OKEx Just Announced its OKEx Chain Mainnet 0 20

OKEx Just Announced its OKEx Chain Mainnet

One of the most prominent and highly popular cryptocurrency exchange has just dropped surprising news on its users. The news is not only promising for the entire OKEx community but for the entire cryptocurrency industry.

OKEx has announced to its community and the entire cryptocurrency industry that it has just launched its OKExChainmainnet. The firm announced that for the initial phase of the mainnet, OKExChain will be issuing 10 million OKT tokens into its network. These tokens will be available for the users who will be joining the platform in its early stages.

The cryptocurrency exchange OKEx revealed how much time it took for the project to be finalized and launched into the crypto-verse. It took the firm three years to develop and launch the project. During the development phase, the exchange went through 10 testnet versions.

The firm has confirmed that it will be deploying its OKExChain in four different stages. Each stage will be taking place between a particular time-period where the current phase is serving as the Genesis phase. In the Genesis phase, the OKExChain will be offering OKT tokens.

On the Genesis platform, the users will be able to stake on the OKExChain’sblockchain and earn its native tokens OKT as rewards. The exchange has announced that the Genesis phase will go on till January 12, 2021, and will end on January 13, 2021.

The chain has also announced the benefit that the users of the OKEx will have on the OKExChain. The OKEx users will be able to use its native tokens “OKB” for staking on the OKExChain. They will be able to stake OKB in order to earn OKT as rewards through the Genesis phase.

The firm has announced that during the Genesis phase, the OKExChain will be allocating 10 million OKT that the users will be able to mine. The chain has confirmed that the true intention behind the issuance of the tokens is to increase the adoption of the coins and the platform.

The users who stake their OKB against the mining of the OKT will receive a proportional number of tokens for the holdings. The chain has confirmed that during the Genesis phase, there will be no limit on the number of tokens that users will be able to stake. The chain announced that it is up to the users as to how many tokens they would want to stake as there will be no minimum or maximum token cap implemented by OKExChain.

The chain has confirmed that once the Genesis phase is complete, the chain will initiate the second and the third phase. These phases will involve the testing for stability and the initiation of the withdrawal services. After the completion of the second and third phases, the fourth phase will see the launch of smart contracts.

Previous ArticleNext Article

Leave a Reply

Your email address will not be published. Required fields are marked *

Bitcoin Will Drop Down to $20k a Piece, Says the Guggenheim CIO 0 8

It was just two weeks ago when Bitcoin (BTC) prices were hitting their all-time high of $41k per Bitcoin (BTC). Then suddenly the prices of Bitcoin (BTC) starting dropping significantly. In a matter of 48-hours, the price of Bitcoin (BTC) came down by $11k only to bounce back to $35k in the next couple of hours.

However, since the set-back, Bitcoin (BTC) has been having a hard time keeping up. Although there were many analysts who predicted Bitcoin’s price drop was due, yet they stated that it will grow in price again. Right after the plunge, Bitcoin (BTC) did manage to make a comeback but it was not a long-lived success.

In a matter of days, Bitcoin (BTC) again came all the way down to $33k per Bitcoin (BTC) and then again bounced back. Just a few days back Bitcoin (BTC) managed to go all the way up to $38k per Bitcoin (BTC). However, it is again sitting at $33k apiece, which goes onto show exactly how volatile Bitcoin (BTC) has become.

Bitcoin (BTC) has again become extremely volatile in the past two weeks. As it keeps showing the volatile nature, many investors have started growing uncertain about its stability. There are many investors who have already sold their Bitcoin (BTC) with fears of facing another plunge since 2017.

Based on the above case, one of the senior executives at Guggenheim Partners has made his prediction around Bitcoin (BTC) price. According to the executive, Bitcoin (BTC) is currently destined to go all the way down to $20k per BTC. No matter how many times it fluctuates and it manages to go up, Bitcoin (BTC) will eventually drop down to $20k per BTC.

According to the Guggenheim executive, Scott Minerd, Bitcoin (BTC) will not be able to hit an all-time high for the rest of the year 2021. Minerd shared his views around the price of Bitcoin (BTC) in an episode of the “Closing Bell” show airing on CNBC.

Minerd predicted that after hitting an all-time high of $41k per BTC, it is highly unlikely for Bitcoin (BTC) to again hit an all-time high in the running year.

Although Minerd has made this prediction around Bitcoin (BTC) price looking at the current situation, it does not mean that he has started criticizing Bitcoin (BTC).

According to him, Bitcoin (BTC) is still one of the most reliable investment assets and will continue to grow with respect to the adoption rate. Despite his recent comment about Bitcoin (BTC) taking a plunge down to $20k per Bitcoin (BTC), he still maintains his stance on another prediction.

Minerd has predicted that one day, Bitcoin (BTC) will manage to hit the $400k per BTC mark.

Dubai Regulatory Authority to Introduce Cryptocurrency Regulations 0 8

It was almost 11 years ago when the cryptocurrency industry was introduced to the entire world with the launch of Bitcoin (BTC). At that time, the industry was strongly opposed by the regulatory authorities as well as financial institutions.

The need for the cryptocurrency industry was felt when the traditional finance institutions had started taking too much control of people’s personal information. It was the financial institutions that had started dictating people and putting too much pressure on people.

That was the time when there was a need for an alternative to the traditional financial system to be established. A system that granted people the authority to control how much of the personal information they wanted to share with the providers. The cryptocurrency industry was developed on a decentralized platform that did not appreciate the interference of third parties. Whether it was a sale, purchase, or trade, there were no intermediaries involved on this platform.

However, the financial institutions as well as many countries started opposing the idea and were not ready to adopt the platform. As time went by, the cryptocurrency industry has grown enormous and has reached a cryptocurrency community of 200 million active users.

Just recently, the cryptocurrency industry hit a market capitalization of $1 trillion. This has brought the cryptocurrency industry into the spotlight and countries from around the world have started adopting the industry.

One of the recent countries that are looking forward to welcoming cryptocurrency on its soil is Dubai. According to the recent reports, the major regulatory authorities from Dubai are currently in the process of composing the regulatory guidelines in the country.

The Dubai regulatory agencies involved in the process include the Dubai International Financial Centre and the Financial Services Authority. These regulatory authorities are currently involved in enhancing the regulatory structure as well as the regulations in the country.

The Dubai Financial Services Authority has revealed that it is planning to ready and launch the regulatory framework for diverse digital assets for the years 2021 and 2022. The announcement was made by the DFSA on the working of the digital assets regulatory framework on January 18, 2021.

Once the new regulatory infrastructure is released and implemented, it will turn out to be very essential for the cryptocurrency industry in Dubai. It will allow the cryptocurrency firms in the country to provide their services on a larger scale. They will be able to offer investors more trading assets and will also be able to target businesses and enterprises in the country.

Most importantly, the firms will have full support from the Dubai regulatory authorities in the expansion of new services being introduced in the Bitcoin (BTC) verse.

The DFSA has announced that it will be publishing two consultation papers that will be public for commenting and feedback.

Editor Picks