Cryptocurrency exchange Gate.io stated it has integrated zero-know-how verification technologies (zk-SNARKs) into its Proof of Reserves asset verification process.
Gate.io implements zero-know-how technologies for new PoR asset proofing
Gate.io, a major cryptocurrency exchange, announces a main update to its Proof of Reserves (PoR) authentication procedure, highlighting its encryption process. New open supply utilizing Zero-Knowledge (ZK) technologies.
Following the update, the PoR procedure will now be utilized to a hundred main digital assets, with certificates published consistently to make improvements to transparency and safety.
🚀 #GateioProof of Reserves (PoR) has just obtained a main update
🔄 Introducing zero-know-how technologies for higher transparency, safety and privacy
🔍Gateio’s surplus sum is far more than users’ deposit
— Gate.io (@gate_io) November 23, 2023
Gate.io is one particular of the pioneering PoR exchanges in 2020 as a result of a third-celebration auditor to confirm cryptocurrency wallets and employs a so-identified as safe information framework “Merkle Tree” TO aggregates the asset balances of all prospects devoid of revealing any private data.
This aids consumers securely and privately confirm account balances in aggregate information, so confirming that the exchange essentially holds their assets. This procedure is even now ongoing, in particular just after the demise of FTX. While this process gives safety, privacy, and independent verification, there is space for improvement.
The most recent update launched zero-know-how technologies (zk-SNARKs) into Gate.io’s current PoR procedure. The core of the zk-SNARKs implementation addresses considerations about the earlier method’s skill to confirm fake accounts with damaging balances to exchange information. To find out far more about how zk-SNARK improves Gate.io’s PoR, readers can examine out the report offered at Bring Learn.
Not only that, Gate.io’s most recent PoR procedure also maintains and improves the following:
- Privacy Protection: Users can execute asset verification when preserving assets and identities harmless.
- Precision: The Zero-Knowledge Proof (ZK) process guarantees higher accuracy in the information presented and verified by consumers.
- Risk Reduction: Various hazards this kind of as information leaks, identity theft, and other possible threats can be improved mitigated by implementing zero-know-how proofs.
After the update, PoR certificates will be created and published consistently on Gate.io Backup Trial Website, in which consumers can confirm the benefits themselves. Furthermore, to proceed to meet the various demands of consumers in an ever-transforming market place, Gate.io will consistently assess the market place and steadily raise the variety of supported cryptocurrencies in the procedure.
Currently, the Gate.io exchange has a substantial asset stability of around $400 million USDT in a variety of coins. This is really crucial to shield users’ assets, simply because the sum of reserves exceeds the complete sum of users’ deposits, demonstrating the stability of the exchange and its dedication to defending users’ interests.
The most recent updates have been launched as open source codecompatible with current commitments and Gate.io’s founding function: to present safer, far more safe and far more trustworthy digital asset companies.
Founded in 2013, Gate.io is one particular of the world’s initial cryptocurrency exchanges and a leader amid safe and compliant digital asset platforms, giving various trading companies with a hundred% Proof consumer-verifiable reserves. Additionally, the platform is constantly ranked as one particular of the best ten cryptocurrency exchanges based mostly on liquidity and trading volume on CoinGecko.
In addition to its core trading support, Gate.io has expanded its ecosystem to present decentralized fiscal companies, investigate and evaluation, venture capital investments, cryptocurrency wallet companies, startup committee, and far more. Currently, the platform serves far more than 13 million energetic consumers globally.
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