CoinDCX, a premier Indian crypto exchange, has unveiled the Okto Orchestration Layer and the Okto Chain, designed to simplify the integration of blockchain technology and enhance web3 usability across diverse ecosystems.
Per a press release shared with crypto.news, the exchange said the new chain aims to provide users with a seamless experience reminiscent of web2 platforms by employing chain abstraction.
The Okto Chain introduces an orchestration layer that supports developers in creating advanced web3 applications without delving into the complex specifics of each blockchain. The platform also includes straightforward SDKs and access to a library of pre-built Blocs, enabling efficient application development.
CoinDCX emphasized that the underlying operations of the Okto Chain would be facilitated by the newly introduced OKTO token, which is vital for maintaining network security and supporting the chain’s growth.
The chain has already commenced operations, boasting over one million users on the Okto Wallet App, along with over 20 decentralized apps (dApps) being developed on its framework. The Okto Wallet noted as the first wallet built on this chain aims to offer an enhanced trading experience with built-in chain abstraction features.
Furthermore, CoinDCX has launched the first season of the Okto Wallet points program, which rewards users for their transactions on the chain. Bonus Okto points have been issued to all existing self-custody wallet holders, who can access their points via the Okto website.
CoinDCX describes the Okto chain as a public chain designed to be more secure and decentralized, facilitating broader participation by validators who contribute to the chain’s security and receive rewards. Its public nature enhances accessibility and composability, permitting developers to create applications without restrictions, thereby improving the ecosystem for developers and end-users alike.
The Okto SDK simplifies the development process, removing the need for developers to engage directly with blockchain complexities. This support is particularly beneficial for those new to blockchain technology, facing challenges such as nonce management, gas-fee estimation, and multi-chain coordination.
“Okto solves this problem with ‘Orchestration Layer’ SDKs that facilitates coordinated actions across diverse chains, improving application programmability and efficiency,” Neeraj Khandelwal, co-founder of CoinDCX and Okto, told crypto.news.
Khandelwal added that while the Okto chain is designed to foster a vast ecosystem of app developers and users, it does not aim to compete directly with established chains such as the BNB Chain but rather to complement them.
In September 2020, Binance Smart Chain was launched as a parallel blockchain to Binance Chain to offer a faster and more cost-effective alternative to the Ethereum network. Now rebranded as BNB Chain, it has swiftly expanded to become the third-largest decentralized finance (defi) ecosystem, hosting numerous successful defi projects with combined assets exceeding $22 billion.
Details about the long-term sustainability mechanisms of the Okto ecosystem, such as staking and rewards, are anticipated to be elaborated in the version two release of their whitepaper.
Meanwhile, the Okto chain utilizes asynchronous batching of transactions and benefits from scalable modular infrastructures within the blockchain space, contributing to its efficiency and capacity for scaling.