OEC is officially launched, what information is worth paying attention to?
On May 10, OKEx CEO Jay Hao issued an open letter on OEC ecological construction. The letter mentioned that the OEC main network has supported EVM, and the ecological construction has officially started.
According to the plan, the OEC ecological construction is initially divided into three stages. In the first stage, well-known projects such as SushiSwap, Bounce, and Chainlink will be invited to deploy products. After that, a variety of innovative projects will be opened and deployed. After the operation is stable, it will be fully open. Anyone can Freely deploy contracts.
In addition, Jay Hao further explained OEC's positioning, technical concepts, and future plans in the letter. In a nutshell, OEC will create a decentralized high-performance trading public chain, provide spot, derivatives, NFT, stable currency, lending and other on-chain application scenarios, and provide better decentralized financial services for global users.
In fact, the competition for the public chain track has become fierce. When the performance bottleneck of Ethereum has not been completely solved, various emerging public chains have emerged, which have attracted a lot of attention in the bull market, but many problems have also been exposed during the brutal growth process.
The OEC seems a bit out of place by comparison. It is not in a hurry to go to the market, but continues to test and polish repeatedly. In the short term, this will obviously lose a lot of traffic and encounter a lot of doubts, but in the long run, OEC will leave more expectations for the market. After all, only carefully crafted products can stand the test of time.
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Point 1: Decentralization
Regarding OEC, the first thing mentioned in the open letter is decentralization, which shows the important position of this attribute in ecological construction.
As we all know, under the DeFi boom, decentralized technologies and concepts have been rapidly popularized around the world. As an open platform, the public chain should provide developers and users with decentralized on-chain services.
At this stage, when the exchanges are laying out the public chain, in order to ensure their right to speak, they often concentrate most of the nodes in their own hands, which violates the principle of decentralization. Different from this, OEC is completely open source and open, and anyone can become a node to jointly build and maintain this network with the community.
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Point 2: High performance
The performance bottleneck of Ethereum has not been resolved for a long time, which provides an opportunity for the rise of emerging high-performance public chains such as OEC.
It is reported that OEC is built on the basis of Cosmos' Tendermint mechanism and Cosmos SDK, and adopts the consensus algorithm combining BFT and DPoS to generate a new block every 0.5 seconds, which greatly speeds up the transaction speed.
Not only that, Jay Hao also revealed in the open letter that OEC has integrated EVM since version 0.39 of the Cosmos sdk, realizing full compatibility between Cosmos and EVM. In the future, the underlying code will be completely refactored and a new technical route will be created.
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Point 3: Focus on trading ecology
Different from the large and comprehensive positioning of other public chains, OEC focuses on transaction scenarios: it must not only ensure the security and anonymity of decentralized transactions, but also meet the high-frequency transaction needs of different transaction scenarios.
The reason is not difficult to understand. Most of the applications on the chain are related to transactions, but with the influx of more and more users, the current infrastructure can no longer match the demand. Even if the Ethereum 2.0 upgrade is completed, it will be difficult to meet the diversified needs of various users.
On the premise of providing high performance, OEC not only supports decentralized order books and Swap transactions, but also supports oracles, which in turn support leverage, perpetual and other derivative transactions, and build a complete decentralized transaction ecosystem.
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Point 4: Openness
Open source and openness are the core of the blockchain and the essence of the public chain. According to Jay Hao's description, OEC is not a centralized server cluster, but a completely open source and open public chain.
How does OEC achieve open source and openness? According to public reports, as early as April last year, OEC announced the completion of the 100% open source plan. At the same time, the OEC community welcomes developers from all over the world to join in and jointly create a decentralized high-performance trading public chain, which will become one of the global DeFi infrastructures.
In other words, OEC is open to developers on any blockchain network such as Ethereum and Polkadot, allowing them to fairly use various middleware provided by OEC. As for users, they are free to use decentralized applications on the chain.
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Point 5: Compatible with EVM and feed back the Cosmos community
OEC announced the launch of EVM this time, which means that it is officially compatible with Ethereum smart contracts, and projects that were originally on the Ethereum network can be easily migrated to OEC. Developers can use Ethereum development tools and languages to deploy smart contracts on OEC, which not only reduces the development workload, but also solves the current problems of network congestion and high handling fees.
It should be noted that OEC carried out customized development based on the Cosmos underlying technology in the early days, but based on the positioning of the high-performance transaction public chain, EVM has been integrated since Cosmos sdk version 0.39, and all codes of integrated EVM will be opened to the Cosmos community in the future. This actually reflects the openness of the OEC from the side.
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Point 6: OKB and OKT are both "shovels" on the chain
The relationship between OKB and OKT has always been a hot topic in the industry.
The relationship between the two is actually not difficult to understand: OKB is the platform currency of Ouyi OKEx, and OKT is the native token of OEC. The two perform their own duties and are both "shovels" on OEC.
According to Jay Hao's introduction, OKB will become a "bridge" between exchange users and OEC in the future, and OKT will play an important role in OEC system operation and community governance.
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Key point 7: Start ecological construction in 3 stages
At the level of ecological construction, OEC continues the previous steady approach, first allowing mature projects to conduct product deployment and testing, and then opening up a variety of innovative projects. After these two stages, OEC will be completely open under the premise of stable operation, allowing anyone to freely deploy contracts.
Jay Hao gave an explanation for the design of three stages: I hope that the majority of users can gradually become familiar with the OEC ecology, and at the same time clearly understand the risks of decentralized projects to avoid financial losses.
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Point 8: Do not endorse projects on the chain
Under the bull market, various projects on the chain emerge in an endless stream, testing the user's ability to distinguish all the time.
Although the various testing activities launched by OEC have accumulated a lot of knowledge for users, because it is a completely decentralized public chain, it is impossible to assess the risk of the project, which requires users to participate carefully and avoid avoiding loss of funds.
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Since the establishment of the project in 2018, OEC has always been concerned by the industry. Since the launch of the main network at the beginning of the year, every action of OEC has sparked discussions in the industry.
From the perspective of progress alone, OEC is not fast and has no first-mover advantage. However, from the perspective of the public chain core, OEC insists on open source, openness and decentralization, and at the same time absorbs the strengths of Cosmos and Ethereum. have a comparative advantage.
With the launch of EVM, the OEC ecological construction officially kicked off. OKEx CEO Jay Hao described this as a great practice of self-revolution. As for the future, let's wait and see.
