AMA Recap with OKEX
Hi guys! Today we are here with the Guarda & OKEX AMA recap, which was held in our Telegram community chat.
In this AMA you got a chance to ask questions on Twitter and live questions on Telegram to OKEX Operating officer.
Top 5 Questions from Twitter:
Why does #OKEx exchange have two types of tokens: $OKT and $OKB? What’s the difference between these two tokens, and the differences in their functions?
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.
Most of investor just focus on the price of token in short term instead of real value of project. Can you tell us the motivation and benefits for investors to long term?
This is a really good question.
I have read a data report, which tells that over 90% of investors on mainstream tokens got loss due to their frequently improper transactions.
So if you choose a stable and safe project with a potentially high ROI, you may get high chance of getting profit.
About the long term, I would like to share you a report from CoinGecko:
Also a report from ambcrypto:
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.
Also this time to celebrate this cooperation with Guarda I have brought a campaign for all of you.
As you know, new signups on OKEx and purchase 100 USDT or above crypto will get 10 USD in bitcoin.
But I have brought a incentive for all users, no matter when you registered on OKEx, if you purchase 100 USD OKB and above after we finished this AMA, please submit your okex account to this form: https://forms.gle/mrcbp2uKsujR9Lxz7
I will airdrop 10 USDT to each qualified users.
To SURVIVE in tough crypto market conditions is difficult, and we see that many projects are far from the targets. What is $OKB’s RECIPE for surviving in this long blockchain marathon?
OKB has always been adhered to its target to bring high-quality service and easy-use application scenarios to OKB holders.
In the past two years, we have joined hands with OKEx platform to develop over 15 utility privileges, including Transaction Fee Discount with holding OKB, Saving OKB to get passive income, OKEx Jumpstart (IEO), Small balance conversion to OKB functions and others.
By empowering OKB with application scenarios, OKB users can easily and directly enjoy the privileges on OKEx.com.
And also we never forget the building and construction of OKB partnership ecosystem, and over 50 ecosystempartners including Guarda wallet, ledger wallet, BTT subscription service and others to satisfy different demands of OKB users.
Please look into this picture for more details.
We all know the use cases of a token is the most fundamental part of its core value, so in the development of OKB ecosystem, we have been always adhered to the construction of the use cases of OKB.
And the cooperation with Guarda wallet is one significant move to us.
We really value Guarda wallet community and will try our best to meet the demand of OKB holders from Guarda wallet community.
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?
I can tell you must be an OKB loyal followers.
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
1. The global community and ecological scenes development of OKB will be more open and practical.
2. 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.
3. 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
4. Possibility of combining OKChain mainnet with the native token, OKT, and OKB
What’s any benefits to OKB holders? What role does OKB play in the OKchain?
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.
1. 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.
2. 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.
3. 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.
4. 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 OKChain.
Questions from The Live Session:
Every industry is severely affected by the egregious situation of the Covid-19 outbreak. Does it affect the growth of $OKB and its? What are your plans to turn challenges into opportunities for $OKB development?
Yes this novel epidemic disease have strongly influenced all aspects of our lives. But thanks to the rapid development of internet, we saw a slightly increase in user base of OKB. I think all of this are due to the support of our OKB holders. We will continue to empower the application scenarios and value support to OKB and let more people know this potential token.
What steps have you taken to build a strong and powerful network effect for OKB ecosystem?
From the use case aspects, we have reached over 50 partnerships with global dapps. From the media level, we have attracted thousands of reporters who advocate OKB and know the value of OKB. And in the future we will continue to move forward with our partners.
As we know, every successful project has a few stories behind the scenes, what’s the story behind OKB token OKEx success? What was that vision when it first emerged as an idea? Are there any special prototypes or upcoming #OKB OKEx updates that you want to show/share with us?
I think the story must be told by our OKB holders and followers and its they who made OKEx and OKB today. We really appreciate your continuous support and will always bring high quality service to you.
$OKB liquidity is usually very different when exchange Okex in IEO. Of course, IEO in Okex exchange is not done every day, so how to increase $OKB liquidity when not doing IEO. That can really have an impact up.
Thanks for you advice. I think you can find a better liquidity on OKEx.com for trading OKB.
Before having a lot of marketcaps like now. what are the obstacles $OKB has gone through and how to fix them. I see a significant increase in the price of $ OKB. whether $OKB will be like $BNB
The biggest obstacle for OKB team currently is that not enough people know the value of OKB.
Could you give me 2 or 3 key points to convince me and other angel investors invest in #OKB OKEx in long-term?
OKEx, buyback and burn, and OKChain
Marketing is a leading element for every project. So what is your strategy to attract customers and investors to $OKB in the long term?
We will perform more meaningful campaigns like this AMA and continue to educate people about the potential values of OKB.
Presently as at today, can we possibly use OKB in real life for payment?
Yes you can take taxi in SGP, do online shopping in Krea
What is relationship between okt and okb? They are the same or not ? What can we use themfor? Can you explain clearer?
OKB holders will receive the airdrop of OKT genesis blocks. Please read the above question and its answer.
I care about incentivization, what incentives are in place for me to Hold OKB? Do you have a staking or mining program with OKB whereby I can earn passive income? Do you have a fiat gateway for me to buy with my Country currency?
You can save OKB on OKEx saving and get passive income. And also with holding OKB you can join in OKEx jumpstart, the IEO, you can see a 20 percent increase at its debut trading.
$OKB has been great, but as an investor, we’re always concerned about the loss of hackers. So $OKB has any mode to help users like me more secure?
There has never happened one hack event on OKEx.com. So you are safe to trade on OKEx.com
With the recent economic downtrend that affected the entire crypto space, what really makes $OKB appealing to the new user? What can you say to a new investor that would convince themto use and hold $OKB?
Please look at the above quarter increase of OKB which is reported by CoinGecko. And I think you will find the answer.