BlockTalks x OKB AMA Transcript!
Hello! BlockTalkers & Blockchain Enthusiastic!
We recently hosted an AMA with OKB, on 24th July 1 PM UTC. Many of you might have participated or many of not. But we make sure no one missed out from the knowledge shared by Nate Wong, in charge of the development of OKB ecosystem. So here we are up with AMA transcript, for those who missed the live session, this blog post will be saver & feeder of knowledge for them.
Introduction
Nate Wong — Hello Community, I’m Nate from OKEx.com. At present, I’m in charge of the development of OKB ecosystem, very glad to host an AMA for you all and I will try my best to make you get familiar with OKEx and its platform token, OKB.
Questions Asked on Twitter For OKB Team!
Q1. OKB’s deflationary system is based in that with every transaction some of the amount is destroyed, would this lead to lack of supply and liquidity in the long term future? How would that be fixed?
Ans — This is a good question. With the set deflationary mechanism in OKB circulation, the supply will stably decrease with the conduct of rounds of buyback and burn. But let’s never forget the number behind decimal point like Bitcoin. So the liquidity will only become more precise and fluent but never become insufficient. But the price will… I will leave the answer to the community.
Q2. In the past 2 years, OKB has achieved many great success. From reach all time high to stand in 20 top global cryptocurrencies
with that achievement can you tell us what your target you want to achieve in next year or in 2020?
Ans — Our target for OKB in the near future is to make more crypto investors know OKB, the logic of its value support, its use cases, and its privileges on OKEx.com.
In the next 6 months, we will implement 4 plans regarding OKB Ecology that are related to the interests of OKB holders
- The global community and ecological scenes development of OKB will be more open and practical.
- OKB team will launch an expecting product online. I can reveal a few keywords: cool, free, simple, and dedicated to letting more people gain benefits.
- In addition to the mysterious products mentioned above, OKB Ecology has a very innovative product plan to launch, keywords: innovative, let OKB users get real benefits, simple
- Possibility of combining OKChain mainnet with the native token, OKT, and OKB
Q3. It seems that the $OKB token has a very important role, can you tell about its potential? What role does OKB play in the OKchain?
What are some ways users can make a profit by joining your project? And what will reduce the inflation of $OKB tokens?
Ans — The potential of OKB or more presisely, the benefits or the privileges of holding OKB can be described in two aspects. The privileges of holding OKB in OKEx platform, which is the internal privileges.
OKB already has as many as 14 internal application scenarios with the continued empowerment within the OKEx trading platform.
- Trading fee discount with holding OKB
Holding OKB in OKEx transactions can offer you a trading fee discount starting from 10% to 40% at most. In other words, when you are holding OKB and trade on OKEx, every transaction you make can save a certain ratio of the transaction fee. At OKEx, we hope to put the rights for OKB holders on the ground and let every OKB holder enjoy the benefits. - OKEx Jumpstart Subscription
You can subscribe to Jumpstart by holding OKB. When a new project listed in OKEx Jumpstart, the more you hold OKB, the higher the quota coefficient will be allocated. Through this mechanism, we ensure that long-term holders of OKB have a better chance to benefit from the Jumpstart projects. - OKB Buyback & Burn Plan
OKB adopts a deflation model design to ensure the growth of the token value. In the past May, we completed the eighth buyback and burning of the previous quarter, and the fee income of more than 19 million dollars has taken out to repurchase and burn 3,509,874.52 OKB. Starting from May 4, 2019, for the 300 million OKB in circulation in the market, OKEx has taken out 30% of the overall spot trading fees that happened in the OKEx trading platform every quarter for the repurchase. Also, OKEx is considering taking the transaction fee of the derivatives market into the buyback and burn. - Small Balance Convert to OKB
In the OKEx platform, you can convert these assets less than 0.01 BTC to OKB at any time. Please follow the below instruction to experience the function.
Furthermore, OKB saving service has been launched to guaranty the passive income of OKB holders. We developed 14 privileges and benefits for OKB holders currently.
Next I will talk about the rule of OKB on OKChain:
First the genesis blocks of OKChain will be mapped to OKB holders after the launch of OKChain.
Second, OKB will migrate into OKChain and OKB will only play as a token issued on OKChain.
The other functions or rules will belong to OKT, the native token of OKChan.
Q4. Does OKB have any coin burn/buyback system or any token burn plan to increase the value of Token & attract Investors towards Stake to invest? so will the advantages of OKB holders be improved soon?
Ans — We have conducted 8 rounds of Buyback & Burn plans until now.A total of 20,671,583.58 OKB has been sent to the above blackhole address, and the current circulation of OKB is 279,328,416.42.
Until today, OKB has been listed on over 50 trading platform and nearly 30 crypto wallets. OKB users can trade OKB on OKEx.com and bitfinex.
So you’d better keep close eyes on the buyback and burn mechanism.
Q5. What is relationship between OKT and OKB?
They are the same or not ? What can we use them for? Can you explain clearer?
Ans — Currently OKEx only has one token, called OKB, and as introduced above, OKB serves as the platform token and also acts as the bridge connecting both users and the exchange platform.And I really hope all investors on OKB get their target profit with the development of OKEx business.
When I talk about OKT, there usually is one public chain appearing in the front of my eyes. OKT will become the native token of OKChain, the public chain launched with the help of OKEx exchange.
So there will be only two tokens in the future in the OKEx ecology.
OKEx currently has applied only one token called OKB to serve its users. In other words, OKB is the utility token of the centralized exchange OKEx.
And OKEx as one of the pioneers and leading institutions, has launched the public chain called OKChain this February and OKChain has also issued the OKT as its native token. Since OKT acts as the fuels for the public chain, all transactions related to OKChain will all be handled by OKT, including all fees that will happen on the decentralized exchange OKEx Dex.
The reason why there exists two tokens is because the economic model will get into a dilemma if only apply one token. The story of the centralized exchange is to using its quarter profits to buy back and burn its platform token so as to support its basic value.
But the basic logic of a public chain based on the Proof of Staking is the inflationary issuance of the token to pay the work of super nodes and the staking of common investors, the inflation rate of OKChain is set 1% annually at present.
So the differences between these two tokens are quite clear and easily understandable. OKB is only for the the centralized exchange users but the OKT for the public chain.
Questions Asked by our BlockTalks Community Members during live Session for OKB Team!
Q1. According to OKB’s whitepaper, 70% of the total supply will be allocated to the team, OK Blockchain Foundation and cornerstone investors, but now you’ve decided to burn all of it. What about the team’s allocation? What triggered this decision?
Ans — The reason why we chose to burn all the allocations of the team is because we want our users to get the largest benifit, the team can not manipulate or influence the price of this absolutely circulating token in the market. And since then, no tokens held by team anymore. All rounds of boughtback and burned tokens are from the secondary market. So one little joke: hold your OKB tight, OKEx is repurchasing them from you.
Q2. What is the vision and mission of the OKex team to make this OKB token have very high demand during Covid-19?
Ans — Due to the unstable international relationship, the world economy has inevitably gone down. But according to the report and price history, OKB had a 65% ROI in the first quarter and 17% ROI in the second quarter. The user bases of OKEx and the profit of OKEx is increasing stably. So I think the most appealing part of OKB is its stable increase in the price.
About the long term, I would like to share you a report from CoinGecko:
https://www.coingecko.com/buzz/q2-2020-quarterly-cryptocurrency-report-part-2
And the report: https://eng.ambcrypto.com/binance-coin-okb-tracked-bitcoins-q2-growth/
If you bought OKB at the first quarter of 2020, you may get a over 80 percent ROI in only two quarters. Not even mention that, OKEx is planning to take a certain ratio of its derivatives market profit and put in the buy back and burn scheme. I think it is well known that OKEx has the largest derivatives trading market in the world. So the future and prospect of OKB price is worth expecting.
Q3. OKB is a good coin, but how will it be useful real life? Do you have plans? Also, is it accepted as payment means anywhere presently?
Every coin is now doing DeFi, will OKB also be applicable on DeFi? What are your plans for DeFi?
Ans — Yes it also plays an important role in the real life. People from SGP can take taxi by paying OKB, or purchase snacks in Korean stores.
Defi is really a heat today. But you can deposit OKB into OKEx and borrow USDT. Or you can lend USDT, and enjoy passive income with the annual income rate up to 9%
Q4. OKchain-OKB Testnet is in public phase? can i try it? give us more information please
Historic maximum OKB was $ 7.51, do you think there are compelling reasons why in the long term OKB can be appreciated significantly? Talk to us as if you were a crypto enthusiast, not as part of the OKex team.
Ans — OKChain just released its version 0.10 and you can try the open dex developed on the top of it.
TBH, if I was a common investor, I would always purchase OKB when the price is around 3 dollars and I check the burning record in its blackhold address, and the exchange is going to take out some profit from the derivatives market, I can say 7.51 is not the top.
Q5. OKB is a utility token issued by OK Blockchain Foundation in OKEx platform. Do you have plan to list OKB in other exchanges in the future?If yes, where would it be?
Ans — Yes, OKB has been listed on over 50 exchanges. And we will consider the demands of our users and to get listed on more exchanges.
In the recent medium blog post we cover why one should hold OKB with valid reasons, take your time and read the words ~
https://medium.com/@BlockTalks/what-is-okb-what-are-the-advantages-of-holding-it-af6cd1ede408
Register on OKEx — https://www.okex.com/join/1919848
Buy OKB — https://www.okex.com/spot/trade/okb-usdt
