OKEx's OKB Token Price Could See Impressive Growth, Blockchain Investment Firm Predicts

Shinobi Capital, a blockchain investment firm that’s invested in several early-stage start-ups, has predicted the price of OKEx’s OKB token could grow by over 1,500% until 2020.

According to a recently released report, Shinobi Capital sees the price of the OKB token, which can currently be used to settle trading fees, enter token-listing pools, and get rewards, skyrocket from the $1.8 its currently trading at to as much as $30 by 2020.

This, as the firm believes exchange tokens are going to be the “powerhouse of the development of the digital asset market and even blockchain technology,” according to its founding partner Jason Hill.

Shinobi Capital’s report reads:

…(I)t is expected that by the end of 2020, the price of OKB will reach USD30.75 and its market capitalization will be about USD7.068 billion. There is a significant growth lag in OKB at this stage, and the potential of price growth needs to be further released.

The report’s look into the cryptocurrency exchange’s token pointed out two important factors regarding its future performance. These were the overall state of the cryptocurrency ecosystem, OKEx’s buyback and token burning program, and the development of its OKChain blockchain.

Currently, OKB has various applications. According to the cryptocurrency exchange’s website the token’s can benefit from it through its trading platform by getting access to designated merchant privileges like better liquidity, having discounted fees on OKEx, and receive feed collected on a “Happy Friday Program” that sees OKEx share 50% of the fees it collects every Friday with OKB holders.

In the future, OKB holders will also have access to OKEX’s decentralized cryptocurrency exchange OKDex. These use cases have helped the token’s price grow over 170% this year, from $0.66 to little over $1.8 at press time.

Hill added that following the launch of various tokens through initial exchange offerings (IEOs) in the first half of this year, the market is ready for a new bull run. He stated:

OKB, as a market leader of exchange tokens, is also welcoming its own uptrend. Backed by a number of use cases and a large user base of OKEx, OKB has demonstrated a huge potential of growth.

Shinobi Capital’s report also goes into other major blockchain platforms, including EOS, Binance’s BNB, and TRON, by establishing a comparative evaluation model between them and the OKB token.

As reported on CryptoGlobe, OKEx itself published a blog post in April of this year arguing that while bitcoin isn’t cash, it could serve as a better store of value than gold. Per the exchange, a store of value is worth “what people are willing to pay for it.”

 

Important information: please remember that the value of investments, and any income from them, can fall as well as rise so you could get back less than you invest. If you are unsure of the suitability of your investment please seek advice. Tax rules can change and the value of any benefits depends on individual circumstances.

 

Steemit Moves to Limit Justin Sun’s Influence after Its Acquisition

Justin Sun, the founder of TRON, has announced he was going to acquire Steemit earlier this month, and shortly after those currently running the Steem blockchain executed a soft fork to limit his voting influence.

In a blog post describing the move, Steem’s witnesses [similar to bitcoin miners or EOS block producers] detailed that while it’s exciting to see a well-resourced entity get involved with Steemit, the witnesses are now moving to ensure the security of the Steem blockchain. The blog post reads:

To this end, we have updated to a temporary protective protocol to maintain the status quo currently established in regards to Steemit Inc's stake and its intended usage.

Steem is a delegated proof-of-stake (DPoS) blockchain, similar to EOS, in which a small number of entities – the witnesses – work to protect the blockchain and represent the community. The soft fork was deemed necessary because Steemit owns a large amount of STEEM tokens that could be used to take over the blockchain.

Given Justin Sun’s move to acquire Steemit, it’s believed he now owns those tokens and could use them to move Steemit in a specific direction. The soft fork blocks STEEM held by specific accounts from voting on who governs the network and from participating in ways that could see it seize control.

While the tokens have always been there, when co-founder Ned Scott ran the platform the community was comfortable with his approach to governance. Justin Sun has responded to the soft fork with an open letter to the Steemit community, in which he explains some of his potential plans for the Steemit platform itself.

The post reads:

We have so much to work to do to make Steemit.com the power that it really can be. And there are many ways we can get it there, from bridging TRX, TRC10’s and TRC20’s into Communities to marketing and growing Steemit.com. From invitations and referrals to simpler and instant signups.

Sun added his plans would also include listing STEEM on other major cryptocurrency exchanges and attracting large influencers to the platform, which is a mix of Reddit and Medium. He added he is organizing a summit called STEEMit 2.0 Town Hall, where he’s inviting the top 50 witnesses to participate.

It’s worth noting the Steem blockchain has several decentralized applications built on top of it, with Steemit being the most influential one.

Featured image by Ludovic Charlet on Unsplash.