By
Godfrey Benjamin
July 1st, 2024
CoinDCX said the blockchain is already operational, although the Okto Chain is still in its preliminary stages and plans for an official debut later this year.
CoinDCX, a leading cryptocurrency exchange in India, has announced the expansion of its decentralized finance (DeFi) wallet service Okto Wallet into a streamlined Web3 platform for all things crypto. The company has transformed the Okto Wallet into a comprehensive ecosystem featuring a native blockchain, a points program, and a utility token that will power all activities within the network.
According to reports citing a shared press release, the upcoming blockchain, known as the Okto Chain, will serve as a public protocol designed to be more secure and decentralized. It will allow for broader participation by validators who help safeguard the network against malicious actors.
Support for Web3 Application Development
CoinDCX said the Okto Chain’s openness aims to make the protocol more accessible to users and software developers looking to build decentralized applications (dApps) without restrictions. The exchange believes the move will attract many end-users and developers to the chain.
In addition to making the blockchain open to everyone, the platform will come with an orchestration layer that supports developers in creating advanced web3 applications without dealing with the complex specifics of each blockchain.
The platform includes straightforward SDKs and access to a library of pre-built blocks, enabling efficient application development. These SDKs simplify blockchain development for developers, eliminating the need for them to handle complex aspects of the process directly.
CoinDCX said the blockchain is already operational, although the Okto Chain is still in its preliminary stages and plans for an official debut later this year. So far, the platform has more than one million users who migrated to the chain through the Okto Wallet app. The protocol currently supports the development of 20 dApps built on the chain.
Complementing Existing Chains
Neeraj Khandelwal, the co-founder of CoinDCX, emphasized that the Okto Chain is not designed to compete directly with established layer-1 protocols such as BNB Chain and Ethereum but rather to complement them.
The Okto Chain employs a method called asynchronous batching of transactions, which allows it to process multiple transactions simultaneously rather than one at a time. This approach enhances the chain’s efficiency by reducing the time needed to confirm transactions and improving overall throughput.
Additionally, the protocol uses scalable modular infrastructure, which means its architecture is designed to expand and adapt easily to accommodate increased transaction volume and user activity.
Introduction of Okto Points Program
As for the point program, CoinDCX has rolled out the first season of the Okto points program, allowing users to receive rewards for engaging with the wallet, which has been transformed into an ecosystem.
Once the blockchain goes live, the points program will incentivize users for their on-chain transactions. The company has dedicated bonus Okto points to all existing self-custody wallet holders. Users can view rewards through the Okto website.
CoinDCX also plans to introduce the OKTO token later this year. However, the company has not disclosed the exact timeframe for the token’s debut, which is expected to coincide with the blockchain launch.
In addition to the points program, the exchange intends to airdrop up to 7% of the OKTO token to early adopters upon its official launch.