OKEx has listed its token, Polkadot, on its trading platform. This announcement was made on July 17. The DOT spot is trading against the TEther USDT stable coin as of 8:00 am UTC time on July 18. Technology behind polkadot allows a developer to create a new blockchain in an hour.
In the announcement, OKEx said that DOT transactions are not supported yet. The tokens can only be gotten by claiming them on the main network from Ethereum's blockchain. The OKEx also shared a detailed guide on how a person can claim the ERC20 DOT tokens on the main network in a way that makes them available on the exchange.
On the OKEx, no date was announced for the DOT transaction availability. The exchange did promise tat it will launch some additional trading pairs within the next few months. In the announcement, it was explained that Polkadot is the first project from the Web3 Foundation of Switzerland. It plans to connect private and consortium blockchains. It will also pair public and permisionless networks. It may include oracles and future technologies that have yet to be created.
Jay Hao is the CEO of OKEx. He explained that the system is needed in the current network setup. One of the biggest problems with blockchain is the interoperability of Polkadot. He said it will play a big role in allowing more blockchains to communicate, perform transactions and share data. Cross-blockchain transfers of all data and tokens could prepare the cryptocurrency ecosystem for the internet of the future.
Hao shared that he does not expect this to happen overnight. However, he does expect a transition to more decentralized apps. He added that cryptocurrency will play a big role in the future of the internet. As the world moves away from cash, these assets will be added to blockchain. One might find gold, real estate or stocks there. Cryptocurrency will be a way of transferring value to devices. Polkadot will allow data to transfer, too. The entire future network may result in less red tape and faster transactions of all types in all places.