Catch all the insights of the crypto world and Fireside chat on Building Communities in Web3 with Scriblooooor, Superteam Dao, and Ankur Vaid, Co-founder at Unit. Network and Growth at Reflexical, moderated by Raghav Dudeja, Mumbai Chapter leader only on Cryptonomics. All things Crypto.
The global crypto ecosystem faced a blow with the collapse of the biggest crypto exchanges like FTX and Voyager. This has led to an erosion of trust amongst the users. In such a situation, CoinDCX, India’s leading crypto exchange took a step to establish the trust back by releasing their proof of reserves and liquidity with a statutory auditors certificate.
Proof of reserves and Proof and liabilities are a part of the proof of solvency. It enables users to track the value and usage of their funds in real time. In this, Reserve to liability is an important metric to measure solvency. If the ratio of assets of the organization to its liabilities is 1 then it indicates that the organization has enough asset classes to back its liabilities. For CoinDCX this ratio is more than 1. As of Dec 15th, 2022, its total asset value stands at USD $157 million and total liabilities at USD $155 million.
CoinDCX partnered with Coingabbar to provide a no-bias third-party overview of the audit in order to lay a strong foundation of trust and transparency.
Paras Malhotra, SVP - Exchange Operations, CoinDCX states that building trust is a process and measures have to be taken consistently. For the same reason, CoinDCX took the call of not having native tokens, unlike other crypto exchanges. Apart from this, having a strong KYC process, regular INR and trade surveillance, no manipulation of records, and releasing proof of reserves every quarter going forward are some processes that the organization has opted for as regular practices for self-governance.
Communities are the core of Web 3. Engage in a conversation with experts to know everything about the Web 3 space at the Launch of Cryptonomics. An investor education initiative by Business Today in association with Coin Dcx. Cryptonomics, All things Crypto.
The "Prince of Crypto", Vitalik Buterin, is mainly known for creating the blockchain platform Ethereum, which serves as a global computer for decentralised applications.
He had a gifted childhood and realised his unique abilities and skills, which made him an outliner from others.
At first, he ignored Bitcoin but later discovered more information and grew interested in Bitcoin.
In late 2011, the Bitcoin enthusiast base in Romania drew to his essays, leading him to co-found Bitcoin Magazine.
Vitalik ranked 3rd in the International Olympiad of Informatics 2012, shared his thoughts about Ethereum and outlined his ideas in a white paper in late 2013.
Later, with the help of a machine program, he was offered an internship by the Google HR Team, but he already had recognition for his work.
The growth in the BAYC pleased the co-founder of Ethereum and urged people to use NFTs beyond $3 million monkey.