Draft:Okcash

Okcash is a payments system which uses the OK blockchain shared public ledger. It is a Proof of stake (PoS) Peer-to-peer (P2P) payments network intended to provide a high speed and high security money exchange service. The PoS consensus focuses on community involvement and mass adoption akin to other blockchain based technologies and services.

The Okcash sustainable staking is dictated by LTSSposv3hybrid. In PoS, validators are selected based on the amount of cryptocurrency they hold and are willing to "stake" or lock up as collateral. These validators earn rewards for authenticating the transactions giving Okcash its energy-efficient character and higher security. Okcash is compatible with any PoS system and can also work on IoT platforms.

History

Okcash was initially called PIMcash; working on the Proof of Work (PoW) consensus. It adopted the new name of Okcash along with the PoS network taking the stake-able nature with the PoS-LTSS-Sha256 mechanism. Cost effectiveness and environmental concerns were cited as the reason behind this change. Like many other blockchain based services, Okcash too, has been and continues to be supported by volunteers. Post rebranding, Okcash also launched the Okcash games and OK wallet services to bolster its user experience. For its wallet, it released dedicated versions for Ethereum, BNB Smart Chain, Polygon, Avalanche, Arbitrum, and Fantom. All these wallets are available for Android, iOS, and Web browsers through their OKcash.org website.

OK Blockchain

The OK blockchain is a shared public ledger on which the OKcash network operates. The approved transactions done by the community, are included on the OK blockchain. The blockchain’s chronological order in terms of confirming transactions and recording the events have a cryptographic enforcement system providing security to all transactions from unauthorized access.

The OK blockchain produces one block every 69 seconds. While operating as PIMcash, every PoW miner received 2000 Coins for one block in a reward. However, with the integration of LTSS PoS consensus, which came after block no. 33,186, and the initiation of halving events, the reward was cut by 50%. In the new consensus mechanism, halvings have been occurring at different scheduled times.

As a result, 501,257 locks are to be produced per year, and the block generation reward will continue to reduce by 50% till the time block 27,589,135 is produced. According to the development team at OKCash, this block number will be produced in 2070.

At present, the block reward is decided according to the LTSS PoSv2 system. This system has a rate of 22% per year. The formula used by the team to decide the reward is:

Variable block reward + variable network growth (according to the net staging percentage).

The reward amount will decrease further after the next halving event and when the platform evolves to adopt the LTSS PoSv3hybrid mechanism. In this, the formula for identifying the reward amount will be;

Semi-static block reward + predictable network growth.

The new formula after halving events won’t consider the net staking percentage.

Understanding the OKCash LTSS PoS V3

In the OKcash LTSS PoS V3 system, users can stake existing coins and hence do not necessarily need to mine new coins. As such, the larger the available holding of a user, the larger the possibility for them validating a new block.

The LTSS PoS V3  employs a hybrid design and calculation formula:

nSubsidy = (pindexPrev->nMoneySupply / COIN) * (RCOIN_YEAR_REWARD / 3) / (365 * 24 * (60 * 60 / 62.9138346197))

Okchain intend to provide transparency to the staking process and eliminate misuse to the system with the mandate for every block to undergo this calculation.The LTSS PoS V3 system provides randomized staking to specifically resolve coin age abuse issues. With randomized staking, a stake modifier variable is implemented, which runs the calculation within the proof hash parameters. OKchain also introduced continuous staking which mandates nodes to tstake coins on the network continuously ir order to maintain their weight on the network.

OK Multichain

In December 2022, OK became a multichain and became tradeable on Ethereum, Polygon (blockchain), Binance Smart Chain, Avalanche (blockchain platform), and Floyx [2]. With the interoperability of these systems, OKchain capitalizes on decentralization.

References

1. https://finance.yahoo.com/news/okcash-listed-bitmart-brings-platform-153000756.html
2. https://apnews.com/press-release/accesswire/business-online-media-industry-media-social-media-industry-online-media-79233238d2b97de26df7db1e1d732e5a
3. https://thebitcoinnews.com/okcash-registering-phenomenal-growth-in-the-crypto-world-with-interesting-passive-income-opportunities/
4. https://www.blockvalue.com/jingyan/20200724518833.html
5. https://oktoken.cash/
6. https://github.com/okcashpro
7. https://github.com/okcashpro/okcash
8. https://github.com/okcashpro/okcash/blob/master/src/chainparams.cpp