Cryptocurrency exchange OKX announced 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, a hybrid mechanism combining proof-of-work and proof-of-stake.
Joining the exSat Network
On September 16, OKX announced in a press release that it has become a validator in the exSat Network. This network, developed by EOS Network in April, is designed to bridge Bitcoin’s mainnet with various layer-2 scaling solutions. OKX’s participation as a validator will help secure the network and maintain its integrity.
Goals and Objectives
OKX stated that the collaboration marks a significant step towards advancing Bitcoin’s scalability and expanding its functionality. 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 enables developers to create decentralized applications using Solidity, the programming language for Ethereum smart contracts.
Role of OKX in exSat Network
As reported earlier, validators on the exSat Network are required to stake over 100 Bitcoin — approximately $5.49 million at current market prices — as well as the exSat token, XSAT, to qualify for revenue rights. However, it remains unclear how much OKX has staked to secure its position as a key validator.
OKX's latest move strengthens its position in the market and contributes to the development of Bitcoin's network infrastructure, providing new opportunities for scalability and enhanced interoperability between blockchain networks.
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