CoinDCX, a leading Indian cryptocurrency exchange, recently announced the launch of the Okto Orchestration Layer and the Okto Chain. This development aims to streamline the integration of blockchain technology and improve the usability of web3 across various ecosystems. The initiative seeks to offer a user experience akin to that of traditional web2 platforms through the innovative concept of chain abstraction.

Enhancing Web3 Application Development

The Okto Chain introduces an orchestration layer that is a boon for developers, facilitating the creation of sophisticated web3 applications without the need to tackle the intricate details of each blockchain. The platform is equipped with user-friendly SDKs and provides access to a comprehensive library of pre-built Blocs, which significantly speeds up the application development process.

According to CoinDCX, the core operations of the Okto Chain are powered by the newly introduced OKTO token. This token plays a crucial role in ensuring the security of the network and supporting the growth of the chain. Since its inception, the chain has already attracted over one million users to the Okto Wallet App and is currently supporting the development of over 20 decentralized apps (dApps).

Okto Wallet and User Rewards

The Okto Wallet, which is the first wallet built on this chain, is designed to offer an enhanced trading experience that includes built-in chain abstraction features. Additionally, CoinDCX has rolled out the first season of the Okto Wallet points program, which rewards users for their transactions on the chain. Users who already have self-custody wallet accounts have been awarded bonus Okto points, which they can manage and use through the Okto website.

Security and Decentralization

The Okto chain is described as a public chain that emphasizes security and decentralization, fostering wider participation. Validators play a significant role in maintaining the chain’s security and are rewarded for their contributions. This public nature not only boosts accessibility but also enhances composability, allowing developers to create applications freely, which enriches the ecosystem for both developers and end-users.

Simplifying Blockchain Development

The Okto SDK is crafted to simplify the development process by eliminating the need for developers to directly handle blockchain complexities, which is particularly advantageous for those who are new to blockchain technology. Challenges such as nonce management, gas-fee estimation, and multi-chain coordination are addressed by the SDK.

“Okto solves this problem with ‘Orchestration Layer’ SDKs that facilitate coordinated actions across diverse chains, improving application programmability and efficiency,” explained Neeraj Khandelwal, co-founder of CoinDCX and Okto.

While the Okto chain is designed to foster a vast ecosystem for app developers and users, it is not intended to compete directly with established chains like the BNB Chain but rather to complement them. The BNB Chain itself has rapidly grown to become a major player in the decentralized finance (defi) ecosystem.

Looking ahead, details about the long-term sustainability mechanisms of the Okto ecosystem, such as staking and rewards, are expected to be further explained in the upcoming version two release of their whitepaper. Furthermore, the Okto chain utilizes asynchronous batching of transactions and benefits from scalable modular infrastructures, contributing to its efficiency and potential for scaling.

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