What is OKB (OKB)?

What is OKB (OKB)?

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OKB is a cryptocurrency that was created by the OK Blockchain Foundation in collaboration with the Maltese cryptocurrency exchange OKEx. OKEx is globally recognized, and it is one of the leading exchange platforms where liquidity is concerned.

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OKEx is ranked fourth according to its trading volume, and the exchange is hailed for the wide range of digital assets that it offers. OKEx is often compared to Binance, which is currently the largest crypto exchange in the world. However, there are some crucial distinctions between these platforms.

One such difference is that OKEx offers proprietary cloud mining services, and the exchange also offers options trading to its clients. Meanwhile, Binance is committed to providing a diverse variety of cryptocurrency services on a worldwide scale. KB is the OKEx utility token, which grants users access to the exchange's unique features.

 The currency is used to compute and pay trading fees, to provide users access to the platform's voting and governance, and to reward users for holding OKB. OKEx was launched in 2017, and over the past few years, it has grown to become one of the leading exchanges globally, spinning off from the OKCoin platform during Spring in 2017.

OKCoin is currently focused on fiat-to-crypto exchanges, while the OKEx exchange is focused on crypto trading with an integrated API for algorithmic trading. Additionally, the exchange provides customers with a multi-currency wallet and margin trading capabilities.

 

Component OKB (OKB)
Technologies Cloud mining, Proof of Stake
Market Capitalization $1.4 Billion+
Open-Source Yes
Consensus Mechanism Proof of Stake
Smart Contracts No
Founders/Authors Jay Hao, Mingxing Xu
Launch Date 2017
Circulating Supply of Coins 60,000,000 OKB
Maximum Coin Supply None
Mining-based Coin? No
Is OKB a Stablecoin? No
Does OKB have a burn rate? Yes
Does OKB have a Whitepaper? Yes, the white paper can be viewed here

 

Evolution and Development of OKB

Jay Hao has been the CEO of OKEx since the company's inception and continues to maintain the post. Hao's career has been devoted to technology and engineering.

He has been following the blockchain business for a long period, with a particular interest in blockchain-based video streaming and portable gaming applications.

Before he joined OKEx, Hao worked in the semiconductor sector for twenty years. He has invented a wide variety of codecs, including UVLED, ASIC, FPGA, and media codecs and system-on-chip (SOC) solutions for multimedia processors.

Hao gained great expertise in product development and management during this period. Mingxing “Star” Xu is another significant part of the management team.

He launched OKCoin in 2013 in China and has since established a strong name in the market. Xu co-founded the independent OKEx exchange in Malta in 2017, which functions as a legal entity unto itself. Xu is now the CEO of the OK Group.

 

What makes OKB unique?

The OKB coin is critical to the OKEx ecosystem. It entitles customers to a discount of up to 40% on purchases. The exchange classifies users into two categories based on their status: normal and VIP.

Regular users are allocated a level based on their OKB holdings, whereas VIP users are awarded a level based on their trading volume. Commissions are changed daily, and users get discounts based on their level. 

When users hold OKB tokens, they can use the native currency to earn additional income through OKEx Earn, an innovation of the exchange. The OKB token also serves as a means of allocating money to the OKEx Jumpstart system.

Jumpstart participation is allowed only after registering on the site; subsequent sales are processed via MixTrust. OKB is the native cryptocurrency of the OKEx cryptocurrency exchange trading platform.

On the chain, the OKB token is utilized to promote spot trade, derivatives trading, and the concurrent implementation of several scalable apps. Additionally, a layered design speeds up consensus, increases scalability, and enhances security.

To increase the value of OKB and make the digital currency more appealing to holders, OKEx burns tokens every quarter and publishes the transaction on the company's official website.

OKEX funds this method with 30% of its commission's revenue. Additionally, new users get welcoming incentives.

 

What are the main uses for OKB?

OKB is the native cryptocurrency of OKEx crypto exchange, serving the following purposes:

  • Discounts on Trading Expenses – Keeping the OKB tokens in the user's OKEx account will let users save significantly on trading fees. This will boost overall profitability in the aggregate and will result in a noticeable change over some time. By hanging on to the OKB tokens, OKEx users could save up to 25% on trading costs.
  • Investing in OKB – Since its inception in the cryptocurrency market, OKB has provided large gains to its investors. OKB is a deflationary token, which implies that its supply is always decreasing. OKEx's deflationary philosophy requires it to purchase back OKB coins from the public and burn them permanently.
  • Savings Return on OKB – After purchasing OKB on the OKEx platform, users can take advantage of the option to gain more OKB coins by simply enrolling on the OKB savings plan.
  • Make Money on OKEx Jumpstart – By retaining 100 OKB tokens for five consecutive days, users of OKEx can access the Jumpstart function. This service enables OKEx customers to begin investing in high-quality early-stage cryptocurrency ventures. The early crypto venture token allocation rates and subscription levels are determined by the users' holdings of OKB tokens.
  • Miscellaneous Perks — Investing in OKB tokens entitles users to vote, enables them to make greater use of margin trading, and enables users to utilize C2C financing, among other benefits.

 

What is the future potential for OKB?

The OKB team is continually assisting the whole OKB ecosystem is growing in the ever-changing blockchain and cryptocurrency worlds via partnerships with a variety of like-minded firms that believe in the notion of offering an unsurpassed user experience and powerful capabilities.

 

Price analysis on OKB

OKB was initially launched in 2018, with its price analysis starting from 2019. The price analysis on OKB over the past three years is as follows:

 

  2019 2020 2021 2022 to date
OKB Price High $3.88 $6.79 $42.36 $29.25
OKB Price Low $1.41 $2.67 $5.27 $23.75
Market Cap $126.39M $392.76M $2.54B $1.75B

 

Price prediction on OKB

According to a detailed OKB price projection, the token may maintain upward momentum despite the cryptocurrency market's instability. The OKB coin has the potential to reach a maximum price of $38. By the end of the year, the minimum price may be about $34.9.

According to crypto specialists' OKB price forecasts, long-term growth is foreseen; the price projection for 2026 is $84.142. With a five-year investment, revenue is predicted to increase by about +274.4%.

 

Which wallets are the best option for storing OKB?

The following wallets are the best option for OKB coins:

  1. Exodus Wallet
  2. Ledger Nano
  3. Trezor

 

1. Exodus Wallet: Exodus is a beginner-friendly wallet. It was initially created for desktops only, but now it works on both platforms.

This software wallet stands out from the pack with a design aimed at newcomers to the crypto world. It has a nice UI. As software engineers, we may say that its designers improved the user interface. Exodus also offers a great support staff for new users.

 

2. Ledger Nano: The Ledger Nano is a well-known brand name for a cryptocurrency wallet that stores digital assets on a separate device that is not connected to the internet.

It has the appearance of a conventional USB flash drive, and it connects to a mobile phone or laptop to allow users to access their digital assets. The Ledger application allows users to check their balance and make simple crypto transactions.

 

3. Trezor: This cold wallet works like Ledger but allows users to access third-party cryptocurrency exchanges straight from their smartphones.

The Trezor Model T incorporates a touchscreen for entering the PIN and password. There is also a MicroSD slot for encrypting the PIN code for more security.

Best Bitcoin Wallets are the same as OKB wallets.

Where can you buy OKB?

OKB tokens can be purchased from its native exchange OKEx in addition to any of the following popular crypto exchanges:

  1. HotBit 
  2. Probit
  3. LBank
  4. HitBTC
  5. FTX

 

1. HotBit: HotBit is a January 2018-founded digital currency exchange. The firm is situated in Shanghai and Taipei and is licensed in Hong Kong and Estonia.

The exchange has worked with well-known blockchain industry players like F2pool, Spark Pool, Mytoken, Slow Mist, and HashQuark to give cryptocurrency investors and traders a reliable, secure, and feature-rich environment.

 

PROS CONS
HotBit is a global exchange available to over 170 countries worldwide There are no real features that will entice traders
The exchange continuously offers new coins as well as tokens Trading volumes and liquidity on spot pairs is extremely low
There are more than 1,800 trading pairs offered Charting can be difficult from the mobile app
Users can trade crypto ETFs using leverage up to 1:3  
There are several DeFi, and lending products offered for additional income  

 

2. Probit: ProBit is a cryptocurrency exchange with a tiny user base. It excels in a few things, including basic cryptocurrency trading and initial coin offerings.

 

PROS CONS
The exchange offers reduced transaction fees when using PROB, the exchanges native currency The exchange does not offer lending services
Users have access to a range of IEOs There are no direct bank deposits offered
There is a comprehensive native wallet offered There are no apps for iOS
There is a wide range of crypto coins to choose from  

 

3. LBank: LBank is a renowned global crypto exchange that has been in operation since 2016, providing users from around the world with crypto trading as well as professional crypto asset management services.

 

PROS CONS
The exchange is user-friendly and can be navigated easily Slow customer service
The exchange offers competitive fees Unregulated exchange
There is a selection of crypto coins to choose from  
The exchange offers enough liquidity  

 

4. HitBTC: HitBTC is an easy-to-use and dependable exchange that enables customers to exchange some of the most popular cryptocurrencies.

HitBTC is a cryptocurrency exchange geared at experienced cryptocurrency traders interested in altcoin trading. The exchange maintains a high level of liquidity and does not impose strict KYC requirements on its customers.

 

PROS CONS
There is a wide range of digital assets offers There are some transparency issues
The exchange is user-friendly despite its busy interface Support can be slow and unresponsive
There is no mandatory KYC process The exchange is not beginner-friendly
The trading fees are low  

 

5. FTX: FTX is a crypto derivatives exchange that has swiftly expanded its market share.

Positive feedback from the crypto trading market has boosted the exchange's daily trading volumes. This is amazing given the platform's young and the fact that US residents cannot use FTX.

 

PROS CONS
The exchange offers fiat support The exchange does not accept United States clients
There is a wide range of trading pairs offered  
The fees charged are reasonable  
There is dedicated customer support offered  
There are decent liquidity levels  

You can buy OKB safely from these cryptocurrency platforms.

Does OKB use coin burns?

Between December 1, 2020, and February 28, 2022, the OKB team began the 11th cycle of its Buy-Back & Burn program.

The total amount of OKB purchased and burnt in this round was 2,006,412.69 OKB — the equivalent of $35,600,000 — which was sent to a special burning location.

The OKB Buy-Back & Burn scheme was started on May 4, 2019, with 30% of spot-market transaction fees used to purchase tokens from the first 300,000,000 OKB pool — which were then delivered to a burning address that no one can access.

 

What is OKB’s largest Competitor?

Binance Coin (BNB) is the largest competitor of OKB.

Binance Coin is the cryptocurrency that Binance exchange issues and trades under the symbol BNB. Binance coin was initially created on and launched from the blockchain of Ethereum as an ERC-20 coin. However, it eventually migrated to the native Binance Smart Chain.

It was created as part of an initial coin offering (ICO) Binance was founded in 2017 as a utility token to provide lower trading costs. However, in addition to this, Binance Coin’s usage has evolved to include a wide variety of applications on a variety of platforms since then. 

Binance Coin can be sued to settle transaction fees across all Binance platforms, including the Binance Smart Chain, Binance DEX, and Binance.com.

 

Is OKB a Good Investment?

Yes, OKB is a good investment.

Since the token's inception, the coin's price has remained very low. However, by the end of 2022, OKB had seen a significant gain in value. As of October 26, 2020, the price of an OKB coin was $4.66.

The coin's value, on the other hand, increased and hit an all-time high of $44.17 on May 21, 2022. However, the token's value has decreased, and the token currently trades between $20 and $25.

OKB serves as the primary utility token on the OKEx platform and benefits from the exchange's endorsements and collaborations.

Since its inception in 2017, OKEx has developed various agreements with leading cryptocurrency platforms.

The exchange now collaborates with BitTorrent, QLC Chain, Tripio, True Chain, and CertiK. During the last bull run, OKB saw a large price gain owing to its use case and widespread support within the crypto community. Therefore, analysts anticipate more price gains during the next crypto market rally.

 

What is the supply and distribution of OKB?

Like Binance Coin, the global utility token (BNB). 50% of service charge revenue is dispersed proportionally to token holders' OKB balances.

OKB users have the following privileges: voting rights on the platform, the capacity to invest, and the ability to trade on the exchange trading platform.

There are 1 billion OKB available on the market, which are allocated as follows:

  • 40% – Founders & Projects
  • 10% – Investors
  • 50% – Airdrops & Rewards
  • 700 million OKB are being held in reserve until 2022. This indicates that the total quantity of tokens in 2022 will be 300 million

 

The extra 700 million OKB scheduled for delivery in 2022 will be allocated as follows:

  • 100 million will be distributed to early investors
  • 200 million will be retained by the founding team
  • 100 million will be distributed to the OK Blockchain Foundation
  • 300 million will be reserved for public rewards

 

Is OKB a viable Alternative Coin?

Yes, OKB is a good alternative coin.

  • Hacking – The exchange has not experienced any issues with hacks
  • Security – OKB's native exchange is extremely secure and has a high trust score

Any cryptocurrency that isn't Bitcoin is referred to as an altcoin.

What are the differences between OKB and Bitcoin?

Bitcoin is the original decentralized, borderless digital currency from which all other coins originated. Bitcoin is a digital currency, a medium of exchange, and a store of value.

Bitcoin aims to become a leading payment system and alternative payment method that is free from centralized control, offering users complete control of their funds.

OKB is the OKEx exchange platform's utility token, which grants users access to the exchange's unique features. The currency is used to compute and pay trading fees, to provide users access to the platform's voting and governance, and to reward users for holding OKB.

 

  Bitcoin OKB
Price change 20/21 +400% +270%
Market Cap $800 Billion+ $1.4 Billion+
Past Hacks None None
Popularity Very High Very Low
Altcoin Rank #1 – Original Crypto #76

 

What are the differences between OKB and Ethereum?

OKB is the native digital currency of OKEx, a prominent crypto exchange. OKB is a utility token that provides its users access to the cryptocurrency exchange's unique features.

The token can be used to compute and pay trading fees. In addition, it also offers users voting and governance rights on the platform in addition to rewarding users for holding OKB.

Ethereum is a decentralized blockchain-based smart contract program. Ethereum aims to revolutionize today's internet application use. Ethereum aspires to provide people greater control over their data and to enable developers to build and operate apps on the blockchain.

 

  Ethereum OKB
Price change 20/21 +880% +270%
Market Cap $460 Billion+ $1.4 Billion+
Past Hacks None None
Popularity Very High Very Low
Altcoin Rank #2 #76

 

What are the differences between OKB and Dogecoin?

Dogecoin is a cryptocurrency that got its name and emblem from a Shiba Inu dog meme that became viral in 2013.

In addition to tipping on Reddit and Twitter, Dogecoin is accepted as payment by a few dozen shops. Use it to purchase groceries, home goods, and even domain names. But it was developed to dispel the bad reputation surrounding cryptocurrencies at the time.

OKB is the native digital currency of OKEx, a well-known cryptocurrency exchange. OKB is a utility token that allows customers to access the bitcoin exchange's unique features.

The token may be used to calculate and pay trading commissions. Furthermore, it provides users with voting and governance powers on the site, as well as rewards users for holding OKB.

 

  Dogecoin OKB
Price change 20/21 +7,300% +270%
Market Cap $22 Billion+ $1.4 Billion+
Past Hacks None None
Popularity High Very Low
Altcoin Rank #12 #76

 

What are the differences between OKB and NEO?

OKEx's native digital currency is OKB. The coin is a native utility token, which means that OKB allows customers to utilize the OKEx exchange's unique features.

The token can calculate and pay trading costs on the trading platform. It also rewards users for holding OKB in addition to providing them voting and governance privileges on the site.

Neo's platform enables developers to execute smart contracts (dubbed NeoContracts) and create new applications (DApps). NEO is the primary cryptocurrency that powers the Neo blockchain and can be used for holding, carrying out transactions, spending, and staking to earn rewards.

 

  NEO OKB
Price change 20/21 +160% +270%
Market Cap $1.70 Billion+ $1.4 Billion+
Past Hacks None None
Popularity Medium Very Low
Altcoin Rank #69 #76

 

What are the differences between OKB and NFTs?

Nonfungible tokens (NFTs) are digital assets that each have a unique value, with no two NFTs holding the same characteristics or value as another. OKB, on the other hand, is fungible, which means that one OKB has the same value and characteristics as another OKB.

 

How to borrow money from OKEx

Aside from yield farming, decentralized financial protocols continue to provide customers with a variety of passive income options.

One of these offerings is a peer-to-peer lending marketplace known as C2C loan, where OKEx customers may lend and borrow crypto assets on flexible conditions.

Unique characteristics of C2C are that there are less restrictive than with a term deposit where investment quantities, redemption dates, and loan lengths are concerned.

Users can only borrow Tether (USDT) from this service and use Bitcoin (BTC) funds as collateral. Users can apply for a loan by following these steps:

  • Users can visit the OKEx homepage, navigate to the “Finance” section and select “Loan.”
  • Users can specify their loan amount and start the process.
  • Users can enter their amount and confirm the details for the C2C loan.
  • Users can review their orders and confirm the details.

 

What is the collateral charged by OKEx?

The assets in the margin account of the user on OKEx are deemed as collateral.

 

What is the interest rate when lending from OKEx?

The interest rate when lending from OKEx will depend on the borrowed amount. The daily interest rate is dynamic on a scale that starts from 3.65% and goes up to 15.33%.

For example, if a user wants to borrow 200 USDT, their collateral will be 0.008112 BTC with a daily interest rate of 3.65% on a term of 180 days.

The total interest on this amount, dynamic daily interest, and term will be 3.000 USDT, with a total repayment of 203.6000 USDT.