California Bill Would Provide Blockchain Data Legal Status

A lawmaker from California has introduced a bill that, if passed, would update the state's electronic records laws to account for blockchain signatures and smart contracts
21 February 2018   726

Assembly Bill 2658 was submitted by Assemblymember Ian Calderon last week. The bill expands the definition of electronic records and signatures. The bill, if passed, would include records and signatures on the blockchain

A record that is secured through blockchain technology is an electronic record.

According to the existing law, a record or signature may not be denied legal effect or enforceability solely because it is in electronic form. A contract may not be denied legal effect because an electronic record was used in its formation.

The bill, if passed, would make a signature on a blockchain legally enforceable.

According to the bill, it addresses data storage on the blockchain and proposes that individuals who choose to use a blockchain to secure personal information should retain the rights of ownership to their information.

California is not the first to introduce such kind of legislation. Last month representatives in Florida introduced similar legislation. Last year lawmakers in Arizona passed a bill that provided blockchain data and smart contracts with legal status.

OKEx to Launch OKChain Based Decetralized Exchange

Great role in the upcoming exchange will be played by OKB coin, which will be trasfered to OKChain as soon as its development finished
22 March 2019   110

OKEx cryptocurrency exchange will launch a decentralized trading platform on its own blockchain.

Currently, the OKChain blockchain is in the final stages of development, and its test network may be launched as early as June 2019. When the OKEx blockchain becomes stable enough, it will transfer OKB to it, which will then perform the function of the native OKChain token and be used to pay commissions, as well as in its own decentralized network applications.

The primary purpose of OKChain is to launch the OKDEx decentralized exchange, where the OKB token will be used to participate in presales. In addition, project teams will use OKB tokens to pay the service fee to the super nodes of the network.

While the total volume of OKB emissions is 1 billion, 300 million tokens are in circulation today, and 700 million remain blocked. Of this number, 300 million OKB will be distributed to users through the loyalty program, and 400 million belong to the OK Blockchain Foundation and the exchange team. However, for a more efficient formation of the OKB ecosystem, the blocking period of these 700 million tokens will be extended from 2020 to 2022, writes OKEx.

In addition, OKB will be the only token to be accepted during the initial exchange offerings (IEO) on the OK Jumpstart platform, announced earlier this month. According to the company, it is currently negotiating with various projects and will soon announce the launch of the first IEO on OK Jumpstart, for which investors will be admitted who have passed personal verification and have OKB tokens in their accounts.