Okcoin is the first exchange in the world to offer HASH, the utility token of the Provenance Blockchain. Here’s what Hash is all about, in simple terms. 👇
TL;DR
- What? You can now deposit, withdraw, and trade HASH on Okcoin.
- Where? All Okcoin customers including those in the United States, except for residents of the EU, the UK, Singapore, and Brunei.
- When? Deposits, withdrawals, and trading are live as of April 26. 🔥
What’s Provenance Blockchain?
Whether it be custodians, payment rails or other intermediaries, most financial services come with high fees or high overhead costs.
Provenance Blockchain was built on the Cosmos SDK and runs on its Tendermint consensus mechanism precisely to address this problem. This architecture allows Provenance Blockchain to offer ledger, exchange, and disintermediated lending services all in the same place – with significant cost reductions. It also executed a number of firsts, like the creation of the first non-token loan on a blockchain, the first loan warehousing, the first securitization, and the first marketplace for blockchain securities. 🚀
The financial industry is starting to recognize the value that this technology adds to their operations. In fact, the Provenance Blockchain has already seen over $3 billion in transaction volume by over 50 financial institutions with Apollo, JAM Fintop and NYCB as strategic anchors. Provenance Blockchain has also received broad regulatory acceptance from the SEC (Figure BD/ATS), OCC (Figure and USDF consortium), FED and FDIC (USDF consortium).
What’s HASH?
HASH is Provenance Blockchain’s utility and fee token. It’s used to pay for transaction, community, and smart contract fees, which are quoted in fiat but paid in HASH. Here’s how fees are structured:
- Developers set fees to use their smart contracts
- Validators set community fees
- Users propose gas fees, and validators accept or reject them
- The community chooses how gas and community fees are split between the community, validators, and the foundation
In terms of supply, there is a fixed number of 100 billion tokens which can’t be altered. 💪
