As an analyst with extensive experience in the blockchain and cryptocurrency space, I find the recent move by Okto Chain to incentivize early builders using its SDK highly strategic and promising. Having witnessed the challenges developers often face when integrating multiple blockchains, I believe that Okto’s focus on chain abstraction could indeed revolutionize the Web3 landscape.
As a researcher, I’m excited to share that I’ll be part of a project where Okto Chain is setting aside 1% of its forthcoming tokens as an incentive for early adopters. These are individuals who will kickstart the usage of the Okto Software Development Kit.
As reported in a press release distributed to crypto.news, Okto – a blockchain specializing in chain abstraction – has unveiled a Grant Program. This program sets aside 1% of the total OKTO token supply to honor developers who initiate construction on the Okto Chain by utilizing its SDK and integrated wallet, prior to the Token Generation Event.
At the Token 2049 gathering held in Singapore, the intention of the grant was revealed, which is to stimulate early adoption by providing support for developers to incorporate sophisticated Web3 functionalities within their distributed applications on the Okto Chain.
Introduced in May 2024 by CoinDCX, Okto Chain is designed for streamlined integration of blockchain technology and to improve the functionality of Web3. This innovative blockchain utilizes an orchestration layer, as explained by Neeraj Khandelwal, co-founder of both CoinDCX and Okto Chain, this feature tackles the challenge of inconsistent user experiences when interacting with multiple blockchains.
Khandelwal explained to crypto.news that by using a chain-based approach, we’re eliminating technical obstacles to ignite the upcoming surge of advancements in Web3 technology,” (or)
On Okto chain, the OKTO token serves as a motivator for network contributors, bolsters decentralized protective measures, and enables smooth transactions among various blockchain systems. Furthermore, OKTO holds significant importance in Okto Chain’s administration, ensuring that developers, validators, and users all have an equal interest in the network’s development. The specific details about the OKTO token economy are scheduled to be unveiled later this year.
For developers, Okto SDK simplifies blockchain development by providing a unified platform with a comprehensive set of APIs and programmable scripts, known as “Blocs.” With these tools, developers can create dApps without having to worry about gas management, transaction sequencing, or multi-chain compatibility.
According to the project’s whitepaper, the SDK is expected to reduce development time by over 90%.
Just announced: Okto Wallet, a self-custody wallet on the Okto Chain, has become the first licensed Web3 wallet to operate within RAK Digital Assets Oasis, a free-trade zone in the United Arab Emirates. This move is part of CoinDCX’s strategic growth plan for the region, where they have already purchased BitOasis, the first crypto exchange authorized by the UAE Financial Intelligence Unit.
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2024-09-17 14:26