About OKB

OKB Coin Review: Mining Guide, Price & Analysis of OKB Cryptocurrency

OKB is a platform trading token issued by OK Blockchain Foundation. Additionally, it is a utility token. This means that you can use the coin in many scenarios, including purchasing items. OKB is an Ethereum based ERC-20 token.  OKB is one of the foundational infrastructures of the OKEx trading platform. Holders of OKB can enjoy exclusive functions on the OKEx platform. Moreover, they receive discounts when paying with OKB coins. Even better, there are other places to spend their OKB coins within the OKEx ecosystem.

In a way, OKB coins success depends on the success of the OKEx platform. When OKEx sees more adoption, then OKB coins see a rise in value. OKEx is currently the 12th best cryptocurrency exchange in trading volume. As a result, the OKB coin is seeing some success in the markets. It currently ranks 56th in market cap share.

How the OKB Works

As mentioned, the OKB coin is a utility coin for the OK Blockchain Foundation ecosystem. First, it facilitates payments on the OKEx exchange. This is the central platform in the ecosystem. It hosts the exchange of cryptocurrencies. Additionally, it allows users to have spot trading, margin trading, futures and perpetual contracts and options.

OKEx is an innovative cryptocurrency exchange. It relies on the blockchain technology to provide financial services. This is the next generation of financial exchanges. OKEx makes it possible for anyone to trade cryptocurrencies. Moreover, OKB coins have a technological advantage. OK Blockchain Foundation initially launched OKB coins on the Ethereum blockchain. However, they recently migrated the coin to the OKChain mainnet. Additionally, they launched the OKT token. 

The OKT token provides more flexibility and freedom within the ecosystem. OKT is the coin that powers the OKChain blockchain. The various aspects of this ecosystem work together to provide the various services to users. In turn, cryptocurrency enthusiasts are adopting the different services of this ecosystem. This is one of the reasons why OKEx sees such success in the exchanges space. The other reason is that it provides diverse financial services. The ability to purchase cryptocurrencies, futures and other assets in one platform is intriguing.

The Ecosystem

It is important to look at the various aspects of this ecosystem. This will help us understand the actual value of the OKB coins. The ecosystem includes OKEx, OKChain, OKEx Cloud and OKEx Jumpstart. The OKChain is the company’s proprietary blockchain. The company encourages developers to develop applications on this blockchain. To demonstrate its usage, they launched OKEx DEX, the first dApp based on OKChain.

OKEx Cloud allows users to build their own exchanges fast and securely. Developers do not have to worry about underlying technology when using OKEx Cloud. It is a revolutionary technology. Moreover, OKEx Cloud provides a lot of advanced features. These include order matching systems, secure wallets, and shares liquidity. Further, OKEx Cloud offers clients market depth analysis. OKEx Jumpstart is simply an incubation program for high-potential projects. This project helps early entrepreneurs maneuver the early stage of their projects.

Can Investors Mine OKB Coins?

No, investors cannot mine OKB coins. Initially, the total supply of OKB coins was 1 billion. However, once 300 million tokens got into the market, the management decided to burn the rest of the coins. This means that OKB is the only platform token which is fully in circulation.
Further, OK Blockchain Foundation uses a buy-back and burn system. This is where they buy back some of the OKB coins in the secondary market and burning them. This process ensures that the value of OKB coins does not drop drastically. OK Blockchain Foundation uses 30% of the profit from transaction fees to repurchase the coins.

OKEx Fees and Limits

Like many exchanges, OKEx involves some transaction fees. As expected, there are no deposit fees. However, OKEx charges different trading fees to normal and VIP users. Normal users are put into tiers according to the number of OKB coins they hold. On the other hand, VIP users are put into tiers based on their trading volume. Different charges apply based on the tier level a user is in. Additionally, there are different withdrawal charges. 

To withdraw, users must perform a KYC at OKEx. This happens on a three-level approach basis. Level 1 users have to specify personal information, including their password number. They have a withdrawal limit of up to 200 BTC every 24 hours. Level 2 users have to upload a copy of their identification. Users of this level can withdraw up to 500 BTC every 24 hours. Level 3 users have no withdrawal limit. However, they have to do a video verification.

Privacy and Security

The developers of OKEx take security very seriously. As such, there are several security features on the platform. First, the token security uses the core private key encryption algorithm. Moreover, OKEx uses cold and hot wallet technology. The OKEx team developed this technology. It is the most advanced privacy key technology in the industry. Therefore, users can operate with absolute privacy. Further, OKEx improves fosters security using the following ways:

• 2-factor authentication.
• Mobile verification code for security settings and withdrawal.
• Email verification codes.
• These security features should be enough to keep any system secure. This is probably why OKEx has never had an attack.

Our Take on OKB Coins

OKB coins are seeing a lot of success in the markets. This is no coincidence. The OKEx exchange is one of the top exchanges in trading volume. Consequently, its utility coin, OKB, gains in value. OKB coins give users an added advantage when using the OKEx exchange. 
Further, there are several other products in the OKEx ecosystem. These products give developers and users a wide range of services. This also gives OKB coins more use cases. 

All in all, OKB is a healthy and reliable token. It is secure and has a lot of use cases. The adoption of OKEx by cryptocurrency enthusiasts may see this coin skyrocket in value. It is definitely a coin to keep an eye on.

Advantages

• OKEx offers a wide range of financial services.
• The Platform coins are the only coin that is in full circulation.
• The Crypto coins are fast and secure and have a wide range of use cases.
• It has its own blockchain. 

Disadvantages

• OKEx has withdrawal limits.
• OKEx faces stiff competition.

How to Buy OKB Coins

Seeing the value of OKB coins, you might want to add it to your portfolio. The easiest way to do that is to purchase the coin. Fortunately, several exchanges host the trade of OKB coins. These include Bitfinex, OKEx, Hydrax Exchange, Dsdaq, HBTC and Xtheta Global. It is impossible to tell the direction that OKB coins will take. Holding the coins to sell at a later date is a gamble. The price of one OKB coin currently stands at $5.15. The 24-hour trading volume is at $59,003,775. 

Final Verdict

OKB is a disinflationary currency. The developers work very hard to keep the value of the coin very high. That is why they have in place the buy-back and burn system in place. We expect the value of OKB coins to stay up as long as users use OKEx exchange. However, it is impossible to predict what will happen with this coin. OKEx is facing stiff competition from other exchanges.
Nonetheless, OKB coins still rank 57th in market cap share on Coinbase.