OKEx, a world-leading cryptocurrency spot and derivatives exchange, has announced that OKChain, the commercial public chain developed by OKEx, has been officially renamed as OKExChain. As a public chain focusing on transaction functions, even in testnet, OKExChain has already made breakthroughs in many areas, including transactions per second, on-chain governance, permissionlessness and cross-chain mechanisms.
In terms of the degree of decentralization, OKExChain also takes the lead among exchange-developed public chains. By fully utilizing the nature of peer-to-peer networks, implementing irreversibility and efficient autonomy in its source code, no participants (including its developer, OKEx), are able to control or manipulate the public chain, thus achieving absolute decentralization and meaning that OKExChain can be considered a “fundamentalist” public chain.
“We are very confident in the technical strength of OKEx. Throughout our extensive testing, OKExChain has shown very high performance with all the necessary elements of a decentralized public chain,” said OKEx CEO Jay Hao, continuing:
“Decisions such as whether to enable open node elections, commit to open source, or have governance tokens are indispensable elements of a public chain. So, this is also the easiest way to judge whether a ‘public chain’ is truly public or just a pseudo-public chain. With the growing popularity of the DeFi concept, users should take these considerations into account, and be more alert to whether some so-called DeFi projects are truly decentralized or not.”
