The new token, released by OKEx, called OKB and was originally based on the ERC-20 standard.
As the exchange’s message says, at the moment a significant part of the information regarding OKB is still confidential, and additional details will be disclosed soon.
Nevertheless, the exchange already declares that the launch of the token does not imply an ICO. In addition, in the future, OKB will be transferred to its own OKChain exchange. OKB will become a key part of the architecture and development of the exchange, while it will be accepted not only on OKEx, but also in other projects of the company.
In total, it is planned to issue 1 billion OKB tokens, 50% of which will be distributed free of charge to OKEx users, which will allow them to take a more active part in the further development of the exchange.
In addition, as the exchange explains, 20% of tokens (200 million) will be reserved for developers. During the first year they will not be available for withdrawal, after which they will be issued at a rate of 20 million per year.
Another 10% (100 million) of tokens will be sold to the world financial institutions at a price of 1ETH = 2000 OKB. 50% of them will be “locked” for the first six months. Another 10% will be transferred to early investors with a grace period of 2 years and the operational activities of OK Blockchain (3 years), respectively.