6.3% locked. The reward-halving mechanism reduces token issuance gradually, aiming for full liquidity by 2028.

Initial distribution favored early OKB holders, while annual issuance now goes to block validators.[9]

Governance

OKTChain's governance aims to uphold fairness and security in decision-making. Proposers are required to stake OKT to initiate proposals, with the intention of discouraging malicious activity. Voting involves bonded OKT holders, except in specific circumstances. Vote weight is determined by the quantity of bonded OKT.

To prevent duplicate voting, the voting period is designed to be shorter than the unbonding period, typically set at a minimum duration of 72 hours. OKTChain supports four proposal types: Text, Parameter, Software Upgrade, and Delist. Proposals progress through initiation, deposit, vote, and execution stages, excluding Text Proposals, which omit the execution stage.[17]

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OKTChain

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May 26, 2024

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