Great news! CoolWallet has integrated support for leading exchange OKX’s decentralized network OKT Chain and its OKTC crypto asset.
CoolWallet users can now add the OKX chain, its native token OKT, and custom tokens into our wallet. CoolWallet users can now also use our built-in Web3 browser to use native Dapps on OKT Chain.
Now let’s take a closer look at OKX, which has made some big moves in recent years with marquee sponsorships (most notably F1 teams) and this new layer-1 chain, which is looking to do big things in the world of DeFi and NFTs and is following in the footsteps of other big crypto exchanges that also launched their own blockchains, such as Binance, Coinbase, and Crypto.com.
What is OKT Chain (OKTC)?
OKT Chain (OKTC) is an EVM-compatible layer-1 network (L1) built on the leading interoperable chain Cosmos (ATOM), focusing on true interoperability (IBC) and maximized performance. It offers high scalability, allowing developers to build and scale with low gas fees. The OKT Chain ecosystem and infrastructure, including the all-in-one multi-chain Web3 interface, provides a seamless experience for both developers and users.
What is a Layer-1?
A Layer 1 network like OKT Chain, Ethereum or Solana refers to the underlying main blockchain architecture. It’s the foundational network where transactions are processed and blocks are added. Layer 2 network, on the other hand, is a secondary framework built atop the Layer 1 network to enhance its scalability and transaction speed.
Imagine Layer 1 as the main highway where all cars (transactions) travel. But during rush hour, it can get congested. So, we build Layer 2, a sort of express lane or side road, to help more cars move faster without clogging up the main highway.
Advantages of OKT Chain
OKT Chain boasts high scalability and maximized performance. It’s based on enhanced Tendermint and Delegated Proof of Stake (DPoS) consensus that can support up to 5000 Transactions per Second (TPS), enabling Web3 applications to reach their full potential at an extremely low cost.
OKT Chain supports Inter-Blockchain Communication (IBC) protocol that, together with the Tendermint consensus algorithm, can realize value transmission between Cosmos ecosystems within seconds. Being fully EVM compatible, OKT Chain allows developers to build projects without any learning cost.
Moreover, OKT Chain is developer-friendly and secure. It’s completely open-source, and the team offers a reliable smart contract auditing service, making it a genuinely decentralized protocol that avoids the centralization risks of most blockchain networks today.
What is Blockchain Middleware?
OKT Chain introduces the concept of “blockchain middleware” to reduce the development cost for application developers. In a Web App, Middleware enables applications to share information and resources between different technical architectures, such as process scheduling, message queue, data storage, transaction processing, etc. OKT Chain can be best thought of as “blockchain middleware”, reducing the development cost for application developers up and down the stack.
The OKT Cryptocurrency: What to know
OKT tokens allow you to contribute to the security and governance of OKTC. By delegating your OKT to one or more of the 30 validators on OKTC blockchain, you can earn more OKT through Delegated Proof-of-Stake. You can also vote with your OKT to influence the future of OKTC through on-chain governance proposals.
Using OKLink, the OKTC Explorer
CoolWallet users can now safely confirm the status and details of their transactions from within the CoolWallet App by clicking the OKLink button and navigating to the OKTC block explorer and avoiding the risk of getting phished on a malicious link from a search engine.
OKLink.com serves as the official OKTC block explorer and allows you to search, view, and analyze all OKTC data—like blocks, transactions, validators, and other key information. It works just like other blockchain explorers such as Ethereum’s Etherscan and others like BSCscan, TronScan, and SolScan.
In fact, OKLink currently supports 24 chains right now, including pretty much all the biggest layer 1 network’s native cryptos such as ETH, SOL, APTOS, AVAX, TRX, MATIC (all also supported by CoolWallet!) and their ecosystem coins, making it an incredibly versatile tool to add to your researching repertoire.
After completing a transaction, CoolWallet users can now access OKLink with one click to view the transaction amount, time, blockchain, hash, and address information available on the original transaction details page as well as additional transaction details such as:
- block information,
- third-party DeFi services,
- and gas limit
Furthermore, CoolWallet will soon introduce a new feature that allows users to enjoy a more user-friendly experience by accessing real-time on-chain data, such as main chain information, wallet address, coin/token, and Web3 project details directly through the OKLink browser within CoolWallet.
OKLink is a world-class Web3 data analysis platform that offers browser queries, retrieval, and analysis services for over 20 public chains including BTC, ETH, and Polygon. OKLink also supports multi-dimensional data services such as TVL lock-up data, popular NFT project information, popular smart contract, and GAS data, and has its own layer-1 chain, OKT Chain, an EVM and IBC-compatible network build on Cosmos (ATOM).
Q1: What is OKT Chain?
OKT Chain is an EVM-compatible L1 built on Cosmos, focusing on true interoperability and maximized performance.
Q2: What are the advantages of OKT Chain?
OKT Chain offers high scalability, enhanced interoperability, and is developer-friendly and secure.
Q3: What is Blockchain Middleware in the context of OKT Chain?
OKT Chain introduces the concept of “blockchain middleware” to reduce the development cost for application developers.
Q4: What is the role of OKT tokens?
OKT tokens allow you to contribute to the security and governance of OKTC. You can delegate your OKT to earn more through Delegated Proof-of-Stake and vote to influence the future of OKTC.
Q5: What is the OKTC block explorer?
The OKTC block explorer allows you to search, view, and analyze OKTC data—like blocks, transactions, validators as well as other key information.
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