OKX Upgrades Proof of Reserves with Zero Knowledge Proof and Full Reliability Tree Disclosure
On March 2, OKX announced that it would upgrade its PoR in the next few months, including full reliability tree disclosure and zero knowledge proof (ZKP) for P…
On March 2, OKX announced that it would upgrade its PoR in the next few months, including full reliability tree disclosure and zero knowledge proof (ZKP) for PoR solvency verification. The upgrade is based on OKX’s current Merkle tree solution to ensure maximum transparency and enhance customer privacy. The specific arrangements are as follows:
OKX will upgrade the proof of reserves, including full reliability tree disclosure and zero knowledge proof for solvency verification
Interpretation of the news:
OKX, a leading global cryptocurrency exchange, has announced an upcoming upgrade to its Proof of Reserves (PoR) system. The upgrade will include the provision of full transparency through reliability tree disclosure and the integration of Zero Knowledge Proof (ZKP) for PoR solvency verification. The new developments will enhance customer privacy and security while ensuring maximum transparency in transactions.
Proof of Reserves is an approach used by cryptocurrency exchanges to verify their solvency and ensure that they hold sufficient reserves to cover customer account balances. With the increasing number of cryptocurrency exchange hacks and frauds, PoR systems have become more critical than ever in providing confidence to customers that their assets are secure. OKX’s current PoR system uses Merkle Trees to calculate reserves, which is a proven technology used by other exchanges.
The inclusion of full reliability tree disclosure will provide customers with an additional layer of transparency by making all reserve figures available publicly. This will enable customers to verify OKX’s reserves themselves, reducing their dependency on trust. In the quest for transparency, the exchange has established a new standard to go above and beyond what is currently required by regulators.
Furthermore, OKX is integrating ZKP technology into the PoR solvency verification, eliminating the need for external validation. ZKP ensures that the verification is conducted privately, with no personal data or sensitive information shared in the process. The inclusion of ZKP will enhance customers’ privacy and ensure their personal information remains safe.
In conclusion, OKX’s upgrade represents a strong commitment to securing users’ assets and providing maximum transparency to users. With the upgraded PoR, customers can have more confidence in the safety of their assets, while the additional layer of transparency will allow them to independently validate OKX’s reserves. Integration of ZKP technology further ensures customers’ privacy and strengthens their trust in the platform.
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