As a world-leading digital asset exchange with financial services ranging from fiat-to-token, token-to-token, and derivatives trading, OKEx strives to build a community of users using blockchain technology, to allow sharing of information and user participation in platform development. To achieve that, we are launching OKB – a token sharing system.
What is OKB?
OKB is a utility token issued by the OKB foundation. It will be launched on the ERC-20 protocol standard initially, and subsequently shifted to our own public blockchain called OKChain in the future. OKB will be accepted on OKEx and will be a vital piece of its architecture & development. Through the highly complementary relationship, OKB will be applied not only on the OKEx platform, but on other related projects as well.
Why are we issuing OKB?
We firmly believe that blockchain technology will eliminate transaction barriers, increase operational efficiency across the financial system, and eventually lead towards a significant paradigm shift in the global economy. For those reasons, we strive to continuously innovate and build the greatest transaction network which extends to every corner of the world.
By implementing the basic tenets of blockchain – sharing information in a transparent manner through a decentralized database, we are giving out 60% of OKB tokens for free to OKEx users. We hope to build a sharing community of users, allowing them to participate and contribute to the development of our platform.
The available supply of OKB will be one billion tokens (1,000,000,000), with a distribution as follows:
60% will be given out to customers for community building and through marketing promotions. Locked up for 3 years
10% for operations of the foundation. Locked up for 2 years
10% for initial investors. Locked up for 2 years
20% for development team. Initial lockup for 1 year. Then 20 million OKB will be unlocked annually
OKB is a utility token to be used on OKEx for a wide range of services, including:
- settling trading fees
- settling fees accrued interest
- participating in token-listing polls
- settling the deposit of verified merchant application
- enjoying a dedicated customer support
- exclusive VIP benefits such as co-location servers and enhanced API rate limits