By Leon Foong, Head of APAC, Binance
“Web3 and crypto, while still in their nascent stage, have taken the world by storm and investors across the globe are realizing the multitude of opportunities it offers. 2022 has been a big year for the Web3 and crypto space, with new projects and protocols launched while existing ones continue to grow and evolve. The Ethereum upgrade was one of the major developments in the crypto industry, making the blockchain more scalable, secure, and sustainable paving the way for more efficient decentralized applications to be built. Transparency in this industry has become a big area of focus and blockchain technologies such as merkle-sum trees and ZK-SNARKs are being used to build proof of reserves which we hope will bring added trust into the digital asset space.”
“In 2023, we expect to see the continued development of Web3 infrastructure with continued attention to investor education and awareness. To build a robust Web3 infrastructure, security is very important, and Binance plans to continue with initiatives such as Global Law Enforcement Training Program, disclosing Binance’s hot and cold wallet addresses through Proof of Reserves, and establishing the Industry Recovery Initiative (IRI) to protect consumers and rebuild the industry.”