CoinDCX introduces efficient web3 development in India
CoinDCX, a leading Indian cryptocurrency exchange, has announced the launch of the Okto Orchestration Layer and the Okto Chain, which are designed to simplify the integration of blockchain technology and improve web3 usability across different ecosystems. The new chain aims to provide users with a seamless experience similar to traditional web platforms by utilizing chain abstraction. The Okto Chain introduces an orchestration layer that assists developers in creating advanced web3 applications without the need to understand the complexities of each blockchain. The platform also offers SDKs and a library of pre-built Blocs to facilitate efficient application development. The Okto Chain operates using the OKTO token, which is essential for network security and the growth of the chain. The chain is already in operation, with over one million users on the Okto Wallet App and over 20 decentralized apps being developed on its framework. CoinDCX has also launched the Okto Wallet points program, which rewards users for their transactions on the chain. The Okto Chain is described as a public chain that is secure and decentralized, allowing for broader participation by validators and enhancing accessibility and composability for developers. The Okto SDK simplifies the development process by removing the need for developers to engage directly with blockchain complexities. The Okto chain aims to complement established chains such as BNB Chain rather than compete with them. Further details about the long-term sustainability mechanisms of the Okto ecosystem will be provided in the version two release of their whitepaper. The Okto chain utilizes asynchronous batching of transactions and benefits from scalable modular infrastructures, making it efficient and scalable. CoinDCX is also considering a return to the Indian market as an FIU-compliant platform.
