OKEx unveils mainnet launch of OKExChain

KUALA LUMPUR, Dec 31 -- OKEx, a world-leading cryptocurrency spot and derivatives exchange, has announced the launch of OKExChain mainnet.

OKExChain will be rolled out in four stages, starting with the Genesis stage from Dec 31, 2020 to January 13 next year, followed by the second stage, which will focus on mainnet stability testing.

"Unlike other exchange chains, OKEx wants to embody blockchain's core qualities of openness and decentralisation in OKExChain. After more than 10 iterations on the testnet and exhaustive ongoing development, this vision has come to fruition,” it said in a statement.

In stage three, the transaction function will be enabled, and users can withdraw their OKT native token from OKEx to OKExChain.

During the fourth and final phase, the smart contract virtual machine will be enabled, and OKExChain will be compatible with all projects on Ethereum with the main network officially fully launched.

Meanwhile, OKEx chief executive officer Jay Hao said: “2020 has been a year of incredible transformation and, while we have witnessed much suffering caused by the pandemic, we have also seen tremendous growth in the cryptocurrency space.

“It has been a year of reflection and learning for OKEx and we are thrilled to launch OKExChain to the mainnet, furthering the financial system of the future.”

Since its initial testnet launch, OKExChain has seen significant upgrades including committing to open-source, Ethereum virtual machine smart contract development, iterations to reduce trading fees, and partnerships with projects including Waves, Achain and DoraHacks.

More details are available at www.okex.com.

-- BERNAMA