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What Is OK Exchange? Introduction to OKEx and OKB Token

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What Is OK Exchange? Introduction to OKEx and OKB Token | Crypto Briefing

The world’s Okay-est cryptocurrency exchange.


Key Takeaways

  • OKEx allows traditional trading pairs, along with derivatives and other advanced trading features.
  • OKB provides a service fee discount for its token holders, voting rights, the ability to invest in projects on OKEx Jumpstart, among other benefits.
  • OKEx has several blockchain incubators focused on growing startups. It has also partnered with a variety of businesses which will allow it to remain nimble in the coming years.

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From its beginnings in 2014, OKEx has become one of the dominant exchanges outside of the United States, serving 20 million customers and consistently listing among the top crypto exchanges by trading volume.

OKB is the native token of the exchange and is issued by the OK Blockchain Foundation, adopted by OKEx as its global utility token. OKB holders can enjoy several benefits from discounted fees and voting rights to rewards and giveaways.

Company Leadership

The OKEx team is headed by CEO Jay Hao, with the support of CSO Alysa Xu, and Director of Financial Markets Lennix Lai. Hao is a tech veteran and seasoned industry leader with a background in engineering. Before joining OKEx, he focused on blockchain-driven applications for live video streaming and mobile gaming. Before tapping into the blockchain space, he garnered more than 20 years of experience in the semiconductor industry.

OKEx's CEO Jay Hao
OKEx CEO Jay Hao (Source: 36kr.com)

According to recent data by Skew, the Malta-based exchange ranked second in the BTC futures market by open interest in April, just behind BitMEX as the top BTC futures market.

Exchange BTC Futures Open Interest by Skew data
Exchange BTC Futures Open Interest (Source: Skew)

Product Diversity and Continued Innovation

OKEx supports a wide range of trading tools, including spot trading, margin trading, futures, perpetual swap, and options. The exchange has also diversified to provide many other services to a variety of users from the OKEx mining pool, to its wallet, the OKEx Cloud, and its earn and loan features that offer staking and savings services for users to make the most of their spare coins and earn interest while they hold.

These value-added services come under the EARN initiative, a brand-new service that allows users to find crypto-related financial offerings in a single place.

OKEx Earn
OKEx Earn

The company regularly reports daily volumes of over $1.5 billion in BTC futures alone. In addition to the data from Skew, CryptoCompare, a digital asset data research institute, found that OKEx topped the derivatives market rankings in March with $161 billion in monthly trading volume. OKEx, at the time of publication, ranks first in the list of exchanges by trading volume in BTC futures, even above BitMEX, according to data from Skew.

Success Is Not Always a Straightforward

It hasn’t all been rosy for the leading exchange with big ambitions. Critics widely derided OKEx for its involvement in wash trading in March 2019. Lai acknowledged the accusations with Crypto Briefing at the time, but he pointed out that it was “market-driven behavior.”

“Based on the unique fee structure used by the exchange, many OKEx clients are trying to “trade smart” by gaming that fee structure,” said Lai. “I would say there is a lot of suspicious trade activity on OKEx and we’re working on a lot of measures to prevent that stuff.”

OKEx became one of the 12 first alliance partners of DATA (Data Accountability & Transparency Alliance) initiated by CoinMarketCap to create a “self-regulated organization” aimed at standardizing exchange practices and policies, similar to the World Federation of Stock Exchanges (FINRA) in the United States, and the World Economic Forum.

SIMETRI Profits of 919%

OKChain, OK Cloud, and OKEx Jumpstart

In Feb 2020, OKEx launched a testnet for its own commercial public chain, OKChain, and OKEx DEX, the first dApp based on it. While a brand-new token OKT powers the chain, this new proprietary blockchain will also migrate OKB (currently an ERC-20 token) from Ethereum to its native chain when the mainnet is live.

OKEx also funds and incubates blockchain-based startups and developing projects through its OKEx Cloud and OKEx Jumpstart programs. OKEx Jumpstart is a token sale platform that helps quality blockchain projects go public and get listed in a world-class liquid market while helping fuel the growth of the blockchain ecosystem.

OKEx Cloud, on the other hand, is a digital asset exchange cooperation program that allows its partners to use OKEx’s technical strength and brand reputation to quickly build their own leading exchanges without worrying about the underlying technology.

In the OK Cloud program, OKEx provides partners with advanced features such as order matching systems, secure wallets, and also shares liquidity and market depth with other OKEx Cloud exchanges.

OKB Token Cryptocurrency Summary

Let’s take a look at OKEx’s native utility token, OKB, and examine its features, supply, and performance in the cryptocurrency market as the company continues expanding its vast pool of trading partners.

There was an initial total supply of 1 billion OKB with 300,000,000 on the market. The further unissued 700,000,000 was burned, as per OKEX’s announcement. In tandem with the overall performance of the crypto market and the global economy, the token also experienced a price drop and is currently trading at $5.12 at the time of publication.

OKB is an ERC-20 token currently, and a token swap is planned for the end of 2020. It is a utility token, much like Binance Coin (BNB). However, OKB is issued by the OK Blockchain Foundation and adopted by OKEx.

As of May 2019, OKEx has implemented an OKB “Buy-Back & Burn” scheme for the circulating 300 million tokens with 30% of trading fee income from the spot market allocated to buy-back OKB from the secondary market, sending them to a black hole address for burning. So far, there have been seven rounds of Buy-Back & Burn, and a total of 20.671 million OKB, equivalent to $107 million, has been burned.

Cred - Safe and sound

OKB has developed 52 application scenarios internally and externally, covering payments, market data, wallet, lending and wealth management, cybersecurity, travel, lifestyle, and entertainment applications, which allow holders to purchase products or services with OKB.

Around $100 million worth of OKB is traded on a daily basis. Major trading pairs include USDT, BTC, and ETH. While the vast majority of OKB is traded on OKEx, it is also available on more than 40 other major peer-to-peer, spot, and decentralized exchanges, including BKEx, Coinall, DragonEX, and BitMax, covering 141 countries and regions around the world.

OKEx has its own wallet for storing OKB. However, OKB can also be stored in any ERC20-compatible cryptocurrency wallet until it moves onto its own chain, including MyEtherWallet, Trust Wallet, and hardware wallets from Ledger, Trezor, and Archos.

Why Two Exchanges?

There’s a lot of confusion surrounding the differences between OKCoin and OKEx. OKEx has operated as a separate entity from OKCoin since 2017 and has moved its headquarters to Malta. Initially, the two exchanges shared some of the same leadership but they are now distinct entities run by separate stakeholders.

OKCoin is a fiat/crypto exchange that supports legacy bank accounts and financial payment tools. This is the consumer bridge to cryptocurrency so that you can think of OKCoin as more akin to a fiat-on ramp platform.

OKEx is more like Wall Street markets, with futures and spot trades occurring between strictly digital assets. It’s a market that supports everyone from day traders to newcomers and long-term hodlers looking to buy coins and hold them with the expectation of returns down the road. There’s a lot more risk involved in these types of trades, as OKEx discovered in late 2018 when a long position on Bitcoin futures cost the rest of the community more than $400 million.

Let’s OKExchange Numbers

Besides being accessible in your country, one of the critical factors for users of a cryptocurrency exchange is the cost. OKEx uses a volume-based maker/taker fee structure. This means that as you trade more within a 30-day period, your level rises, and you get discounted fees.

Holding more OKB can also result in a reduction in trading fees. OKEx has over 170 tokens listed so far, with more than 550 available crypto trading pairs. The introduction of its commercial public blockchain and decentralized applications will be a substantial addition to the many services it already offers:

  • OKEx Pool – This allows miners to join mining pools to mine SHA256, Ethash, Scrypt, X11, and Blake256 PoW coins like BTC, ETH, LTC, DASH, and DCR. Miners can enjoy stable yield through OKEx Pool staking service available for PoS and PoS-variant coins like DAI, VSYS, CRO, ONT, EOS, IOST, ATOM, YOU, and XTZ.
  • OKEx Cloud – The Cloud enables blockchain-based startups to build their own turnkey cryptocurrency exchange hosted on OKEx’s network, sharing the profits.
  • OKEx Futures – Allows traders to hedge or profit from long or short positions with Coin-Margined or USDT- Margined weekly, bi-weekly, quarterly, and bi-quarterly futures contracts futures.
  • OKEx Perpetual Swap – Easier to trade with no delivery and expiry dates, swaps are available with 1-100x leverage.
  • OKEx Options – Traders can enjoy unlimited profits with limited risks, options discovery, and a calculator that simplify users’ access to options trading.
  • Saving – By opening a savings account, users can get a good return on their tokens while also enjoying the highest level of flexibility.
  • Term Deposit – Users’ tokens are invested and locked for an agreed rate of interest over a fixed amount of time.
  • EARN – A one-stop-shop that allows users to access all the financial products OKEx has to offer, including Staking and Savings, which enable users to earn interest income.
  • C2C Loan– Offers a loaning service between users to meet their various borrowing and investment demands.

Summary

OKEx is continually innovating and building, so expect more services to be added over time as the company grows. While it is not currently available in the United States, OKEx is still one of the largest cryptocurrency exchanges in the world. It manages a high amount of volume, and the team has aggressive expansion plans to ensure its profitability for the foreseeable future. As long as the exchange continues to be secure and transparent for its users, the following key features will ensure its sustainability:

With all these pieces in place, OKEx has become a formidable presence in the cryptocurrency space. Committed to remaining compliant with global financial policies and regulation, both the exchange and crypto, in general, are set to remain valuable for generations to come.

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Source: https://cryptobriefing.com/what-is-ok-exchange-introduction-to-okex-and-okb-token/

Covid19

How Telemedicine Can Help Keep Your Health on Track

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Keeping yourself healthy and in tip-top shape isn’t all about eating that kale and keeping up with your exercise routines, it’s about knowing when to have those pesky health issues looked at too.

Taking care of yourself means that you address even the smallest lingering health issue, whether that means that you have a therapist visit when you have been feeling a little anxious lately, or if you just have a toenail that has been looking kinda funky recently.

Getting things checked out as soon as they are noticed seems easy enough, but in this day and age of fast-paced lifestyles, it is way too easy to just push a non-urgent doctor’s appointment to the back burner. Luckily, for many non-urgent health concerns, telemedicine is the developing facet of healthcare that can help you get medical attention quickly and easily.

Read on to learn 5 ways that telemedicine visits can help you keep yourself in great health without having to always fit in that in-person doctor’s visit.

1. No More Avoiding That Doctor’s Visit

The most important thing about the healthcare route that you choose, is to make sure it is one that you will be able to fit in as soon as possible. In-person doctor’s visits are vital for some conditions, like things that are serious, painful, acute, or could develop rapidly. And, for these things, there is no avoiding being seen immediately in an office setting.

But, for those more minor (but annoying) things in life like acne, scars, hair loss, or erectile dysfunction, it is not uncommon for people to delay getting care. The most common reasons why people choose not to be immediately seen for conditions like these can be because they are busy and have trouble fitting in a non-urgent visit, or they are just a little bit embarrassed or uncomfortable talking about delicate issues like sexual health or skin conditions.

With telemedicine, there is an ease and increased comfort of getting health conditions checked out by a professional. Because, even when a condition seems minor, or negligible, if something is bothering you, mentally, physically, or both — you owe it to yourself to get it taken care of.

2. If You Have 15 Minutes, You Have Enough Time

Too busy to address if it is rosacea causing your to flush when you drink a hot beverage or see if a prescription retinoid can help with those fine lines creeping up on your forehead?

If you have 15 minutes to spare, you have enough time to have a quick online telemedicine visit for many of these lingering concerns. Telemedicine helps boil down doctor’s visits to their essentials — the time spent interacting with a doctor. This means that online visits can be as short as 10-15 minutes, once the commute and waiting room time is stripped away.

3. Prescriptions Shipped ASAP

Once you have a visit with a doctor, they may prescribe a medication to help you with the issue. With in-person doctor’s appointments, this normally means that you now have to trek over to your local pharmacy and wait for an indeterminate amount of time to get the treatment filled.

For those of us who are already on tight schedules, a pharmacy trip plus the visit can seem like the whole day has been used up. With telemedicine, it is all about ease combined with quality healthcare, so the prescription is often taken care of for you. The telemedicine service will go ahead and work with a pharmacy to schedule your prescription fill and shipment, often getting your medication to your front door in as little as 1-2 days.

4. 24/7 Support for Questions and Concerns

If you have ever wanted to put a quick call into your doctor about a question that popped up with a new treatment or condition, you have likely discovered that there is nothing quick about getting answers from a doctor busy working at a clinic.

This may have led you to avoid raising questions or concerns about your treatment, or you just wait until your next visit. With telemedicine clinics, it is all about availability. If you have a question or concern about your treatment or diagnosis, many telemedicine platforms offer 24/7 online or phone support to get you answers quickly.

5. No Worries About Being Around Potentially Contagious Environments

When various contagious conditions are going around, or if you are someone who has a compromised immune system, going to a doctor’s office can be anxiety-inducing. Healthcare environments are there for those with health issues, so it is possible that even if you are heading in to be seen for a non-contagious issue, you may be sitting right next to someone with something contagious in the waiting room.

Telemedicine offers high-quality health care visits that get your condition addressed, from the comfort of your own home (without you having to think twice about a person coughing and sneezing in the clinic).

Conclusion

Optimal health is about taking care of healthcare issues quickly and efficiently, no matter how minor you think they are.

Telemedicine offers a quick and easy route to take care of those little issues in life, ranging from dermatology, to nail care, or even your hair looking a little thinner than usual.

Along with prescriptions shipped easily, 24/7 physician support, and not having to worry about being in contact with others who are not feeling well, telemedicine is truly a way to improve your health and self-care skills with technology.

Source: Franco Columba. Franco is a Medical Content Writer for StrutHealth by day and an eCommerce guru by night. As a HubSpot Certified Content Marketer, he enjoys creating content that helps illustrate words in a unique way to readers.

 

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Start Ups

Website Packages – Good or Evil?

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If you are an entrepreneur looking to take your business online, website packages many agencies offer might seem like a great deal. You get just what you need for a reasonable price – no tedious discussions and multiple iterations required. But is it really as good as it sounds? Let’s have a closer look at the pros and cons of website development packages and see if it’s a good idea to choose this approach instead of custom development.

  • Website package: How does it work?

When shopping around for a website, it is as to come across the so-called “packages” – predefined service offerings provided by web agencies. Typically providing a fixed list of features or level of complexity, they are often positioned as all-inclusive service packages. Moreover, they can even let you pick the features you need or choose specific requirements, building up your package just like a constructor.

Such offerings might range from simple corporate website packages for small businesses to complex eCommerce website packages or enterprise solutions. They can specify the number of pages, a number of possible design revisions, or website capabilities in general, for example, blog, contact/subscription form, social media integration, shopping cart, payments.

In addition to letting you choose the features you need, such packages can have some specifications about design (for example, WordPress website packages based on a template or custom design) or additional services, such as hosting, SEO, marketing, support, integrations. Based on the scope of work and the number of services the package offers, the price can range accordingly.

The described approach works well in a number of business domains, including travel packages and SaaS pricing plans. However, other business domains prove to be less suitable for bundled service offerings.
In terms of web development, this type of offering might seem attractive and convenient, especially for a business owner with no tech background. However, this might also turn out to be a crafty way to hook the customers with a cheap offer and upsell all the important features that were not included in the initial offering. So, what are the benefits and drawbacks of the website packages?

 The Pros and Cons of Website Development Packages

  Pros:-

Fixed cost – As simple as that, most of us feel more comfortable engaging in cooperation with a definite budget and deadline. This is what makes website packages so attractive in our eyes.
Relatively low pricing – Website packages pricing is typically lower than any estimate a web development company can offer. However, this might be due to the fact that many features are not included in the package and will be upsold later.
Better transparency – With a specified list of features and services within a website package, you know what you will get upfront. In some cases, you can even tailor the packages to fit your needs (and budget!).
Faster time to market – Website packages typically don’t include long planning and business analysis, which might speed up the development process.

Yet, despite the listed benefits, there are many downsides to choosing “bundled” website development services.

  Cons:-

Limited growth opportunities – Being tied to the initial specifications, such websites are typically difficult to scale or customize in the long run. For example, WordPress website packages cannot be further expanded to include eCommerce features.
Poor customization – If you go for a package offering, all that you will get in the end is another off-the-shelf, generic website. Thus, you won’t be able to stand out among thousands of other small business websites and will lose your brand identity. Plus, you won’t be able to add custom integrations or features due to the initial package limitations.
Prove to be costly in long-term – Website packages for small business are typically suited for a fast launch, yet they don’t take into account the further development and maintenance. If the agency doesn’t provide any support, the website might turn into a throwaway project, as no other agency will want (or be able to) deal with legacy code.
You can’t be too picky With a website package, you won’t be involved in the development process, so you won’t be able to influence anything. Once you choose a package, all you can do is sit and wait for the results. So if the reality doesn’t meet your expectations, there is not much you can do post factum.
No business outlook While the absence of analysis and consulting might speed up the project duration, the business outcomes of such a project might turn out to be very poor. Due to the generic character and limited functionality of your website, you will lose a number of competitive benefits.

Making a Decision: Do You Need to Buy a Website Package?

While the website package price is considered to be the main advantage of the described approach, the listed drawbacks clearly outweigh this benefit. A custom approach to web development proves to be more beneficial in terms of business outlook and efficiency. After all, eBay and Amazon didn’t start as generic eCommerce website packages.

Simply put, website packages cannot be tailored to your specific business needs and scale accordingly as your business evolves. We at Eastern Peak always recommend a custom website development approach. By conducting a thorough business analysis and consulting, we get to know your specific requirements. Thus, we can tailor our offering to meet your needs and build a great website for your business.

Source: Alexy Chalimov. Alexey is also a founder and technology evangelist at several technology companies. Previously, as a CEO of the Gett (GetTaxi) technology company, Alexey was in charge of developing the revolutionary Gett service from the ground up and deploying the operation across the globe from London to Moscow and Tel Aviv. Currently, Alexy is the CEO of EasternPeak.

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Blockchain

Self-Sovereign Decentralized Digital Identity

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Time & Date: Wednesday, Nov 4th, 2020
8:30 AM Eastern Standard Time

Speakers: Marco Aniballi (BlockBlox)
Luke Stokes (FIO, EosDAC)
Alex Puig (Caelum Labs)
Gordon Einstein (CryptoLaw Partners)
Sander de Bruijn (Crypto Entrepreneur)

Zoom Info: https://zoom.us/j/89200977541

 

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