#— linktitle: “OKB — The Utility Token of OKChain” title: “OKB — The Utility Token of OKChain | Magnum Wallet | On IEO, OKEx, OKCoin, pBFT, and more” description: “OKChain is a scalable blockchain platform developed by two of the leading cryptocurrency exchange platforms OKEx and OKCoin. With its native token OKB, it aims to provide unprecedented opportunities for both startups and Dapp developers.” date: 2019-05-20T18:04:45+03:00

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What is OKB?

OKB is the native token of OKChain, a scalable blockchain platform developed by two of the leading cryptocurrency exchange platforms OKEx and OKCoin. OKChain is set to combine the latest and most advanced technologies with vast resources available to the cryptocurrency giants. Both OKChain and OKB in particular promise to bring unprecedented opportunities to startups and Dapp developers alike.

IEO & OK Jumpstart

Founded by Star Xu in 2013 and 2014 respectively, OKCoin and OKEx are two closely affiliated exchanges with a substantial cumulative share of the market. Following on the example of Binance, in 2018 they began development of their own blockchain network based on OKB that would benefit their ecosystem, as well as give a leg-up to the myriad of innovative projects in blockchain and beyond. To achieve this, they’ve created an Initial Exchange Offering (IEO) platform named OK Jumpstart. It is a safer alternative to the standard ICO and a great option for startups to raise capital with minimal risks. Using OKB, investors are able to buy new tokens through the platform, which means that such token sales are backed by the company’s reputation.

Consensus & Sharding

OKChain employs a combination of Proof-of-Work and Proof-of-Stake consensus algorithms. To be elected and verify transactions, miners compete by simultaneously computing a cryptographic puzzle and holding some large amount of points. The block validation itself is done with practical Byzantine Fault Tolerance (pBFT), a highly optimized approach to consensus proven to be more efficient than PoW. At the same time, multi-chain sharding is used to ensure the scalability and flexibility of the OKChain network. Nodes do not verify transactions outside of their shard so they can work in parallel. This advanced mechanism stands at the core of the platform’s utility and allows for an abundance of smart contracts and decentralized applications which can operate across all shards in the network.

Where to store OKB?

Choosing a good wallet for storing your cryptocurrencies is the best way to secure your digital assets. Magnum Wallet allows you to easily and safely manage your OKB tokens and exchange them instantly if you need to. Compared to storing crypto on an exchange, here you have full control of your funds, and no personal information is collected in the process. Some other features include hardware wallet support and support of over 1000 different coins and tokens.