OEC was formerly known as OKExChain. It is a public permissionless blockchain and is not fully controlled by anyone. So, anyone can create projects in it and use the applications. OKT is the token for OEC ecosystem.
The native token of the OEC ecosystem is called OKT. If you are looking for information regarding OKT you have come to the right place. Here is detailed information regarding OKT.
What is the OEC ecosystem?
It is open-source public blockchain technology. It is created for the purpose of establishing a secure decentralized finance architecture. This can be used to create a decentralized exchange of many types. OEC is constructed by using Cosmos SDK and tender mint. Although being decentralized has its pros, it also makes it highly risky. Here are a few things you can do to reduce the risk:
- Make sure you research properly before investing in OEC.
- You need to consider that developers and users can access both main and test networks for free,
- Know the difference between main and test networks. The assets you have in test networks are valueless.
- Maintain your own privacy, you can do it by not sharing your private keys.
Price of OKT
The current price of the OEC token is 46.87 USD. This is with a 4.54 % negative change. According to coinmarketcap, it currently ranks in the 2980th position. It reached its highest price on 15th April 2021. The price was 242.23 USD. Its lowest price was on February 8 which was 35.04 USD. Its price is also equivalent to 0.001117 bitcoin.
How to use OEC
To start using OEC, you will first have to connect your wallet. OEC supports many different types of wallets. It supports OKEx wallet, MetaMask, Tokenpocket, etc. While using the wallet make sure that it is secure and trustable. Now, transfer your assets to your private wallet in order to interact with DApps and projects. You can now use OEC to explore new projects. Make sure that you perform detailed research before investing. You might be in trouble since none of the projects are regulated.
Buying an OKT
Purchasing an OKT is harder in comparison to purchasing many other coins. There are many platforms that might not trade OKT. And, most of the ones that do require either Bitcoin or ethereum. You can purchase it through coinbase, directly by cash or card.
Create an account
Before you make any transaction, make sure that you have created an account. The process is easy and you can easily create an account by adding all the necessary details. The same can be done by using the app or website, whichever you prefer. You will have to add an email as well as a secure password. After you click on create an account, you will be asked other important questions. Such as your funding details and contact number. The mobile number is important for two-factor authentication.
Buy Bitcoin or Ethereum
First of all, you will have to purchase either Bitcoin or Ethereum through Coinbase. You can choose the one you like and purchase it. You can do this by comparing the values and amount you want. It is good to buy Bitcoin because most of the exchanges support it. After you have selected the amount you want to purchase, select a funding source. after which your purchase is complete.
Use it to purchase OKT
You can now use bitcoin to purchase OKT through many platforms. After that, you can either do the exchange directly through Okex or any other platform. You will have to create an account of the platform you are using. Creating accounts on different platforms has different steps. Creating an account allows you to perform many trading activities. Other platforms that support OKT trading are as follows:
From the article, we can conclude that OKT is not a very popular token. Buying it can be a little troublesome since you can’t directly purchase it. The data shared on the OEC network is not very secure. A malware or virus could easily affect the personal data you have. Since its connection is not private and available to anyone for access it also has a high risk.
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