Ethereum Virtual Machine (EVM) compatibility has been announced by OKExChain, a transparent and open-source truly decentralized platform and a brainchild of OKEx, the leading crypto spot, and derivatives trading platform.
A component of the Ethereum network, the EVM enables and manages deployment and execution of smart contracts which makes the creation of dApps (decentralized applications) possible.
With the establishment of compatibility, OKExChain is now able to support the migration of projects from the Ethereum blockchain. Moreover, developers are now given the chance to create dApps for the ecosystem by leveraging industry-standard practices that are implemented within the Ethereum protocol.
The open-source OKExChain was developed with the intention of giving the trading community a high-quality decentralized financial structure through community-based projects.
Developers and users of dApps benefit from the platform’s ecosystem that provides transparent and clear trading rules. Moreover, both parties also enjoy autonomy and complete control of their asset at all times.
The trading dApps that are on the OKExChain have the capacity to handle high volume and high-frequency trading activities, owing to the fact that the platform has low gas fees and higher transaction processing characteristics.
Years of research and development
“OKExChain is the end result of over three years of dedicated research and development from the technology team, and I am beyond excited to share this open-source and truly decentralized ecosystem with the rest of the community,” said OKEx Director of Financial Markets Lennix Lai.
Lai also added that OKEx envisions a world where different blockchains won’t segregate traders. Instead, there must be a system where traders will be able to seamlessly trade assets across various chains with a decentralized ecosystem.
Finally, the official said they are looking forward to welcoming more developers to establish trading dApps on OKExChain.
Image courtesy of Cointelegraph News/YouTube