HONG KONG, April 18, 2024 /PRNewswire/ -- OKX, a leading global Web3 technology company and virtual asset exchange, and Hong Kong University of Science and Technology (HKUST), today announced a first-of-its-kind partnership for a joint research project exploring the implementation of zero-knowledge (ZK) proofs and development of new cryptographic protocols. These advancements aim to enhance the scalability and efficiency of ZK decentralized exchanges (ZKDEXs).
This collaboration aligns with the Hong Kong government's recent emphasis on Web3. It also demonstrates the shared commitment of OKX and HKUST in accelerating the development of Web3 innovations and supporting the local Web3 ecosystem.
Led by Professor Dimitris Papadopoulos, HKUST's team has extensive technological knowledge and a remarkable track record across the fields of cryptography, ZK-proofs and artificial intelligence. Coupled with the OKX Web3 team's substantial theoretical and practical experience in the blockchain and virtual asset space, this partnership is poised to convert cutting-edge blockchain technologies into practical commercial applications. With that said, this collaboration has the potential to significantly impact the development of the entire blockchain industry, both in Hong Kong and on a global scale.
OKX Chief Innovation Officer Jason Lau said: "OKX constantly develops and brings emerging technologies into the marketplace. We already use ZK technology in our Proof of Reserves to improve customer privacy, as well as in our layer 2 network, X Layer, where it offers scalability benefits. Now, we're excited to further push what ZK proofs can deliver by working with HKUST to research and bring to fruition additional access to web3 through new scalability and user benefits. We can't wait to see the outcome of this partnership."
HKUST Computer Science and Engineering Department Associate Professor Dimitris Papadopoulos said: "HKUST is a strong supporter of the HKSAR Government's vision to make Hong Kong an international Web3 and virtual asset hub. To achieve that, we need to not only enhance the general public's understanding and adoption of the related technology, but to also develop new cutting-edge technologies and apply them to foster innovation. This partnership with global Web3 technology firm OKX is another step towards that goal and we are actively looking forward to a productive collaboration."
About OKX
OKX is a leading global virtual asset exchange and Web3 ecosystem. Trusted by more than 50 million global users, OKX is known for being the fastest and most reliable crypto app for traders everywhere.
As a top partner of English Premier League champions Manchester City FC, McLaren Formula 1, and Olympian Scotty James, OKX aims to supercharge the fan experience with new engagement opportunities. OKX is also the top partner of the Tribeca Festival as part of an initiative to bring more creators into web3.
Beyond OKX's exchange, the OKX Wallet is the platform's latest offering for people looking to explore the world of NFTs and the metaverse while trading GameFi and DeFi tokens.
OKX is committed to transparency and security and publishes its Proof of Reserves on a monthly basis.
To learn more about OKX, download our app or visit: okx.com
About The Hong Kong University of Science and Technology
The Hong Kong University of Science and Technology (HKUST) (https://hkust.edu.hk/) is a world-class research intensive university that focuses on science, engineering and business as well as humanities and social science. HKUST offers an international campus, and a holistic and interdisciplinary pedagogy to nurture well-rounded graduates with global vision, a strong entrepreneurial spirit and innovative thinking. Over 80% of our research work were rated "Internationally excellent" or "world leading" in the Research Assessment Exercise 2020 of Hong Kong's University Grants Committee. We were ranked 2nd in Times Higher Education's Young University Rankings 2023, and our graduates were ranked 29th worldwide and among the best from universities from Asia in Global Employability University Ranking 2023. As of September 2023, HKUST members have founded 1,747 active start-ups, including 9 Unicorns and 13 exits (IPO or M&A), generating economic impact worth over HK$ 400 billion. InvestHK cited QS World University Rankings by Subject 2021 to demonstrate the performance of five world's top 100 local universities in several innovation-centric areas, among which HKUST ranked top in four engineering and materials science subjects.
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