The VeChain-based OceanEX digital currency exchange is slated to begin alpha testing this November. Pre-registration began on October 22, though new users are still encouraged to sign up in the coming days.
How OceanEX Works
OceanEX is built for the VeChainThor ecosystem. VeChainThor is a Blockchain-as-a-Service (BaaS) platform working to create a “trust-free and distributed business ecosystem to enable transparent information flow, efficient collaboration and high-speed value transferring.”
While only around for 2 years,VeChain has already been implemented into several industries including logistics, agriculture, food and drugs, luxury goods, and international government systems. Using VeChain, one can track items through a supply chain to ensure the quality and authenticity of items and maintain quality control.
Those interested in signing up for the alpha testing of OceanEX are required to undergo basic know-your-customer (KYC) protocols. This includes uploading proof of residence, along with a government-issued identification card or driver’s license to the website.
What’s Next for OceanEX?
Prior to the start of alpha testing, executives will continue to work on internal testing and the external security audit. Once the alpha stage is complete, the exchange will be launched in Q1 2019.
Via OceanEX, consumers will have access to the following trading pairs: BTC/USDT, ETH/USDT, ETH/BTC, VET/USDT, VET/BTC, VET/ETH and VTHO/VET. VET is the official cryptocurrency of VeChain.
In addition, traders will be privy to what the team calls a “competitive fee,” in which OceanEX will allegedly charge the “lowest transaction fee” in the market for VET trading pairs. The exchange’s WhaleClub members will even enjoy a special 0 percent transaction fee so long as they continue to trade in VET.
Lastly, customers are being assured that they will have access to top-of-the-line account security, along with customized trading algorithms designed to provide a “professional” trading experience for all who utilize OceanEX’s services.
OCE: The OceanEX Token
OCE is the exchange’s original cryptocurrency. OceanEX began offering the asset in early October, and sales lasted up through October 9.
The company wrote on its official blog page:
Once live, the token exchange happened much faster than we anticipated. During the X Node Quota and Flash Day events, a total of 206,250,000 VET have been exchanged into 1,506,625,000 OCE.
The event got off to a rocky start after several technical issues caused postponements for the original token offering.
The company later released an apology to affected customers, explaining:
We have upgraded our server to prevent it from happening in the future. Meanwhile, we have compensated each qualified participant (who had an account balance equal to or more than 30,000 VET as of 23:000 UTC+8 Oct 8, 2018) 5,000 OCE. Users can find it under ‘account balance’ and will be able to trade/withdraw it once OceanEX trading beta goes live.
Positive Responses to OceanEX
In a Reddit thread, comments regarding the launch of OceanEX were mostly positive, with one user under the name “Gaspa79” exclaiming:
So, we will have a functioning OceanEX before Christmas! Nice!
Another user – going by the name “ThouHaveNotSeen” – confidently stated:
Keeping my OCE for life, just going to lock it in their cryptobento program (think crypto-index funds) every year.
The OceanEX launch is scheduled for sometime in November 2018. While a specific date has not been set, enthusiasts are advised to keep their eyes and ears open.