CoinDCX taps Okto Chain’s orchestration layer to introduce web3 mode with INR onramp

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As a researcher with experience in the crypto industry, I am excited about the recent integration of Indian crypto exchange CoinDCX with Okto Chain. From my perspective, this partnership is significant because it aims to simplify the user experience for both developers and users when interacting with web3 environments.

I’ve come across recent news that Indian cryptocurrency exchange, CoinDCX, has revealed plans to collaborate with Okto Chain. Okto Chain is an intriguing orchestration layer aimed at streamlining web3 experiences for both users and developers.

As a researcher exploring the intricacies of web3 technologies, I would describe orchestration layers as intuitive interfaces specifically crafted to facilitate easier interaction between users and developers in the complex realm of these decentralized systems.

As a analyst, I’d put it this way: I.e., Okto Chain provides a collection of intuitive software development kits (SDKs) that enable developers to incorporate Web3 capabilities seamlessly into their projects. At the same time, end-users experience an interface akin to traditional web2 applications for greater convenience.

Through the latest update, CoinDCX users will now have the ability to explore approximately 50,000 tokens within the mobile app’s web3 mode. This encompasses prominent ecosystems such as Polygon, Binance Smart Chain, Solana, and 10 additional platforms.

As a crypto investor using this platform, you’ll gain additional advantages such as on-chain incentives, OKTO airdrops, and self-custody features right within the app. The exchange is even generously rewarding users with Okto points for every web3 transaction during the launch phase.

“Okto Chain’s chain abstraction enables interactions between various blockchains, allowing CoinDCX users the ability to execute cross-chain token trades and undergo multi-chain identity checks.”

As a crypto investor, I find it intriguing that CoinDCX’s web3 mode enables me to utilize Indian Rupee (INR) without the need for extra wallets. This feature simplifies the process, allowing me to buy popular tokens like Ethereum (ETH) and Polygon (MATIC) directly using fiat currency.

As a researcher studying blockchain technology, I would explain it this way: In my system, the orchestration layer takes care of handling all gas fees for transactions across various chains. Consequently, users are freed from the burden of managing multiple native tokens while interacting with these chains.

As a researcher studying the field of Web3 technologies, I’ve come across numerous companies working on creating products that abstract away the complexities of blockchain. According to their founders, these companies are still in the development stage. However, I’m excited to share that Okto Chain has already successfully deployed this technology at a large scale.

As a researcher studying the experiences of CoinDCX users, I’ve noticed an outpouring of favorable comments concerning the integration of Okto Chain. The user interface and accessibility have been highlighted as standout features, leading to increased engagement levels that surpassed our initial expectations. This strong demand for a more streamlined web3 experience is evident in the positive feedback we’ve received.

In May 2024, Okto Chain was first unveiled as a new zero-knowledge roll-up blockchain. It operates through a decentralized network of Proof of Stake (PoS) validators to ensure security. The chain’s abstract layer supports Decentralized Wallet Networks (DWNs) and Decentralized Transaction Networks (DTNs).

As a researcher studying the blockchain ecosystem, I would describe it this way: I manage my unified wallet accounts using Decentralized Wallet Nodes (DWNs), which employ Multi-Party Computation for enhanced security. This setup enables me to delegate signing and permissions across multiple blockchains seamlessly. On the other hand, Distributed Transaction Nodes (DTNs) are responsible for orchestrating asynchronous transactions on my behalf. They handle complex tasks such as nonce management, gas-fee estimation, and transaction lifecycle management across various blockchains efficiently.

Besides the CoinDCX app, the Okto Chain ecosystem can be accessed via the Okto wallet. 

As a crypto analysis expert, I’d put it this way: In the year 2022, our crypto exchange introduced a new wallet through its decentralized finance (DeFi) division, Okto. This wallet grants users an entry to over a hundred decentralized applications (dApps) and more than twenty blockchains. Additionally, users can now hold the OKTO token within this wallet, which serves as the native token for our upcoming blockchain network.

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2024-06-25 10:57