HONG KONG, January 19, 2023 /PRNewswire/ — OKX, one of the world’s largest cryptocurrency spot and derivatives exchanges, was invited to attend the Hong Kong POW’ER 2023 Web3 Innovators Summit, where Director of Financial Markets, Lennix Lai, delivered a keynote address on how to take advantage of the opportunity of the Web3 era, from the point of view of financial capital that is Hong Kong.

In his speech, Lennix shared his views on the development of Web3 technologies. “As Taleb said in Black Swan, ‘History and societies don’t drag. They jump. They go from fracture to fracture, with some vibrations in between. However, we like to believe in the little predictable progressive progression.’ And Web3 can be a fracture of the Internet, that is, a jump from Web2”.

The Internet is a world driven by data. Web2, which was born in the 1990s, gained its prominence due to data flow and then became part of the woodwork once control of the data was monopolized by a handful of players..

Since 1976, the gradual awakening of self-determination consciousness, represented by Friedrich A. Hayek and satoshi nakamoto, and the development of blockchain, the underlying technology of bitcoin, fueled the birth of Web3. As a decentralized and credible Internet of Value built on technologies such as blockchain, Web3 advocates for the return of data ownership and identity autonomy from large platforms to users, opening up new possibilities and renewed interest in the Internet, and fueling a revolution. in data, finance and trust on a global scale.

“Hong Kong has enthusiastically captured the Web3 opportunity,” said Lennix.

Lennix said in his speech that “In October 31, 2022, Hong Kong officially issued the Policy Statement on Virtual Asset Development in Hong Kongdeclaring its intention to compete for the role of global center of virtual assets, taking a key step in the world of cryptocurrencies and increasing the confidence of all professionals in the Web3 sector.”

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Looking back on the history of Hong Kong, it took the city a hundred years to transform from a small fishing village into one of the Four Asian Tigers, and another 20 years to make the leap from an Asian to an international financial center. Lennix trusts in the future development of the Web3 ecology in Hong Kong. He added that “now, the Internet is dealing with the transition from Web2 to Web3. Hong Kong he is once again at the crossroads of history. Looking at it from a historical perspective, I think Hong Kong it is not far from fulfilling the vision of becoming a global center of virtual assets. We at OKX will also dedicate ourselves to Hong Kong and continually increase our investment and involvement here.”

Opportunities and risks coexist. “The Web3 development process from 0 to 1 and 1 to N is not smooth, but tortuous with cyclical, black swan, and systemic risks. For example, the black swan risks represented by FTX, 3Commas, and LUNA not only caused heavy losses to investors, but also seriously damaged the confidence of Web3 industry professionals and the reputation of the industry as a whole.At present, security and transparency have become the top priorities in the development of the industry,” Lennix added.

To increase security and transparency, OKX effectively avoids the risk of centralized auditing through Merkle Tree’s proof of reserves and independent custody management function, achieving the same asset transparency as traditional finance. All users can view the two PoR audit results on the OKX website and verify them using the self-verification feature and open source tools. In addition, users can also check the 100% health and safety (the highest in the industry) of OKX reserves at Defillama.com. Through technical updates, the transparency of the PoR meets traditional financial auditing standards.

In addition to regularly publishing PoR reports, OKX will use technologies such as zero-knowledge proof to continually improve transparency, avoid scenarios similar to those that happened in FTX and other black swan events, and protect the security of user assets. .

“OKX has never misappropriated user assets before and never will.” Lennix said in his opening speech. “Despite the trials and tribulations of the previous decades, the cryptocurrency industry has survived, from bleakness to exuberant growth, from wild sprawl to intensive cultivation, despite many setbacks and periods of chaos. In Against this background, OKX firmly believes that cryptocurrencies will change the world, achieve continuous iteration and transformation of crisis and opportunities, and become more powerful through scientific and technological innovation.

Since its establishment in 2017, OKX has been operating safely and stably for more than 6 years. Despite the storms that have raged in the industry, it has become the world’s leading cryptocurrency trading platform in contract trading. In 2022, OKX successfully completed the transition to a Web3 technology company, successively launched several highly successful decentralized products such as NFT marketplace, DEX, and Wallet, and continuously made new breakthroughs in the Web3 sector. OKX’s centralized and decentralized businesses are available in more than 200 countries and regions, with products serving more than 50 million users worldwide.

As a key player in building the Web3 industry, OKX is committed to creating the world’s best crypto green infrastructure services, facilitating access to blockchain and digital assets for hundreds of millions of users, and making the world a better and more transparent. .

For more information, visit OKX

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