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Hong Kong Financial Secretary’s Interpretation of the Blur in OpenSea using LayerZero

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7:00-12:00 Key words: Hong Kong Financial Secretary, Blur, OpenSea, LayerZero

Summary of important developments at noon on February 22

Interpretat…

Hong Kong Financial Secretary’s Interpretation of the Blur in OpenSea using LayerZero

7:00-12:00 Key words: Hong Kong Financial Secretary, Blur, OpenSea, LayerZero

Summary of important developments at noon on February 22

Interpretation of the news:


Hong Kong Financial Secretary Paul Chan Mo-po describes the concept of the blur being used by OpenSea on its blockchain platform. In particular, he highlighted the LayerZero protocol that made the technique possible.

In blockchain technology, privacy is a significant concern. The anonymity of transactions is what makes the technology so secure, but it can also be a hindrance, particularly for corporate and government audits. To address this issue, OpenSea, an NFT marketplace, has introduced one of the most advanced privacy techniques to date: the blur.

The blur technique takes advantage of the LayerZero protocol, which means that it is a Layer-2 scaling solution for Ethereum. The LayerZero protocol operates off-chain, which means that it is primarily concerned with transaction processing and security. In this way, the LayerZero protocol is an excellent solution for improving transaction speeds while maintaining security.

Meanwhile, the blur technique builds on the LayerZero protocol by adding an additional layer of privacy. The idea is that all transaction details, including ownership, are kept secret. This method of transacting is particularly useful in the NFT marketplace, where personal information protection is particularly important. It is also handy when conducting internal audits or peer-to-peer transactions, especially when anonymity is essential.

Moreover, the technique is also useful for businesses and investors, such as the Hong Kong government, who participate in and require more advanced forms of blockchain data technology. This is particularly true given the democratisation of data has significantly increased data transactions between ordinary people en mass, making decentralised blockchain data systems essential in creating trust and accounting standards in transactions.

In summary, the Hong Kong Financial Secretary discussed the concept of the blur in OpenSea, noting that it is a powerful technique where anonymity in ownership and transaction details is possible. This technique is made possible by the LayerZero protocol and is particularly useful in corporate and government applications such as monitoring large scale public works projects or verifying personal identities against publicly available data sets. The implementation of the LayerZero protocol and transaction speed improvements, coupled with the privacy advantages of blur in the NFT marketplace, make it an essential tool for blockchain and data standardisation for businesses and investors on a global scale.

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