OKX, a major cryptocurrency exchange, has launched the test network for its new blockchain, OKB Chain. The platform is an Ethereum scaling solution designed for high-performance decentralized applications and seamless integration between CeFi and DeFi.
The OKB Chain testnet is now live, and according to the announcement tweet, it marks the first step towards building OKBC in three stages, starting with the V1 testnet launch. The company plans to provide more value to the Ethereum ecosystem through its cohesive ecosystem development and exciting roadmap.
However, a day before the launch, the team published a detailed post on Medium titled “The Birth of OKB Chain: The Ultimate Solution for Ethereum Scaling.” In the post, the team explains that it is a response to the shortcomings of existing Ethereum scaling solutions.
The post also outlines the OKB Chain initiative’s three key steps, which aim to enable cross-chain communication between ZK Rollups and propose specialized application solutions.
According to the OKX team, the new blockchain is designed to provide high performance and low transaction fees, making it compatible with EVM and Wasm ecosystems. It also maintains compatibility with the Ethereum ecosystem and aims to achieve easy-to-use Web2-like experiences for users.
OKX has already accumulated a decade of exchange technology experience and aims to leverage these capabilities to combine self-custodial DeFi ecosystems better.
OKB Chain Initiative’s Three Key Steps
The new blockchain initiative has three key steps that lead the project. OKB Chain V1 is an Ethereum PoA sidechain that focuses on providing high performance and low transaction fees. OKB Chain V2 is an Ethereum native ZK Rollup platform that provides Turing-complete zkVM. OKB Chain V3 enables cross-chain communication between ZK Rollups and proposes specialized application solutions based on the V2 platform.
The OKX team believes that the continuous development of OKTC and the birth of the new blockchain will pave the way for a more inclusive yet decentralized Web3 future. By leveraging the advantages of both OKTC and OKBC, the team aims to create a seamless and user-friendly Web3 experience for its users while promoting progress across the blockchain industry.
Nevertheless, OKX’s launch of a new blockchain is a significant step forward for the Ethereum ecosystem and a promising development for the wider blockchain industry. With its emphasis on security and seamless integration, OKB Chain will likely be a game-changer for developers and users, making building and using high-performance decentralized applications easier.
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