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OKExChain mainnet enters ‘Genesis’ stage, 10 million OKT tokens issued

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Crypto alternate platform OKEx has introduced the launch of its OKExChain mainnet with 10 million OKT tokens obtainable for early adopters.

In keeping with an announcement, the mission was three years in improvement, spanning 10 testnet variations.

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The mainnet deployment will proceed alongside 4 levels with the present epoch being the Genesis part lasting two weeks till Jan. 13, 2021. As a part of the Genesis part, OKT, the chain’s native token shall be obtainable as a reward for staking on the blockchain.

Holders of OKB — the OKEx utility coin — can stake their tokens to earn OKT as a reward within the Genesis part. In keeping with the launch announcement, 10 million OKT shall be mined throughout the Genesis stage to bootstrap adoption.

Customers who stake OKB will obtain OKT proportionally to their utility coin holdings. As a part of the staking guidelines, OKEx stated that there are not any minimal or most caps on staking.

On the finish of Genesis, the second and third mainnet epochs will embrace stability testing protocols and the introduction of OKT withdrawals operate. The latter characteristic shall be put to a vote amongst validators on the chain.

The fourth mainnet epoch will see the introduction of sensible contract capabilities to allow full Ethereum compatibility. Commenting on the launch, OKEx CEO Jay Hao stated that OKExChain is a part of the corporate’s efforts to enhance the monetary system of the long run.

Tweeting on Monday, Hao stated, “Wanting ahead to extra initiatives migrating over – the present ETH block house is solely not there but.”

OKEx did undergo some organizational points within the latter a part of 2020, freezing withdrawals back in October following the reported arrest of its founder. The platform resumed regular operations a month later, adopted by massive withdrawals by customers beforehand caught in limbo.