OKX Promises To Compensate Users After Its Token's Flash Crash

Non-Fungible Thursdays: What Happened in NFTs This Week? [April 21, 2022]

##What Is OKB (OKB)?

OKB is a cryptocurrency released by the OK Blockchain Foundation and Maltese crypto exchange, OKEx. The exchange is one of the largest in the world and[ currently ranks](https://coinmarketcap.com/exchanges/okex/) third in liquidity, fourth in trading volume, and provides a wide selection of trading pairs. OKEx is similar in many aspects to the cryptocurrency exchange giant[ Binance](https://coinmarketcap.com/currencies/binance-coin/), but there are a few key differences. The OKEx platform has its own[ cloud mining service](https://coinmarketcap.com/alexandria/glossary/cloud-mining), and the company has a more focused reach in providing options trading for users. Meanwhile, Binance strives to offer a broad range of crypto services globally.

[OKB](https://coinmarketcap.com/currencies/okb/) is the OKEx utility token that enables users to access the crypto exchange's special features. The coin is used to calculate and pay trading fees, grant users access to voting and governance on the platform, and reward users for holding OKB. 

OKEx has become a world-leading trading floor since its launch in 2017. The platform launched in the spring of 2017 and emerged as an offshoot from the original OKCoin platform (operating since 2013 in China). OKCoin now focuses on exchanging fiat for crypto, while OKEx focuses on crypto trading with a built-in[ API](https://coinmarketcap.com/alexandria/glossary/api) for algorithmic trading. The exchange also gives users access to a multi-currency wallet and functions for[ margin trading](https://coinmarketcap.com/alexandria/glossary/margin-trading). 

###Who Are the Founders of OKB?

Jay Hao joined OKEx as CEO from the beginning, and he still holds the position. Hao has dedicated his career to technology and engineering. He has followed the blockchain industry for quite some time, with a focus on blockchain-based apps for video streaming and mobile gaming. Prior to joining OKEx, Hao had twenty years of experience in the semiconductor industry. He has developed a broad range of codecs: UVLED, ASIC, FPGA, and multimedia codecs and SOCs for multimedia processors. During this time, Hao accumulated impressive experience in product development and management.

Another key management team member is Mingxing “Star” Xu. He founded OKCoin in China in 2013 and has earned himself a big reputation in the industry. In 2017, Xu co-founded the separate OKEx exchange in Malta, which operates under a separate legal entity. Today Xu is the CEO of the OK Group.

##What Makes OKB (OKB) Unique?

The OKB token plays an important role in the OKEx ecosystem. It allows users to receive up to a 40% discount on transactions (depending on the number of tokens a user has). The exchange divides users into two status groups: regular and VIP. Regular users are assigned a level according to their OKB stock, and VIP users get a level according to their trading volume. The commissions are updated daily, and users get a discount depending on their respective level.

Platform members can receive passive income if they have OKB tokens, and the token is involved in OKEx Earn (this project helps users earn on their assets). Another purpose of the OKB token is to allocate funds on the OKEx Jumpstart platform. Participation on Jumpstart is available only after registration on the site — then sales are made through MixTrust.

OKB is the native asset of the OKExChain (the OKEx blockchain). The OKB token is used on the chain to facilitate spot trading, derivatives trading, and the simultaneous development of several scalable applications. Additionally, a layered architecture reduces[ consensus](https://coinmarketcap.com/alexandria/glossary/consensus) times, improves scalability, and boosts security.

To add value to OKB and make the digital coin more attractive to holders, OKEx regularly burns tokens every three months and records the coin burn on the official[ website](https://www.okex.com/support/hc/en-us/articles/360062074332-OKB-Buy-Back-and-Burn-report-2021-3-01-2021-05-31-). For this procedure, OKEX uses 30% of the income from commissions fees. On top of that, welcome bonuses are provided to new users. 

####Related Pages:

Read about[ Binance Coin (BNB)](https://coinmarketcap.com/currencies/binance-coin/) and[ Bancor (BNT)](https://coinmarketcap.com/currencies/bancor/).

Read about[ Huobi Token (HT)](https://coinmarketcap.com/currencies/huobi-token/) and[ KuCoin Token (KCT)](https://coinmarketcap.com/currencies/kucoin-token/).

What are synthetic assets? Learn more[ here](https://coinmarketcap.com/alexandria/glossary/synthetic-asset).

Hot wallets vs. cold wallets: what’s the difference? We analyzed this topic in an article on[ CMC Alexandria.](https://coinmarketcap.com/alexandria/article/hot-wallets-vs-cold-wallets-whats-the-difference)

##How Many OKB Coins Are There in Circulation?

The global utility token is similar to[ Binance Coin (BNB)](https://coinmarketcap.com/currencies/binance-coin/). 50% of service fee incomes are distributed among token holders in proportion to their OKB balance. The privileges of OKB include: the right to vote on the platform, the ability to invest, and the ability to trade on OKEx.

There are 1 billion OKB on the market with the following allocations: 

* 40% - Founders & Project; 
* 10% - Investors; 
* 50% - AirDrops & Rewards; 
* 700 million OKB are locked until 2022. This means that the total supply in 2021 is 300 million tokens. 

The 700 million additional OKB that will be released in 2022 will be distributed as follows: 

* 100 million awarded to early investors; 
* 200 million stays with the founding team; 
* 100 million allocated to the OK Blockchain Foundation; 
* 300 million left for public awards.

##How Is the OKB Network Secured?

The coin is an[ ERC-20](https://coinmarketcap.com/alexandria/glossary/erc-20)<span style="text-decoration:underline;"> token</span> that relies on a proof-of-stake ([PoS](https://coinmarketcap.com/alexandria/article/proof-of-work-vs-proof-of-stake)) consensus. OKB operated on the Ethereum blockchain, but later the company moved to its own blockchain — the[ OKExChain](https://coinmarketcap.com/currencies/okexchain/).

OKEx is a very transparent platform. Developers assure that security is their top priority as OKEx maintains a reliable and stable trading environment. They use load balancing on servers, distributed clusters, and other technologies for protection.

Furthermore, OKEx has developed[ hot and cold wallets](https://coinmarketcap.com/alexandria/article/hot-wallets-vs-cold-wallets-whats-the-difference) — cold wallets being one of the safest methods for storing cryptocurrencies. Hot wallets, however, require maximum attention to security and capabilities. Therefore, OKEx added a semi-autonomous multi-signature feature that enables fast, convenient, and secure transactions.

##Where Can You Buy OKB (OKB)?

The easiest way to obtain OKB coins is to buy them via OKEx. However, there are also many alternative cryptocurrency exchanges where you can purchase or trade the token. These include[ OKEx](https://coinmarketcap.com/exchanges/okex/),[ Gate.io](https://coinmarketcap.com/exchanges/gate-io/),[ Uniswap (V2)](https://coinmarketcap.com/exchanges/uniswap-v2/),[ HitBTC](https://coinmarketcap.com/exchanges/hitbtc/),[ BiONE](https://coinmarketcap.com/exchanges/bione/),[ LBank](https://coinmarketcap.com/exchanges/lbank/),[ Hotcoin Global](https://coinmarketcap.com/exchanges/hotcoin-global/),[ Coin Ex](https://coinmarketcap.com/exchanges/coinex/),[ ProBit Global](https://coinmarketcap.com/exchanges/probit-exchange/),[ Hotbit](https://coinmarketcap.com/exchanges/hotbit/). You can see more options listed on our[ crypto exchanges page](https://coinmarketcap.com/rankings/exchanges/).