Clients may now deposit API3 and Harmony (ONE) on the Okcoin platform.
Here’s what these projects are all about, according to an update from Okcoin.
As noted in the update, you can now deposit API3 and ONE against USD on Okcoin. This offer is for all Okcoin customers including those in the United States, “except for residents of the EU, the UK, Singapore, and Brunei.” Deposits are live “as of October 11 at 9.30 AM PST.”
Withdrawals and trading “will be live soon.”
As explained in a blog post, API3 was “founded with the goal of providing a blockchain-native, decentralized API service without the use of third parties.” API3 allows smart contracts “to establish direct connections with APIs and receive accurate and up-to-date information.” API3 thereby seeks “to forego the problem of DApps not being able to receive services from traditional API providers in a decentralized way.”
Since its launch, the project “has struck partnerships with numerous blockchain projects including Fantom Opera Network, Glitch Protocol, Omen Prediction Markets, Plasm Network, Bird.Money, Open Bank Project, Sovryn, and Pocket Network.”
As mentioned in the update, it’s well known that Ethereum’s popularity has “come with some scalability challenges.” Opinions differ as to “what the solution(s) may be but Harmony, a decentralized smart contract platform, hopes to plot itself as one of them.”
Harmony reportedly “offers quick transactions, low gas fees, and the ability to interact with other blockchains.” Its native token, ONE, is “used for paying transaction fees, for staking, and for taking part in the platform’s governance.”
To achieve scalability, transactions need “to settle quickly.” Harmony attempts to do that by employing “a method called state sharding, which breaks a chain into segments that process transactions and store data at the same time.”
Harmony has “a thousand nodes spread across four shards, which work to produce new blocks every two seconds.” Thanks to sharding, Harmony aims “to process 2,000 transactions per second (TPS) and catch up to Visa, one of the world’s largest payment networks.”
Harmony has also been “getting attention for its potential in the NFT space.”
The project’s Ethereum compatible blockchain “supports all major NFT standards, including HRC721 and HRC1155.” Due to this hyper-connectivity, NFT owners now “have the ability to display their assets in a variety of environments, most notably with the example of the Bored Ape Yacht Club passport.”
This technology, according to Harmony, “further confirms the web3 vision of a world with decentralized access and ownership of content enabled by NFTs.”
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