OKX has become a key validator node in the exSat network to enhance Bitcoin’s scalability and interoperability.

The cryptocurrency exchange OKX announced on Sept. 16 that it has joined the exSat Network as a validator node. This partnership aims to improve Bitcoin’s scalability and interoperability by leveraging exSat’s data consensus extension protocol, which combines proof-of-work and proof-of-stake mechanisms.

Enhancing Bitcoin’s Network Efficiency

The exSat Network is designed to bridge Bitcoin’s mainnet with various layer-2 scaling solutions, addressing challenges related to transaction speed and data consensus. By participating as a validator, OKX will help secure the network and maintain its integrity.

With this move, OKX joins other blockchain firms in exSat’s efforts to scale and improve Bitcoin’s network efficiency.

OKX’s Role in Boosting Bitcoin’s Scalability

OKX stated that this collaboration marks a significant step towards advancing Bitcoin’s scalability and expanding the functionality of the Bitcoin ecosystem. It is expected to unlock Bitcoin beyond traditional transactions.

ExSat’s solution aims to streamline the querying of Bitcoin and other ecosystem tokens, facilitating smoother asset and data flows across networks. The network also allows blockchain developers to create decentralized applications using Solidity, the programming language for writing smart contracts on Ethereum.

Validators on the exSat Network are required to stake over 100 Bitcoin — approximately $5.49 million at current market prices — as well as exSat’s native token, XSAT, to qualify for revenue rights.

It remains unclear how much OKX has staked to secure its position as a key validator.

Stay updated with the latest developments in the cryptocurrency world by exploring more news on Global Crypto News.

Post Views: 4