About USDK

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

USDK is one of the new stablecoins on the block. OKEx is the company behind the engineering of this stablecoin. The establishment's main aims were; provision services containing high reliability, transparency, and security. How is all the above achieved? Let's get to that.

Among the companies that have rippled the cryptocurrency market is OKEx, a Malta-based organization. This has extensively aided the crypto market investors in evasion of volatility-related issues. In the ling-list of problems to be addressed by OKEx, USDK stablecoin are; constraints associated with third-party auditing and transparency boost.

However, for you to have total comprehension of what USDK is, let's take a brief look at what stablecoins are.

What are Stablecoins?

These are cryptocurrencies designed to possess a greater degree of immunity against market volatility. Consequently, they tend to get adoption more relative to traditional cryptocurrencies. Moreover, a stablecoins value gets pegged to other stable assets, such as fiat currency or gold investments. On the other hand, we have a couple of them that undergo government by blockchain protocols that monitor and ensure the coin's stability in the event of market fluctuations.

Lastly, stablecoins give privacy, transparency, and security to digital assets backed up by the traditional currency's stability.

What is the USDK stablecoin?

USDK exists as an ERC-20 token launched via a collaboration between two key companies; OKEx's OKLink, a blockchain technology company, and the US-Licensed Trust Company, Prime Trust.

OKLink handles the technological aspects of USDK Smart Contracts while the provision of Know Your Customer (KYC) and anti-monetary laundering gets carried out by Prime Trust.

USDK Coin undergoes listing on OKEX's fiat-to-token trading platform. It is listed against six fiat currencies: CNY, TRY, EUR, GBP, VND, and RUB. For every USDK token, there is a backing of $1 from The Prime Trust Account. This means that there is an assured ratio of 1:1 between the USDK and the US dollar. Consequently, there occurs a 100% reservation of monetary value. Also in place is an auditing firm that carries out monthly auditing. The latter is an advantage to the promotion of transparency in the community's eye.

How do I use USDK?

The USDK token comes in handy, especially when incorporated into an investor's trade strategy. For this, we thought it wise to share some of these crucial niches and loopholes to facilitate a seamless crypto-mining experience.

For amateur/ beginner level, take a look at this;

• USDK Coin can be utilized as a safe store of value. This helps avoid unnecessary market volatility.
• The USDK stablecoin is among the best avenues used to transact with very decimal fees amidst supersonic settlement.

What makes USDK Coin outstanding?

When looking at exclusive privileges vested on solely USDK token customers, we come across a range of them.

Firstly, USDK on OKCoin acts as a cost slasher. There is a provision of low prices. The current withdrawal fees are currently the least, "at .5 USDK". If we were to compare the price with some counterparties, we would affirm the former claim.

The OKCoin rests a platform facilitating digital exchanges; moreover, it also offers high market liquidity and secured transactions. Once compliance, security, and transparency of stablecoins on the blockchain are guaranteed, these forms of assets prove to come in handy for retail and institutional customers.

USDK tokenomics

The USDK token for a price of $1, the current market cap lies at $32,339,188, with a market cap dominance of 0.01% of the total market cap. The trading volumes follows at $50,587,428 with a 24 hours low of roughly about $0.996229 with the high laying at $1.01. USDK ranks in position 235 in the Market Cap Rank. Currently, it possesses a USDK to Bitcoin ratio of 19284.82: 1, respectively.

How does USDK work?

See, if a user wishes to acquire some USDK tokens, there are key stages that need to be followed.

Let us assume a user wishes to acquire USDK tokens in exchange for US dollars. This process of transformation of US dollars to USDK tokens gets referred to as tokenization. A user will follow the following procedural layout;

• Sending of a particular amount of US dollars to the issuer's account, wherein our case, Prime Trust run escrow accounts.
• Once the fiat currency reaches the issuer's account, the issue validates the tokenization of an equivalent worth of USDK tokens.
• However, here it is important to note that USDK Smart Contracts run this whole process. "What are Smart Contracts?"You may ask. These are pre-defined commands awaiting execution. But, for a complete performance, there are sets of requirements prompting to be met.
• Lastly, once the USDK Smart Contracts tokenize, the minted token gets delivered to the user for use.

However, it is crucial to note that if a user wishes to redeem USDK tokens for the US dollars, the procedural conduct is assimilating the tokenization one elaborated above. The difference lies like a request; as for withdrawal, a redemption request is sent.

Moreover, once USDK tokens are redeemed, the USDK Smart Contract's operator OKLink/ OKCoin must ensure they get removed from the circulating supply. This simple step helps keep the USDK Coin's price stable.

How to mine USDK

At first, mining was difficult, but currently, mining is enabled. We all have a brief idea of what gadgets to use, but some lack this crucial information; keep on reading below.

For beginner mining, one invests in the acquisition of a GPU. The GPU running from a Personal Computer helps simplify the mining process as it possesses the required abilities. However, if one intends to accrue significant returns, we would advise the utilization of ASICs. These are software designed to bear the heavy energy and computational power to mine USDK tokens effectively.

In this process, miners have to crack very advanced Mathematical problems before acquiring new chains that get added to the blockchain. For this, they get rewarded and supported. However, we should note that the higher the number of miners, the higher the level o mining difficulty.

Where to store the Coin

Once mining is done, or after buying your token in Poloniex or any other exchange, a dire need to have storage for the tokens mined. Equipped for this activity lie the following wallets;

• Hardware wallets; that operate on offline mode. The only time one needs to go online is just when making a payment. Examples include; Ledger and Trevor.
• We also have online wallets, which are deemed to the most convenient. In other words, most cryptocurrency investors utilize them due to their easily accessible and secure nature. Here, storage is done on a shared server, which is operated from a shared server. Examples of these wallets include; Exodus, Coinomi, MetaMask, and JAXX.

However, it is essential to note that the wallet utilized is Ethereum enabled. This helps loss of funds due to deposits, which lead to the vanishing of money if the wallet is not Ethereum compatible.

Our take on USDK

From the look of things, it appears as the token seems to be a promising investment to venture into. For this, we see third-party auditing and regulation. We also see tremendous economic growth since its establishment. We can infer that the USDK token has met the necessary threshold requirement to be deemed safe and reliable in this light.

Advantages and Disadvantages.

In everything, there lies the element of duality. Due to this, we take a look at the pros and cons;

Advantages

• Security against unnecessary volatility in the market base.
• Security and enhanced levels of transactions within the blockchain.

However, there arises one problem;

The inclusion of third-party on several ends of the whole scheme risks hacking and malicious intervention.

Final Verdict

In a nutshell, The USDK token from OKEx has proven worthy. The blockchain serves its useful purpose, and being up for grabs, investors opt to take a good look at this altcoin.