OKX to Upgrade Proof of Reserves with Enhanced Transparency and Privacy Measures

03/02/2023 09:48 • Daily Digest • 84 views

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:

On March 2, OKX announced that it will soon upgrade its Proof of Reserves (PoR) system to offer enhanced transparency and privacy measures for its customers. The upgrade will include full reliability tree disclosure and zero-knowledge proof (ZKP) for PoR solvency verification. OKX is a cryptocurrency exchange platform that has been operational since 2017.

The purpose of upgrading the PoR is to ensure maximum transparency and accountability for customers. The reliability tree disclosure will help customers verify the proof of reserve calculations and ensure that the funds are available as claimed by the company. Additionally, the ZKP technology will further enhance customers’ trust and privacy. ZKP allows OKX to prove that it possesses the required funds without disclosing the exact amount. This will help prevent fraud and give an added layer of security to customers.

The upgrade will be based on OKX’s current Merkle tree solution, which is widely used in the blockchain technology world. The Merkle tree algorithm is a data structure used to verify the integrity of data within a large set. It provides a way to check data integrity while keeping data confidential. The Merkle tree solution will ensure that reliable data is used to calculate PoR, which will help protect customer privacy.

The specific arrangements for the upgrade are as follows. Firstly, the Merkle tree solution will be enhanced to include reliability tree disclosure. Secondly, OKX will implement the ZKP technology to increase transparency without compromising customer privacy. Thirdly, the upgraded PoR will provide regular reports on the status of the funds and their availability. This will increase transparency and customer trust in OKX.

Overall, the upgrade of OKX’s PoR is a significant move towards enhancing transparency and privacy for customers. By adopting ZKP and Merkle tree solutions, OKX is taking steps to prevent fraud and protect customer privacy. The reliability tree disclosure will give customers more confidence in the exchange’s financial position. The upgraded PoR is also likely to improve regulatory compliance by providing accurate and reliable data for reporting.

In Summary, OKX is upgrading its Proof of Reserves system using Merkle tree and zero-knowledge proof technology to ensure maximum transparency and privacy for customers. The upgrade will include reliability tree disclosure, regular status reports on the availability of funds, and increased transparency without compromising customer privacy.

This article and pictures are from the Internet and do not represent qiAiAi's position. If you infringe, please contact us to delete:https://www.qiaiai.com/daily/4571.html

It is strongly recommended that you study, review, analyze and verify the content independently, use the relevant data and content carefully, and bear all risks arising therefrom.