We all know that blockchain technology has only started since 2008 and has evolved into an entire industry. Many cryptocurrencies are entering the market at a rapid pace, and new blockchain technologies are emerging in the cryptocurrency scene to support the wider acceptance and application. Beyond that, most exchanges in the cryptocurrency are centralized, which has been the norm so far. Imagine the irony of cryptocurrencies talking about economic decentralization being traded and stored in centralized exchanges and wallets. Fortunately, this model is also changing, as many people in the cryptocurrency believe that the era of centralized cryptocurrency exchanges must come to an end.
In the last article What is the future of blockchain, the final solution of the centralized exchange has mentioned.
Decentralized exchanges are based on the blockchain and do not store user funds and personal data on centralized servers and are managed by institutions. Instead, they match buyers and sellers of digital assets through smart contracts for point-to-point transactions.
Decentralized exchanges are an important part of decentralized finance (DeFi), which has higher barriers to use but lower moral, technical and regulatory risks than centralized finance (CeFi).
Today we’re going to talk about the characteristics of OCEANSWAP. OCEANSWAP is the second generation of an entirely new decentralized exchange, which is still constrained by the performance of the underlying public chain and will run on smart contracts.
OCEANSWAP uses the platform governance token OCE to expand the entire incentive mechanism, so as to encourage and expand the platform users at the same time, enabling them to have a smooth and healthy childhood period. OCEANSWAP knows what users mean for an exchange, and that’s the significance to launch the OCE in the early period of launching online.
Because the OCE’s rewards could attract enough users for OCEANSWAP to get through its infancy period. At the same time, the strong user base will provide OCEANSWAP with an extremely deep trading depth and sufficient security support for trading large digital assets, and the actual price difference due to the slippage won’t appear in OCEANSWAP. The OCE will be launched as soon as the platform is launched, and it will be endowed with great capabilities:
- As 10% to 50% of the transaction fee, you will receive an airdrop of the equivalent value of platform token;
2. Whether the new currency can be listed or not shall be decided jointly by the holders of the platform token, instead of charging listing fees and so on, which to completely solve the current disordered trading environment;
3. The holder of platform token can enjoy 80% of the platform’s rewards and continue to use the service charge to destroy the platform token;
4. Investment properties of platform token brought by the above applications.
We found that the detailed allocation mechanism in the token allocation introduction of the OCEANSAWP white paper, where only a small portion of the token is allocated to the early subscription, user expand bonus, and development team bonus. Most of it is used for liquidity mining rewards.
We noticed that 17.5 million of OCE were mined by smart contracts by the POS+POW dual consensus mechanism. The whole network hashpower of block rewards for OCE is 50 for every 10 minutes (including POS for 25 every 10 minutes and POW for 25 every 10 minutes). In order to achieve better development and sustainability of OCE, when the number of common target addresses increases by 5000, the output will decrease by 5%, and so on. With the increase of hashpower of the whole network, the mining difficulty will become even higher. When the number of users has skyrocketed, then the consensus value of OCE will also become even higher.
The USDT or ETH assets held by the user are the user’s POS basic hashpower. The ratio of 20% of the assets to OCE will generate the hashpower of the optimal balance algorithm, and the asset utilization rate is the highest. Otherwise, and the minimum value of the mainstream assets and the OCE assets is the effective hashpower after the OCE assets are multiplied by 5 times. The POW hashpower of the user is determined by the effective POS hashpower of each user in the user consensus group.
OCEANSAWP is different from previous exchanges in that all of the users participating in the OCE liquidity mining have the assets they deposit and the rewards from the mining in their hands. Different from previous projects, users will deposit the assets in their own wallets for mining ensures the security of more than 80% of the principal of the user’s assets.
Within the OCE mechanism, there are no mandatory restrictions for all users. The user can choose freely to participate in OCE mining. Every user only needs to pledge 20% of the principal of OCE to have hashpower and obtain rewards by POS mining, and through OCE liquidity mining can also have POW hashpower and obtain corresponding rewards. The OCE has a super-high POW mining rewards, which encourages the formation of consensus relations. With the increase in the value of OCE, users can get the double benefits of mining rewards and currency appreciation.
As I said just now, every user involved in liquidity mining needs to pledge OCE of 20% of the principal value of mining, which also ensures that the premise of OCE mining is to provide sufficient market purchasing power; The model of periodic decline of mineral extraction with increasing address number also provides the possibility of sustainability for OCE. The complete economic logic will lead to a steady rise in the value of the OCE.
The OCE has dual consensus mechanism, and this mixed consensus mechanism provides equal opportunities for all miners, and any group can participate in the mining. The way of POS and POW double blocks output way will provide two-way selectivity for users to participate in the liquidity mining. At the same time, the rule of increasing address and decreasing output can also promote the sustainable development of OCE. The value of OCE will be guaranteed with the increase of hashpower and mining difficulty of the whole network.
In conclusion, OCEANSAW will welcome all blockchain applications to OCEANSWAP with an open mind and guide all platform users to create the most secure, convenient, efficient and rich world-class decentralized exchange together.
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Ireland Daily News journalist was involved in the writing and production of this article.