CoinDCX unveils streamlined web3 development in India

CoinDCX, one of India’s leading crypto exchanges, has introduced the Okto Orchestration Layer and Okto Chain, designed to simplify the integration of blockchain technology and improve web3 usability across various ecosystems.

According to a press release shared with Crypto.news, the exchange said the new chain aims to provide users with a seamless experience reminiscent of web2 platforms by using chain abstraction.

Okto Chain offers an orchestration layer that supports developers to create advanced web3 applications without delving into the complex features of each blockchain. The platform also includes access to a library of simple SDKs and pre-built Blocks, enabling efficient application development.

CoinDCX emphasized that Okto Chain’s core operations will be facilitated by the newly introduced OKTO token, which is vital to maintaining network security and supporting the growth of the chain.

The chain launched with over one million users on the Okto Wallet App and more than 20 decentralized applications (dApps) developed within its framework. Standing out as the first wallet built on this chain, Okto Wallet aims to offer an advanced trading experience with its built-in chain abstraction features.

Additionally, CoinDCX launched the first season of its Okto Wallet points program, which rewards users for their transactions on the chain. Bonus Okto points are awarded to all current self-storage wallet holders who can access their points through the Okto website.

CoinDCX describes the Okto chain as a public chain that is more secure and decentralized, designed to facilitate broader participation by validators who contribute to the security of the chain and receive rewards. Its public nature increases accessibility and composability, allowing developers to create applications without restrictions, thus improving the ecosystem for both developers and end users.

Okto SDK simplifies the development process by eliminating the need for developers to deal directly with blockchain complexity. This support is especially useful for those new to blockchain technology who face challenges such as emergency management, gas fee estimation, and multi-chain coordination.

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

Khandelwal added that the Okto chain is designed to foster a broad ecosystem of app developers and users, but aims to complement established chains like BNB Chain, not directly compete with them.

In September 2020, Binance Smart Chain was launched as a parallel blockchain to Binance Chain to offer a faster and more cost-effective alternative to the Ethereum network. Now rebranded as BNB Chain, it has rapidly expanded to become the third largest decentralized finance (defi) ecosystem and is home to numerous successful defi projects with total assets exceeding $22 billion.

Details about the Okto ecosystem’s long-term sustainability mechanisms, such as staking and rewards, are expected to be covered in detail in the second version of the whitepaper.

Meanwhile, the Okto chain leverages asynchronous grouping of transactions and leverages scalable modular infrastructures within the blockchain space, contributing to its efficiency and scaling capacity.