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OKC (OKT) is the 991st largest cryptocurrency in the world by market cap, valued at $307,764,596. The current price of OKC is $22.07, which is -0.747% lower than yesterday. Prices have ranged between $22.59 and $22.02 over the past 24 hours. All prices are listed in US dollars and accurate as of March 27, 2023 05:03 UTC.
OEC, previously referred to as the OKExChain, is an open-source permissionless blockchain that was developed by the OKEx cryptocurrency exchange (now OKX). The OKEx blockchain can be used by developers anywhere in the world to launch decentralized applications (dApps).
The blockchain aims to provide dApp developers with low costs and maximum efficiency.
To eliminate computational mining, and, therefore, reduce both time and energy consumption, the OEC blockchain was developed using Tendermint’s consensus algorithm. As a result, OEC is now part of the wider Cosmos-based ecosystem. In addition to utilising Tendermint, the blockchain has also tried to refine communication between the dApp layer and the consensus layer by employing a new application blockchain interface (ABCI). According to project’s website, the OEC network is operated by 21 key validators, who are voted into place by all OKT token holders. The validators are re-elected every 252 blocks. By only utilising 21 validators, OEC can ensure a quick transaction speed and throughput. OKT is the native coin of the OEC ecosystem. OKT is rewarded to validators for securing and maintaining the blockchain and is required for all transactions that are processed. The token can also be staked by token holders to support validators within the blockchain.
Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.
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