In an important announcement that has far-reaching implications for the music industry, BitSong and OKEx have come together to provide users with combined advantages of their vibrant ecosystems. Just so you know, OKEx has its open blockchain project by the name OKChain, and recently OKChain has published a list of partners that it will partner for furthering the capabilities of its open ledger platform. Some of the important names in the list include Bytom, Conflux, Cosmos, Kava, Certik, and IRISnet, among others. A total of 30 well-known global blockchain projects are on the list, which quite clearly signifies the importance that OKChain attaches to its blockchain platform and future expansion. Expressing the happiness and delight over the association, BitSong said they were very happy to become part of this collaboration, and this coming together would open a new era of opportunities for both ecosystems.
Benefits and Advantages
Given the fact that both BitSong and OKChain use Cosmos-SDK as an underlying technology, there will be no hurdle for these platforms to join forces and derive synergy from this association. IBC protocol will be used to interoperate and share the necessary features among users as both ecosystems steps in the future together.
For users, it simply means they can derive advantages from opportunities that are available on both platforms. Users on BitSong will be able to leverage favorable circumstances available on the OKChain while a similar thing can be accomplished by the OKChain’s users on BitSong. The ultimate objective of both organizations is to freely transfer all the rights related to digital music from one platform to another. To give us a glimpse of the future, the organizations have revealed limited information about the project OKDex. This joint project is based on the open-source platform, and its aim is to facilitate the process of decentralized exchange using the OKChain technology.
This association is very significant for the music industry and will go a long way in determining the transfer of digital music assets in the future. The success of the project will also help to strengthen the interoperability aspect that holds the key for sustainable business in the blockchain space.