Gate.io Upgrades Proof of Reserves with Zero-Knowledge Technology
Renowned cryptocurrency exchange and Web3 innovator Gate.io has upgraded its Proof of Reserves (PoR) process with cutting-edge zero-knowledge technology, specifically zk-SNARKs. The revamped PoR encompasses the top 100 digital assets, aiming to enhance security, privacy, and transparency.
Enhancing Security and Transparency
Gate.io initially introduced PoR in 2020, pioneering a third-party audit system to verify exchange wallets and ensure user balance data integrity. Now, with the integration of zero-knowledge proofs, the authenticity of the PoR process is bolstered, eliminating the risk of fabricated accounts with negative balances and enhancing privacy protection, accuracy, and overall risk reduction.
Transparent Verification Process
The upgraded PoR process will regularly publish certificates covering the top 100 digital assets by market capitalization on Gate.io’s Proof of Reserves webpage. This allows users to independently verify the results, fostering heightened trust in the exchange. Additionally, Gate.io maintains a surplus of around $400 million USDT worth of various assets beyond user deposits, ensuring the platform’s financial stability.
Commitment to Security and Reliability
The release of the upgraded PoR process as open source aligns with Gate.io’s commitment to providing secure and reliable digital asset services. By addressing current concerns and anticipating future market demands, Gate.io demonstrates its dedication to safeguarding users’ rights and interests and staying true to its mission.
### News source: zycrypto.com