As a researcher with experience in the crypto industry, I’m excited about CoinDCX’s latest announcement regarding their Okto Orchestration Layer and Okto Chain. The potential for simplifying the integration of blockchain technology and enhancing web3 usability across diverse ecosystems is truly game-changing.
“CoinDCX, a leading Indian cryptocurrency platform, has introduced the Okto Orchestration Layer and Okto Chain. These innovations aim to streamline the process of incorporating blockchain technology and improve web3 functionality across various ecosystems.”
According to a press release obtained by crypto.news, the exchange explained that the newly developed chain is designed to deliver a user-friendly experience akin to web2 platforms through the application of chain abstraction.
As a crypto investor and developer, I’m excited about Okto Chain’s innovative approach to simplifying web3 application development. Instead of getting bogged down in the intricacies of various blockchains, I can focus on building advanced applications with ease. The platform offers user-friendly Software Development Kits (SDKs) and access to a library rich in pre-built “Blocs.” By utilizing these tools, I can efficiently develop my projects without sacrificing complexity or functionality.
The Okto Chain’s essential functions will be managed through the new OKTO token introduced by CoinDCX. This token plays a crucial role in ensuring network security and fostering the chain’s expansion.
The chain is now in action, boasting a user base of over one million on the Okto Wallet App, plus the development of more than 20 decentralized apps (dApps) on its platform. Notably, the Okto Wallet, which is the initial wallet established on this chain, intends to deliver an improved trading experience through incorporated chain abstraction features.
CoinDCX has initiated the first installment of its Okto Wallet loyalty program, providing rewards for users based on their blockchain transactions. Previously registered self-custody wallet holders have been granted bonus Okto points, which can be retrieved through the Okto website.
As an analyst, I would describe Okto chain as a publicly accessible and decentralized platform designed to prioritize security. This openness invites validators to engage in securing the network, earning rewards in return. The public character of Okto enhances both accessibility and composability, empowering developers to build applications without limitations. Consequently, this benefits not only the developer community but also the end-users by fostering a vibrant ecosystem.
The Okto SDK streamlines the development experience, shielding developers from intricacies of blockchain technology. Newcomers to this field, in particular, can greatly benefit from this assistance as they tackle issues like nonce handling, estimating gas fees, and managing multi-chain communications.
“I, Neeraj Khandelwal, co-founder of CoinDCX and Okto, explained to crypto.news how our company addresses complex issues through ‘Orchestration Layer’ SDKs. These tools simplify the process of coordinating actions across various blockchains, thereby enhancing application programming capabilities and efficiency.”
Khandelwal pointed out that the Okto chain is built to encourage a large community of app creators and consumers. However, its goal isn’t to confront head-on competitors like the BNB Chain. Instead, it aspires to cooperate and enhance their offerings.
As a researcher investigating the world of decentralized finance (Defi), I came across an intriguing development in September 2020: the launch of Binance Smart Chain (now rebranded as BNB Chain). This new parallel blockchain to Binance Chain was designed to provide a quicker and more economical alternative to Ethereum, attracting numerous projects with its promise.
In the upcoming version two of their whitepaper, the Okto team is expected to provide more information on the long-term sustainability features of their ecosystem, including details about staking and reward systems.
At the same time, the Okto blockchain employs the technique of asynchronous transaction batching and leverages scalable, modular infrastructure designs, which enhances its operational effectiveness and ability to handle increased workloads within the realm of blockchain technology.
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2024-05-14 12:22