Produced | Odaily
Editor | Hao Fangzhou
Produced | Odaily
OKEx is not going to be a public chain on a whim.
As early as December 18, 2018, OKEx released a public chain concept promotional video. According to the plan at the time, the test network will be launched in 2019, and the smart contract will be realized and the main network will be launched in the first half of 2020.
However, the road to public chain development is bumpy and bumpy. In the past few years, many excellent teams have failed on the public chain track. OKEx's plan was not as smooth as expected, and the plan was repeatedly postponed, and finally successfully launched the mainnet recently.
On December 29, OKEx officially announced that the main network of the public chain OEC, which focuses on high-performance transactions, was officially launched, and its native token OKT will also be launched; the total amount of OKT genesis (10 million) will be issued through OKEx Jumpstart To holders of OKB.
This afternoon, OKEx CEO JayHao was a guest on Chaohua Community and explained in detail "How OKEx builds the world's number one high-performance public chain".
JayHao said that OEC has undergone two major direction adjustments during the development process: from the original "creating the next generation of high-performance public chain" to "creating the most professional exchange application chain", and finally finalizing it as "creating the world's best transaction chain". In addition, as a decentralized public chain, OEC is completely open source, open nodes, and follows the DPoS consensus protocol, setting up 21 super nodes, which contributes to higher TPS and higher degree of decentralization.
Regarding developer support, JayHao said that OEC is currently collecting opinions from other developers in the community, and the specific content of the plan will be announced in the future.
The following is a record of community interviews, organized by Odaily
Odaily: From announcing in 2018 to build its own public chain, it was postponed in 2019, and then the testnet was launched in February 2020. Now OEC has finally officially appeared. First of all, please introduce the development history of OEC and the difficulties encountered in the development process. What adjustments have been made to the direction? How did the development team overcome these problems?
Jay Hao：The development of OEC lasted three years, in which two major direction adjustments were made.
The OKChain project was launched in March 2018. At that time, the goal was to create a next-generation high-performance public chain, with "performance efficiency" as the first goal of research and development. In order to achieve this goal, we chose sharding technology as a solution at that time. But by 2019, with the development of the industry, high performance has proved to be a false demand, and the implementation of applications is the urgent problem to be solved by the public chain. Therefore, OKChain abandoned the existing achievements and made the first strategic adjustment with the goal of building the most professional exchange application chain. Trading public chain, as the name suggests, is a public chain specially built for various trading scenarios. Because the application chain is a business chain, which is most suitable for the architecture of Cosmos SDK, so we finally selected the multi-chain architecture of cosmos-sdk to build its DEX application.
By 2020, with our in-depth research on trading scenarios, especially the advent of the DeFi boom in June this year, we have gradually discovered the limitations of the application chain. What we want to do is not only a trading application, but a complete trading ecology. To this end, with the goal of building the best transaction chain in the world, we made a second strategic adjustment and officially changed the name of OKChain to OEC on September 13, 2020.
Odaily: What is the positioning and goal of OEC? Could you please introduce your system. What role will it play in the overall layout of OKEx, and how will it integrate with existing businesses?
Jay Hao：OEC's positioning and goal is to create the world's first high-performance transaction public chain - which can not only ensure the security and anonymity of decentralized transactions, but also meet the high-frequency transaction needs of different transaction scenarios.
In the future, OEC will not only support decentralized order books and Swap transactions, but will also support oracle machines to support leverage, perpetual and other derivative transactions. This will form an on-chain and off-chain closed loop with OKEx's existing trading business, further expand OKEx's encryption ecosystem, and consolidate OKEx's advantages in the existing encryption derivatives market.
Odaily: Could you please introduce the underlying technical architecture of OEC? Compared with other public chains such as Ethereum, what are the differentiating advantages of OEC at the technical level?
Jay Hao：OEC is built based on Cosmos' Tendermint mechanism and Cosmos SDK. OEC has improved on the basis of Cosmos and developed an application chain based on Cosmos, which is the underlying framework for carrying the OKEx ecosystem. While retaining the Cosmos SDK cross-chain and other functions, it aims to establish a safe and efficient Defi infrastructure, relying on OKEx With years of experience in the field of cryptocurrency, at the bottom of the blockchain, blockchain solutions optimized for different financial applications.
Compared with other public chains such as Ethereum, OEC has the following main differences at the technical level:
First of all, in terms of consensus mechanism, OEC adopts BFT + DPOS, while Ethereum 2.0 adopts POS mechanism;
Secondly, in terms of scalability, Ethereum adopts a sharding scheme, which divides POS nodes into 64 shards; while Cosmos-sdk used by OEC is a cross-chain solution, which can be understood as a A special sharding scheme - sharding by business; simply speaking, Ethereum 2.0 is a single-chain architecture that achieves scalability by adding shards, while OEC is a multi-chain structure that can be expanded by adding new application chains. Achieve scalability.
Finally, at the development level, Ethereum 2.0 will use the new virtual machine EWASM to replace EVM, and OKExCain will support Cosmos WASM and EVM dual virtual machines; similarly, Ethereum mainly uses Solidity as the smart contract language, while OEC will support RUST and Solidity as a programming language.
Odaily: The current public chain competition has shifted from technology orientation to traffic competition, especially attracting developers and building diverse ecological applications. What policies will the OEC issue to support developers and capture traffic?
Jay Hao：OEC is currently collecting opinions from other developers in the community. The specific content of the plan will be announced in the future. Please wait patiently.
Odaily: OEC adopts the DPOS consensus mechanism, and anyone can run to become an OEC super node. Can you please introduce the plan for the next super node? (How many nodes will be set up? What are the conditions for participation? Do I need to pledge OKB?)
Jay Hao：OEC will have 21 super nodes, which will randomly generate block nodes according to the voting weight.
In addition, OEC has a block reward. Like Bitcoin, it adopts a halving model. Its initial block reward is 1 OKT, which is halved every three years. There are two parts of rewards for OEC super nodes. The first part is the reward of the GAS fee, which is similar to ETH, which is allocated to the supernodes that give the block; the other part is the additional issuance reward, which distributes the additional OKT issued each year to supernodes and all OKTs according to the voting weight according to the proportion of 25% and 75%. Nodes (including super nodes and candidate nodes).
In terms of the voting rules for supernode elections, the scheme of 1 vote and 30 votes is adopted. There is no direct reward for voting on the chain, but the voting reward rules between supernodes and voters can be negotiated off-chain.
Odaily: Decentralized exchanges are very popular nowadays, and OKEx DEX has also been launched on OEC. Could you please introduce what is the difference between OKEx DEX and other DEXs, and how will it develop together with the centralized business?
Jay Hao：The DEXs currently on the market can be divided into three categories:
The first category is a design like OEC, which puts both the order book and matching on the chain, to ensure the transparency of the data as much as possible, and the decentralized design. The disadvantage is that it has high requirements for the performance and security of the public chain. Operating a chain alone to support it, instead of using a virtual machine, is also a unique advantage of OEC as an application chain compared with other comprehensive public chains.
The second category is a compromise on transparency and security to a certain extent, such as the 0x protocol, which puts the order book and matching off the chain, and uses a centralized solution to do it, only putting a small amount of information on the chain, so as to To obtain the performance similar to that of a centralized exchange, the disadvantage is that the same as the centralized exchange, it also has to bear the trust cost of the operator.
The third type is the recently popular AMM trading pool model, such as Uniswap, which is different from the previous two in design. It has no order book and matching, and has little demand for blockchain storage and computing resources. The disadvantages are Sacrificing trading depth in exchange for high liquidity, high trading slippage, and high learning costs for traditional market makers. OECs are also working on their own AMM prototypes to complement order book DEXs.
We believe that the main reason affecting the development speed of DEX is that they do not have a clear operator. The innovation of our OKEx DEX is that we have introduced the role of DEX operator. Anyone can create his own trading pair in OEC, operate his own exchange, and earn transaction fees. In this way, there is a main body of a DEX operator, who will operate his exchange, generate better liquidity for his trading pairs, and maintain and operate his DEX like a centralized exchange. To give a simple example, OKEx DEX can be understood as Taobao, and the DEX operator is the merchant of Taobao. Under such a model, I believe that OKEx DEX will have a brand new performance.
Odaily: In addition to DEX, what innovative products will we see appearing on OEC?
Jay Hao：In the future, the products on OEC will mainly focus on decentralized financial applications, including DEX and lending Defi, etc. DEX covers a wide range, including spot trading, margin trading and perpetual contract trading models; in addition to the order book-based model, there is also a trading pool-based model like AMM.
Odaily: OEC currently issues the native token OKT. Can you briefly introduce the overall situation of OKT, including the economic model and application scenarios?
Answer: The full name of OKT is OEC Token, which is the underlying token of OEC. It 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 total theoretical circulation is about 72.2 million. In the future, in addition to making block rewards and gas fees on the mainnet, OKT will also be applied in OEC DEX, Defi and other fields.
Odaily: In addition to staking OKB, are there other ways for OKEx users to obtain OKT?
Jay Hao：In the future, OKT will be listed on the exchange platform, and users can purchase it on the platform at that time; in addition, users can participate in the OEC supernode election, and OKT will be distributed to supernodes in the form of block rewards. This part of OKT will be based on 25% and 75% The proportion of % is distributed to super nodes and all nodes (including super nodes and candidate nodes) according to voting weight. Everyone is welcome to actively sign up to participate in OEC's super node campaign in the future.
Odaily: Many people may question: OKT has dispersed the ecological value of OKEx, and OKB should be used as the OEC ecological token. Then why did OKEx choose to issue new tokens?
Jay Hao：Because OEC is a native public chain and adopts the Dpos consensus mechanism, based on the needs of the Dpos consensus mechanism, we launched OKT as the basic token of OEC. At present, OKB has all been issued and circulated on the market, and it can no longer be used as a block reward for the public chain to ensure the normal operation of the public chain. In addition, the public chain ecology and the platform ecology have different internal operating logics. OEC starts from 0 to 1, and the design of its economic model should have a higher degree of freedom, so as to better motivate all participants to jointly build , sharing and win-win.
Community question: OEC seems to focus more on the general direction of the layout. For us small retail investors, what benefits and incentive plans can we get from OEC?
Jay Hao：The development of a public chain ecology is based on its user base. As long as you hold the assets on the OEC chain, you are our users. As an OKT holder, you can participate in the pledge mining of the OKT mining pool to obtain voting rewards. In addition, you can also pay close attention to the follow-up development of OEC ecology and enjoy the benefits brought by ecological development.
Community question: Application is king, how does OKT apply?
Jay Hao：First of all, landing applications is a matter of OEC, not OKT. Specifically, it is divided into two lines of development:
The first line, for the dapp application ecology, as I said before, is achieved by focusing on the transaction field to provide developers with better public chain services. This is also something that Ethereum cannot do, because Ethereum has to take care of all application developers. We are already collecting opinions from the developer community, and we plan to launch a series of policies to encourage developers to build applications based on OEC.
The second line, we will also focus on the construction of the chain infrastructure for transactions. In addition to the OpenDEX middleware series, price oracles, security oracles, liquidation systems, lending systems, cross-chain bridges, synthetic assets, etc. are also within the scope of our research.
