New OKX Blockchain Testnet to Launch Soon, Announces OKEx Founder

The founder of major cryptocurrency exchange OKX (formerly OKEx), Mingxing Xu, has shared on Twitter that the test network of the exchange’s new blockchain, OKB Chain, will be available soon, and its development is proceeding without delay. Earlier in February, Star, as he is known in the crypto community, said that the release of the upcoming chain is scheduled for the first quarter of 2023.

Testnet will launch soon,no delay https://t.co/iUDKflT6iT

— Star (@star_okx) March 20, 2023

OKB Chain v. OKX Chain (OKT)

According to Star, the new blockchain is a Layer 2 solution for Ethereum, a side chain that will have to evolve toward ZK (zero knowledge) technology. The current OKX Chain (OKT), on the other hand, is a Layer 1 proof-of-stake blockchain, says Xu. He also added that a WebAssembly update (WASM) will soon be available for this blockchain, which will enable the development of high-performance decentralized applications through such programming languages as Rust and C++.

Although OKX is one of the largest centralized exchanges, the crypto giant’s development vector is clearly now set toward decentralization. The emergence of a new chain is also linked to this factor. In addition to OKB Chain, a significant move toward self-custody was the development of a native noncustodial wallet solution, which is seamlessly accessed directly from the OKX website or app.