Outside Source
OKX has joined the exSat network as a key validator node to help enhance Bitcoin’s scalability and interoperability.
Cryptocurrency exchange OKX announced in a Sept. 16 press release that it has joined the exSat Network as a validator node. The partnership is expected to improve Bitcoin’s scalability and interoperability by leveraging exSat’s data consensus extension protocol, a hybrid mechanism that combines proof-of-work and proof-of-stake.
The exSat Network, rolled out by EOS Network in April, is designed to bridge Bitcoin’s mainnet with various layer-2 scaling solutions, addressing challenges related to transaction speed and data consensus. By participating as a validator, OKX will assist in securing the network and maintaining its integrity, according to the press release.
With this latest move, the crypto exchange joins several other blockchain firms, including Bitget and HashKey Cloud, in participating in exSat’s efforts to scale and improve Bitcoin’s network efficiency.
OKX to boost Bitcoin’s scalability with exSat
OKX stated that the collaboration marks a “significant step towards advancing Bitcoin’s scalability and expanding the functionality of the Bitcoin ecosystem.” It is expected to unlock Bitcoin “beyond traditional transactions.”
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 blockchain developers to create decentralized applications using Solidity, the programming language used for writing smart contracts on Ethereum.
As crypto.news 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 exSat’s native token, XSAT, to qualify for revenue rights. However, it remains unclear how much OKX has staked to secure its position as a key validator.
This article first appeared at crypto.news
