Popular cryptocurrency custodian platform OKX announced Thursday that its new blockchain, OKBChain, will be launched in the first quarter (Q1) of 2023. OKX’s native cryptocurrency, OKB, achieved a new price peak shortly after press time.
OKX Founder Unveils OKBChain
Star Xu, the founder of OKX, gave the first peek at the upcoming blockchain via a Twitter post. His comments show that OKBChain will be built and managed by the OKX company. Xu further touted the blockchain as a “decentralized ecosystem.”
OKBChain will be home to OKB, one of the native cryptocurrencies created by OKX. Since its launch in March 2018, OKB has existed on the Ethereum network as an ERC-20 token. A migration to its own blockchain will enable the cryptocurrency to have more use cases and possibly attract more investors.
Interestingly, OKB spiked in price after Xu made the big revelation. The asset achieved a new all-time high (ATH) of $52.31. This is about 30% higher than its last ATH of $39.8 in May 2021. Currently, the asset trades at $49.8.
OKBChain – Different From OKXChain
Xu clarified that the incoming blockchain is different from the existing OKXChain. The key difference is that OKXChain is managed and developed by the community, while OKBChain is managed by the OKX exchange.
OKXChain is a layer-1 blockchain network built on Cosmos, a protocol called the internet of blockchains. The network uses an energy-efficient proof-of-stake (PoS) consensus mechanism. It was launched in December 2020.
The blockchain is powered by its native cryptocurrency, OKC. At the time the OKX founder announced the upcoming blockchain launch, OKC recorded an upward price movement of $30. This was about a 20% increase from its price earlier in the day.
Twitter Community Reacts
While some crypto community members on Twitter are impressed with the upcoming blockchain news, others are unimpressed with the concept.
Some argue that two blockchain networks from the same source are unnecessary. Despite Xu’s claim that OKBChain will be a decentralized network, some feel that the blockchain will be centralized.
