Dear Valued Customers,
After 6 months of closed development, OKX's next-generation exchange system has been brought to testing. On 20 Jun, 2018 (Hong Kong time), OKX officially launches the Digital Asset Exchange Open Partnership Program and begins the recruitment of “OK Partners”. By sharing the fruits of OKX's matching system, counter system, cold wallet, hot wallet, clearing system, multilingual customer support, as well as global know-your-customer and anti-laundering system cultivated for years with our OK Partners, the program is set to nurture a new generation of digital asset exchanges characterized by high autonomy, efficiency and transparency. Aspiring teams who aim to establish their own digital asset exchanges, only need to provide their domain names, logos, operation force, and to focus on the management and operations of the exchange. OKX's global technical team, on the other hand, will provide R&D and system maintenance supports to the teams, who will share the high liquidity and advanced trading experience offered by the world-leading digital asset exchange.
The 1st phase of the program offers 100 places for participating teams. Applicants are required to deposit 500,000 OKB in their accounts, excluding the amount locked for Designated Merchant, New Listing Vote, and Prime Investors. The ideal candidates for OK Partners should possess solid industry experience, quest for service excellence, and strong industry influence. The 1st phase is expected to go online in late July. Interested parties should submit their contact person's name and phone number as well as team description to okunion@OKX.com for application.
The open exchanges will support multiple sets of transaction fee. The first 100 exchanges will run a platform token-based operation. To wit, the Program will support each exchange in issuing its own platform token. 51% of the total tokens issued should be assigned as the “Mining Portion” and 49% as “Issuance Portion”, in which 25% is owned by the exchange and 24% is distributed to OKB holders，The total available supply of OKB is 1 billion.
Mining Portion: this part of platform tokens is awarded to users on a daily basis via a “transaction mining” mechanism. From 00:00 (Hong Kong time) every day, the hourly total of a user's transaction fees is 100% rendered into the exchange's platform tokens at the hourly-average exchange rate (total turnover / total trading volume) and cumulates in the system. The daily total will be rebated to the user at 11:00 next day.
Issuance Portion: this portion of tokens will be locked-up in advance, and will be released daily in proportion to the mined tokens. The daily release amount = total issuance amount * (total amount of tokens mined the day before / total minable amount).
80% of every open exchange’s revenue will be shared with platform token holders as an incentive bonus (including only the mined Mining Portion and the released Issuance Portion). The other 20% will be reserved for the exchange's daily operations.
OKB holders will receive 24% of every exchange's platform tokens plus the incentive tokens. Distribution rules vary for different exchanges, based on their individual token release amount and incentive token practice.
We are honored to witness the birth of blockchain, the most important invention since the internet. While there are a lot of applications of this technology, the digital asset is undoubtedly the most significant one. We cannot wait to see more changes and improvement in digital asset exchanges in the nearest future, such as a ground-breaking technology that may even revamp the whole business model. Throughout the years, OKX has already devoted numerous resources in developing a truly decentralized digital asset exchange. Still, taking many factors like customers' needs and actual operations efficiency into account, a decentralized digital asset exchange is still an unfeasible idea with the current technology. That said, we will never stop innovating. And this Digital Asset Exchange Open Partnership Program, which is based on the concept of decentralization, is our best proof. We believe the program will make a difference to the blockchain industry and inspire more exciting ideas to come.
OKX Technology Company Limited
Jun 20, 2018