Video Series

Updated : Jan 27, 2023

Fireside chat on Communities in Web3 with Scriblooooor, Superteam Dao and Ankur Vaid

Why Is Web 3 Heavily Dependent On Communities? Ankur answers by stating the human need to socialise by forming communities. Communities in Web3 is not a new concept as existing Web2 platforms too have communities. Though In Web 3, economic elements makes it essential to being a part of community. Scriblooooor adds to this by stating examples of Airbnb and instagram who are active with their host community meet-up and creator’s engagement. He states that the key difference between the communities in Web3 and Web2 is ownership of asset is with the user and not the platform. To put in simple words, communities in Web3 is equivalent to Amul, a jointly owned co-operative where the owners are the dairy farmers who hires the services like marketing. How Different Your Life Would Have Been Without Being A Part Of An Active Community In Web 3? For Scriblooooor, the shift to remote work and being a part of community has made him more open to absorbing newer ideas, exploring opportunities and trying new products. The reason for this is that working in Web3 is working on internet and in a community one works with other people while working for self at the same time. Ankur feels the same. Being a part of community helps him in understanding the crypto space in depth as there is a scope of shared learning and experiences. For the same reason we are witnessing emergence of Global Web3 communities.

13:13

Updated : Jan 5, 2023

CoinDCX Publishes List Of On-Chain & Off-Chain Balances: Paras Malhotra, CoinDCX Explains

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.

Video Series

Fireside chat on Communities in Web3 with Scriblooooor, Superteam Dao and Ankur Vaid

CoinDCX Publishes List Of On-Chain & Off-Chain Balances: Paras Malhotra, CoinDCX Explains

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