CoinDCX, a leading crypto exchange in India, has introduced the Okto Orchestration Layer and the Okto Chain. These innovations aim to simplify blockchain integration and enhance web3 usability across various ecosystems.
In a press release shared, the exchange highlighted that the new chain is designed to offer users a smooth experience similar to web2 platforms by employing chain abstraction.
The Okto Chain features an orchestration layer that assists developers in creating advanced web3 applications without needing intricate knowledge of each blockchain’s specifics. Additionally, the platform provides straightforward SDKs and access to a library of pre-built Blocs, streamlining application development.
CoinDCX emphasized that the Okto Chain’s operations will be supported by the newly introduced OKTO token. This token plays a crucial role in ensuring network security and supporting the chain’s expansion.
The Okto Chain is already operational, attracting over one million users to the Okto Wallet App. Additionally, more than 20 decentralized apps (dApps) are in development using its framework. The Okto Wallet, hailed as the first wallet built on this chain, aims to provide an enhanced trading experience with integrated chain abstraction features.
CoinDCX has also initiated the first season of the Okto Wallet points program, offering rewards to users for their activities on the chain. Existing self-custody wallet holders have received bonus Okto points, accessible through the Okto website.
CoinDCX characterizes the Okto chain as a public blockchain that prioritizes security and decentralization. This design encourages wider involvement from validators who play a crucial role in securing the chain and are rewarded accordingly. Its public status fosters accessibility and composability, enabling developers to build applications without constraints, thus enhancing the environment for both developers and end-users.
The Okto SDK streamlines the development journey by eliminating the necessity for developers to interact directly with blockchain intricacies. This level of support proves especially advantageous for newcomers to blockchain technology, addressing challenges such as nonce management, gas-fee estimation, and coordination across multiple chains.
Neeraj Khandelwal, co-founder of CoinDCX and Okto, explained, “Okto addresses this issue through ‘Orchestration Layer’ SDKs that enable synchronized actions across different chains, enhancing application programmability and efficiency.“
Khandelwal added that although the Okto chain is intended to cultivate a broad ecosystem of app developers and users, its goal is not to directly compete with established chains like BNB Chain but rather to work alongside them.
In September 2020, Binance Smart Chain emerged as a parallel blockchain to Binance Chain, providing a faster and more cost-effective option compared to the Ethereum network. Now known as BNB Chain, it has rapidly grown to become the third-largest decentralized finance (DeFi) ecosystem, housing many thriving DeFi projects with a combined asset value exceeding $22 billion.
Information regarding the long-term sustainability mechanisms of the Okto ecosystem, including staking and rewards, is expected to be provided in the upcoming version two release of their whitepaper.
Simultaneously, the Okto chain employs asynchronous batching of transactions and leverages scalable modular infrastructures within the blockchain sphere. These elements enhance its efficiency and scalability potential, contributing significantly to its overall performance.
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