OKX Launches Ethereum Layer-2 Testnet Using ZK-Based Polygon CDK

Differences between Web 1.0, 2.0, and 3.0

Crypto exchange OKX has unveiled a testnet for their upcoming Ethereum layer-2 network, dubbed “X1”, as per a Nov. 14 announcement. The network is being developed using the Polygon chain development kit (CDK) and will use zero-knowledge proofs to validate deposits and withdrawals between layers. OKX’s token, OKB, is one of the top 30 cryptocurrencies, with a current market cap of over $3.6 billion, and will be the native coin used to pay gas fees on the mainnet version of the X1 network.

X1 is being developed using the Polygon CDK, making it part of the broader Polygon ecosystem that includes Polygon zero-knowledge Ethereum Virtual Machine, Polygon PoS, Near, Manta Pacific and other networks. OKX will contribute to the Polygon CDK software and will “invest substantial engineering resources to enhance the technology stack for Ethereum scaling solutions.” According to OKX chief innovation officer Jason Lau, the new network will help to onboard new users to Web3.

The differences between Web 1.0, 2.0, and 3.0 are vast. Web 1.0 is primarily static, with limited interactivity and user input. Web 2.0 is more interactive, allowing users to create content, comment, and share. Web 3.0 is a decentralized web, which is powered by blockchain technology and allows for more secure data storage and faster transactions.

OKX is the creator of OKT Chain, an Ethereum sidechain with OKB as its native coin. It isn’t the only one to have its own blockchain network; Binance launched BNB Chain in 2019, and Coinbase’s layer-2 “Base” network debuted on Aug. 9. This is all part of the differences between web 1.0, 2.0 and 3.0, and how to build a web 3.0 website and how to invest in it. Web 3.0 is distinct from web 1.0 and 2.0, and web 4.0 is different from 1.0, 2.0 and 3.0.