OKX’s OKB Chain to Develop Zk Technology as Core Strategy
In a recent tweet, Star Xu, the founder of OKX exchange, has revealed the future plans for OKB Chain, a blockchain project being developed by the company.
According to Xu, OKT Chain and OKB Chain are two completely separate networks. OKT will continue to operate as a layer 1 and improve the performance of decentralized applications (DApps) through new updates, while OKB will be a side chain built on the Ethereum platform.
OKT Chain will continue be a L1 Chain,the closest launch will be OKTC WASM which allow us develop high performance Dapp through rust or c++. OKB Chain will be a L2 Chain of Ethereum, starting from side chain technology and will develop to ZK technology. Both OKTC and OKBC are on… https://t.co/pl35k9wQdY
— Star (@star_okx) March 20, 2023
Xu stated that OKB will develop Zk technology and play a core strategic role in the OKX ecosystem alongside OKT. The announcement by the OKX founder opens up a new candidate for the layer 2 battle on Ethereum. In addition, Zk (zero-knowledge) is a trend being pursued by many projects with the prospect of increasing security for users and improving network scalability.
It is noteworthy that OKB previously achieved an all-time high (ATH) when OKX announced the OKB blockchain in February. Within a week, OKB increased by over 32% to reach $58.66 and became the 8th largest cryptocurrency on the market. Xu wrote on Twitter on February 16, “Reaching ATH is good news. This shows the community’s trust in OKX.”
The OKX exchange has made strong development strides recently. After the collapse of FTX, OKX became the second largest exchange in the world in terms of trading volume, behind Binance. In February, the exchange announced a reserve report with $8.6 billion in net reserves consisting of Bitcoin, Ethereum, and USDT.
This announcement by Star Xu is a positive step for OKB and OKX, as it gives investors and the community more clarity on the future direction of the project. With the development of Zk technology, OKB has the potential to become a major player in the layer 2 race on Ethereum. The success of OKX and its continued growth in the cryptocurrency market is worth watching in the coming months.
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