JPMorgan’s ‘Quorum’ Chain set in South African Bank

The pilot of ‘Project Khokha’, JPMorgan’s Ethereum blockchain has successifully been finished in the South African Reserve Bank (SARB)
06 June 2018   1296

The results of pilot  were detailed in the official statement claiming that Project Khokha’s major goal was “to build a proof of-concept (PoC) wholesale payment system for interbank settlement using a tokenized South African rand on distributed ledger technology (DLT).” When the bank is not yet going to override its existing settlement systems and change them with blockchain technology, Deputy Governor of the Central Bank Francois E. Groepe declared that Khokha could act as a standby layer.

With the help of the pilot it was proved that the South African payments system ordinary daily volume of transactions “could be processed in less than two hours with full confidentiality of transactions and settlement finality.” It took about 2 seconds for each distinct transaction to be confirmed.

Khokha made use of Range proofs and Pedersen engagements. As informed in a TrustNodes report, these concepts act as “a method to hold balances in a random number format so that you can not tell the balance of each participant,” in order to  ensure privacy. The project also was able to achieve each one of the subsidiary goals it set out for, including “ to build on the initiatives previously undertaken by global peers and to gain further insights on DLT developments in a South African wholesale payments context.” It was also stated that the project had supplied an important opportunity “to explore the type of collaborative innovation that is expected to become more common.” 

Also, according to the report, despite there are still “many issues to consider” before a blockchain system can be fully adopted, the project has provided the necessary basement for “future collaborative work.”

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   108

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.