What is OKB?
OKB all began in 2013 when Chinese investor - Star Xu - created the cryptocurrency exchange OKChain with the aim to conquer the Chinese crypto trading market. One year later, Xu released OKEx - a digital asset exchange platform, which is now one of the longest-standing exchange systems in the world.
As one of the oldest cryptocurrency exchanges, OKEx was able to become the second-largest exchange in the world by volume, although this changes based on market conditions.
OKEX is implementing OTC trading (with support for buying and selling through ATM cards), with margins and futures. Currently, the OKEx platform is supporting 10 languages, making it easier for the global community to use its services.
OKB is the official token of OKEx and was issued with the development of the OK Blockchain Foundation in 2018. The token was initially built on Ethereum-based blockchain but soon, together with the launch of the OKExChain mainnet, OKB will operate as the native coin of OKEx platform.
At the time of its launch, the total supply of OKB was one billion coins but only 300 million coins went public while the rest were burned. The OKEx buyback and burn initiative got underway to enhance the development of OKB blockchain.
What is the Purpose of OKB?
OKB is applicable to various use cases, particularly since OKEx has formed a great deal of strategic partnerships with major crypto firms and projects which are advancing blockchain's popularity.
The most important and prominent role of OKB is to reduce transaction fees on OKEx. Similar to the cryptocurrencies on Binance or Huobi, OKB is used as a payment solution for services provided on the platform, including exchange, transactions, IEOs, ICOs, or deposits.
OKB holders will receive a 20% discount on transaction fees (at the time of writing). This is a very attractive incentive for traders who regularly operate on the platform.
The OKB token can be used to pay for services on multiple blockchain platforms, such as exchange fees, access to market data, securing digital assets, booking travel, lending, and managing assets or downloading movies.
Its key purpose is to create an ecosystem for numerous blockchains and to enable potential use cases on different platforms. To date, it is the most popular on the OKEx exchange.
How Does OKB Work?
OKB ERC-20 tokens are integrated into the network's existing blockchain protocol and used to access the services. Users can use OKB to pay for services in the OKEx particular ecosystem. OKB provides a global financial settlement service that allows users to transact directly and instantly across the globe.
OKB holders can access various benefits and earn incentives through special programs on the OKEx platform. Once a person holds OKB tokens, they can get shared transaction fees based on the proportion of OKB they own via the Happy Friday program.
Additionally, the project opens an opportunity for global partners with preferential prices and transaction fees when accepting OKEx's services. OKB doesn’t charge any fee when users purchase or sell on the OKB trading market platform.
Many partners are moving to adopt the OKB protocol – so far OKEx has collaborated with over 70 global partners in applying OKB token to their platforms for high-quality services such as payment options, trading platforms, digital wallets, financial services, and lifestyle offers.
OKB holders can also benefit from a discounted fee of up to 50% on transaction fees. This fee is subject to change so check the update on their announcement page for the latest offers.
Apart from other use cases, OKB is also used to vote on IEO projects that may be listed on the OKEx platform. With OKB tokens, investors not only profit slowly from the increase in trading volume but also profit from transaction fees on the OKEx exchange.