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Improving Transparency in POR: OKX’s Innovations Discussed at Hong Kong Web3 Carnival Main Forum

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On April 12th, Lennix, Managing Director of OKX Global Institutional Business, was invited to attend the 2023 Hong Kong Web3 Carnival Main Forum and participate in roundtable discu

Improving Transparency in POR: OKXs Innovations Discussed at Hong Kong Web3 Carnival Main Forum

On April 12th, Lennix, Managing Director of OKX Global Institutional Business, was invited to attend the 2023 Hong Kong Web3 Carnival Main Forum and participate in roundtable discussions. Lennix said that in addition to releasing the POR of reserve certificates on a monthly basis, OKX is improving the transparency of POR to traditional financial audit standards based on technological innovations such as the overview of Merkel tree and zero-knowledge proof, and continues to lead the industry in safety and transparency. In addition, Hong Kong’s robust and clear encryption regulatory policies are a very good starting point, providing virtual asset investors with the highest level of protection currently available globally, while also contributing to the healthy and sustainable development of the industry.

OKX Lennix: OKX leads the industry in improving transparency by upgrading POR through technological innovation

On April 12th, Lennix, Managing Director of OKX Global Institutional Business, attended the 2023 Hong Kong Web3 Carnival Main Forum and participated in roundtable discussions. The forum provided an opportunity for Lennix to share OKX’s latest technological innovations and advancements towards improving transparency in Proof of Reserves (POR).

Importance of Transparency in POR

POR is a crucial aspect of asset safety in the virtual asset industry. It ensures that exchanges maintain enough funds to cover their liabilities and that they are not manipulating their books to appear more credible. The lack of transparency in POR has been a concern for regulators and investors alike, and OKX has taken up the challenge to provide a solution.

OKX’s Innovations in Improving Transparency

Lennix stated that OKX is currently working on releasing the POR of reserve certificates on a monthly basis, which would provide investors with an increased level of transparency into exchange operations. Additionally, OKX is improving the transparency of POR to traditional financial audit standards based on technological innovations such as the overview of Merkel tree and zero-knowledge proof. These innovations provide greater security and transparency to users and are key developments towards improving the POR framework.

Hong Kong’s Encryption Regulatory Policies

Hong Kong has emerged as a leader in protecting virtual asset investors by implementing robust and clear encryption regulatory policies. These policies provide investors with the highest level of protection globally, and this has contributed to the healthy and sustainable development of the virtual asset industry. Lennix praised these policies, stating that they provide a good starting point for exchange operators to ensure that they adhere to the highest standards in asset safety.

Conclusion

In conclusion, OKX continues to lead the industry in safety and transparency by introducing new technological innovations that improve the POR framework. Additionally, Hong Kong’s encryption policies have created a favorable environment for the growth and development of the virtual asset industry.

FAQs

1. What is Proof of Reserves (POR)?
Proof of Reserves (POR) is a method used to ensure that virtual asset exchanges maintain enough funds to cover their liabilities.
2. How does OKX use technological innovations to improve transparency in POR?
OKX uses technological innovations such as the overview of Merkel tree and zero-knowledge proof to improve the transparency of POR to traditional financial audit standards.
3. How have Hong Kong’s encryption regulatory policies contributed to the development of the virtual asset industry?
Hong Kong’s encryption regulatory policies have provided the highest level of protection globally, and this has contributed to the healthy and sustainable development of the virtual asset industry.

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