From Trust Intermediary to Self Hosting: OKX President Hong Shares Insight at Web3 Hong Kong Carnival Summit

According to reports, OKX President Hong attended the Web3 Hong Kong Carnival Summit and delivered a keynote speech on “From Trust Intermediary to Self Hosting”. She pointed out that the global financial environment is changing. People are transitioning from trusting financial intermediary to the era of self custody. As a world leading technology company, OKX is building future tools based on Web3 technology.

OKX President Hong: From trust intermediaries to self hosting, OKX pioneered the MPC keyless wallet and actively builds future tools

Article Outline:

– Introduction
– The Changing Global Financial Environment
– Trust Intermediary vs. Self Hosting
– OKX’s Role in Building Future Tools Based on Web3 Technology
– Web3 Technology and the Future of Finance
– Advantages of Self Hosting Using Web3 Technology
– Use Cases for Self Hosting
– Challenges to Overcome
– Conclusion
– FAQs

Article:

As the world becomes increasingly digital, the global financial environment is also changing. Traditional financial systems are being challenged by blockchain technology, which is enabling people to achieve self custody rather than relying on financial intermediaries. OKX, a leading technology company, is at the forefront of this shift and is building future tools based on Web3 technology. In this article, we will discuss OKX President Hong’s keynote speech at the Web3 Hong Kong Carnival Summit, where she shared insight into the importance of self hosting using Web3 technology.

The Changing Global Financial Environment:

The traditional financial system has been around for centuries and is built on trust in financial intermediaries such as banks, insurance companies, and investment firms. However, recent events such as the global financial crisis of 2008 and the COVID-19 pandemic have challenged this trust, and people are looking for alternative solutions.

Trust Intermediary vs. Self Hosting:

Hong pointed out that the era of trusting financial intermediaries is coming to an end, and self custody is becoming the new norm. Self hosting allows individuals to manage their own assets and reduce the need for intermediaries, which increases security and transparency. Blockchain technology is the foundation for self hosting, and Web3 technology takes it to the next level.

OKX’s Role in Building Future Tools Based on Web3 Technology:

As a leading technology company, OKX is building tools that support self hosting using Web3 technology. This technology enables individuals to transact without intermediaries and provides a secure and transparent system for users. OKX is creating a platform that allows users to easily manage their digital assets using Web3 technology.

Web3 Technology and the Future of Finance:

Web3 technology is the future of finance, and OKX is at the forefront of this movement. With Web3 technology, it is possible to have decentralized finance (DeFi) that is transparent and accessible to anyone. Blockchain technology is the foundation for Web3, and OKX is creating a platform that allows users to easily transact and manage their digital assets.

Advantages of Self Hosting Using Web3 Technology:

There are several advantages to self hosting using Web3 technology. Firstly, it provides users with more control over their digital assets. Secondly, it eliminates the need for intermediaries, which reduces costs and increases security. Thirdly, it is a transparent system that enables users to track all their transactions easily. Finally, it provides access to decentralized finance that is transparent and accessible to anyone.

Use Cases for Self Hosting:

There are several use cases for self hosting using Web3 technology. For instance, it can be used for peer-to-peer transactions, real estate transactions, online payments, and more. With Web3 technology, it is possible to create a decentralized economy that is more transparent and accessible to all.

Challenges to Overcome:

There are several challenges that need to be overcome in the shift to self hosting using Web3 technology. Firstly, there is a need for robust security measures to protect users’ assets. Secondly, there is a need for scalability to enable more users to transact on the network. Finally, there is a need for regulatory clarity to ensure that users are protected.

Conclusion:

In conclusion, self hosting using Web3 technology is the future of finance. OKX is at the forefront of this movement, and its platform allows users to easily manage their digital assets. With increased security, transparency, and accessibility, self hosting using Web3 technology is set to revolutionize the way we interact with financial systems.

FAQs:

1. What is Web3 technology?
Web3 technology is a decentralized system that enables users to transact without intermediaries, using blockchain technology.
2. What are the advantages of self hosting?
The advantages of self hosting include more control over digital assets, reduced costs, increased security, and access to decentralized finance.
3. What are the challenges to overcome in self hosting using Web3 technology?
The challenges include robust security measures, scalability, and regulatory clarity.