2020 is coming to an end. At the end of the year, many people or companies are busy summarizing or reflecting on the past year, whether the established goals have been achieved, what plans to do but have not done, what have been completed but are not satisfied, and are ready to welcome a new one. one year.
The biggest news in the currency circle recently is the announcement that OEC will soon launch the mainnet. This means that the long-awaited OKT finally came. Although it was a little late, it was finally fulfilled. The price of OKB also broke through a record high following the news of OKT, with the highest offer of 8.1USDT.
From the content of OKEx’s announcement, it can be seen that the OEC team seems to have been working on the public chain for three years, and used Wang Yangming’s philosophy of “integration of knowledge and action” to demand themselves. The perseverance is very commendable. As for whether it is a good product , we will do a detailed analysis later.
In my cognition, if you want to achieve "unity of knowledge and action", you need "knowledge" and "action" to be consistent. It seems simple, but it is still a bit difficult to achieve. For example, in the setting of goals mentioned at the beginning, I admit that I need to improve in terms of "knowledge", but most people fall into the "doing", and it is difficult to achieve the unity of knowledge and action.
Returning to the public chain, some exchanges’ public chains are simplified. Although the “knowledge” has arrived, they choose shortcuts in the “action”, resulting in two or even more so-called public chains to make up for the underlying architecture technology. These are all cases where the "integration of knowledge and action" has not been achieved.
However, OEC has spent three years of research and development, adjusted its direction three times, and updated it closely with the times. It has also paid painstaking efforts and costs. It is really not easy to achieve "unity of knowledge and action".
Going back to OKT, which users are most concerned about, as the underlying token of OEC, OKT adopts the same halving model as Bitcoin. The initial issuance is 10 million, and the initial block reward is 1 OKT, which is halved every three years. The theoretical total circulation is about to 72.2 million.
From the perspective of total issuance, OKT is not too much. The initial issuance of 10 million will be distributed to OKB holders through OKEx Jumpstart through OKB pledge mining. When the main network is officially launched, OKT holders can also obtain transaction fees and block rewards by becoming an OEC super node.
The launch of the OEC mainnet will be divided into four stages. The most interesting one is the creation stage of OEC, that is, the time for receiving 10 million OKT, which is scheduled for two weeks from New Year’s Day to January 14, 2021. For specific detailed rules, please refer to the "Announcement on OKT Genesis Receipt" officially released by OKEx, so I won't go into too many useless details.
Today we focus on analyzing the advantages and characteristics of OEC, as well as whether OKT is worth participating in, and what is the value application that will support OKT in the future?
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OEC is completely decentralized
OKEx launched a completely open-source public chain with open nodes. Anyone can run for an election to become an OEC super node. It is a completely decentralized public chain.
Generally speaking, there are three criteria for judging the degree of centralization or decentralization - system deployment, program logic and community governance.
The degree of decentralization of a system is determined by how many nodes there are in the system, how many physical computers those nodes are deployed on, and how many geographic regions those computers are located in. The larger the above data, the higher the degree of decentralization.
Under the system logic standard, the degree of decentralization of a system depends on whether each node in the system plays the same role (for example: PoW) or all nodes play different roles and cooperate to maintain the system operation (for example: DPoS). If a system can be divided into two parts at any time and the two parts can run independently, and when the two parts are put together, the whole system can also work normally, we can say that the system is program logic decentralized. (Example: Disaster destroys some node computers)
Under the community governance standard, two kinds of control authority need to be considered. One is how many people or organizations have ultimate control over the computers that make up the system? The second is that every individual in the system has data access rights? The more nodes, computers, and individuals in the system that have these two kinds of permissions, the higher the degree of decentralization of the system.
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OEC high-performance transaction public chain
As a high-performance transaction public chain specially optimized for transaction scenarios, OEC has always aimed to build the best public chain in the world. In three years, the direction has been adjusted three times, from the initial simple pursuit of high performance to the subsequent multi-chain ecological transaction chain. It has been sacrificed in terms of performance, but it is still higher than most public chains in the market, and higher than Ethereum.
In March 2018, when the OKChain project was first established, it took improving TPS as its primary goal, chose to build a new generation of high-performance public chain as its goal, and finally selected sharding technology to build its solution.
On December 18, 2018, the first white paper of OKChain was released. OKChain completed the public chain design and program prototype, and its TPS reached 3,000, surpassing Ethereum and comparable to EOS with the highest TPS. It was a small achievement at the time.
At that time, the TPS of EOS reached 3,000, but it was still not more popular than Ethereum as most people thought that high TPS would definitely surpass Ethereum. It is falsified that the public chain regards extremely high performance as the ultimate goal, and the real demand is the application landing. Therefore, OKChain gave up the main advantage of sharding technology to improve TPS. After two adjustments, OKChain changed its name to OEC, with the ultimate goal of building the world's best trading public chain.
The OEC design follows the CAP principle. The CAP principle, also known as the CAP theorem, refers to Consistency, Availability, and Partition tolerance in a distributed system. The CAP principle means that these three elements can only achieve at most two points at the same time, and it is impossible to take care of all three.
Consistency: Each read returns either the latest data or an error return.
Availability: Every request can get a non-error return, but there is no guarantee that the return will contain the latest number nine.
Partition fault tolerance: The loss or failure of any information in the system will not affect the continued operation of the system.
OEC satisfies the decentralization of program logic, realizes consistency and partition fault tolerance, and system performance can correspond to availability.
For financial payment services, strong consistency is a must. OEC needs to focus on the implementation of a large number of applications. Cosmos-SDK provides an ecosystem architecture and strong consistency, and partition fault tolerance is a must for public chains.
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Community driven, empowering OKT
OEC is an open source project focusing on the construction of trading ecology, and the community is highly open.
After two adjustments, as a transaction chain, OEC's consensus protocol is DPoS, with 21 nodes, which contributes to higher TPS and higher degree of centralization, but OEC's community governance is decentralized, while the currency An is a centralized community governance. OEC has complete community autonomy, and the development direction is determined by OKT holders.
As mentioned above, under the community governance standard, two kinds of control authority usually need to be considered. One is how many people or organizations have ultimate control over the computers that make up the system? The second is that every individual in the system has data access rights? The more nodes, computers, and individuals in the system that have these two kinds of permissions, the higher the degree of decentralization of the system.
As an open source and open public chain, OEC welcomes all people with the same ideas to join the community and build a decentralized, open, and completely open source blockchain community. This means that anyone can use OEC code to start their own transaction chain, and anyone can also build applications on top of the transaction chain through smart contracts, that is, every individual in the system has data access rights. While being highly decentralized, it is community-driven, and at the same time relies on community governance to improve the degree of decentralization.
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OEC is highly open
Openness means that anyone can create their own digital assets, trading pairs and liquidity pools based on OEC.
Generally speaking, the openness of the blockchain is mainly reflected in three aspects: the first is the openness of data accounts, that is, all historical transaction records are open to the public; the second is the openness of the organizational structure, all holders of Token All have the opportunity to participate in the node election; the third is the openness of the ecology.
In terms of the openness of data accounts, as an open source, open high-performance transaction public chain, OEC has its own blockchain browser, and all transactions in the distributed ledger can be clearly checked. Through the data layered design, OEC reduces the cost of blockchain data, the transaction fee is very low, the use efficiency is improved, and the implementation of large-scale applications is supported.
In terms of the openness of the organizational structure, as an open public chain ecology, anyone can run to become an OEC super node, and can also issue their own digital assets, create their own digital asset trading pairs and liquidity pools, and conduct transactions .
Open accounts and an open organizational structure are the foundation at the bottom, and the ultimate goal is to build an open ecology. In this ecology, the transfer of value is getting easier, the cost is getting lower and lower, and the efficiency is getting higher and higher, just like the dissemination of information in the information society back then, the cost is getting lower and the efficiency is getting higher and higher.
Take Ethereum as an example. After the development of Ethereum, there are tens of thousands of ERC20 tokens developed based on Ethereum. The underlying protocols of these tokens are the same, and the transfer speed between them is very fast. The more tokens there are, the stronger the network effect of Ethereum will be, and the ecology of Ethereum will become richer and more complete.
At the same time, DAPPs and applications based on the Ethereum public chain will gradually increase, so that a large operating system will eventually be formed, making the value transfer between Tokens more and more efficient.
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Ultimate compatibility and OKEx cross-chain gateway
OEC will support EVM in the future, compatible with all smart contracts of Ethereum, and all Ethereum contracts can be directly migrated to OEC for deployment and operation.
EVM： Ethereum virtual machine,Ethereum Virtual Machine, EVM is used to run smart contracts on Ethereum. After OEC supports EVM, developers can use Ethereum's development tools and languages to develop smart contracts on OEC.
OKEx will also launch a cross-chain gateway to support the migration of various mainstream assets to OEC. Through the IBC protocol of the cosmos ecosystem, each important application can have its own exclusive blockchain while maintaining interoperability.
Cross-chain gateways usually support two modes, one is relay mode, that is, cross-chain operations are performed through relay chains, which is more suitable for scenarios where more blockchains perform cross-chain interoperability. The other is the direct connection mode, which can be directly connected to other cross-chain gateways to transfer cross-chain transactions, which is more suitable for small chain-to-chain cross-chain systems.
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Support multiple operating systems, spot, derivatives transactions
The OKEx DEX desktop version supports a variety of operating systems, and lowers the threshold for blockchain use through friendly interactive design. The cross-platform client software OKExDEX performs all operations like a fool, including issuing tokens, creating currency pairs, creating liquidity pools, participating in AMM or orderbook transactions, and supports multiple operating systems such as windows and MAC.
At the same time, OEC not only supports liquidity pool and order book transactions, but will also support oracle machines in the future, and then support liquidity pool or order book transactions of various derivatives such as leverage and perpetual contracts.
Relying on OKEx's product experience, it optimizes different financial markets from the bottom layer of the blockchain, and supports spot and derivative transactions at the same time.
As an open public chain ecology, OEC has many advantages and features such as complete decentralization and extreme compatibility. Through OEC, the value interoperability, user interoperability, and scene application interoperability of the blockchain can be realized simply and efficiently. Co-construction of the ecological system to build a value-added system. As the underlying token of OEC, OKT will be given a higher value!
