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World Leading Cryptocurrency Exchange Bitget, Inc., today announced the use of a crypto-audited Merkle Tree methodology to demonstrate to users that we are a full reserve exchange, as supported by its Proof of Reserve (“PoR”). Announced the launch of the Of Reserve Page. User assets stored on the platform are protected.
The Proof of Reserve page provides users with a wealth of information on this topic. This includes the “Merkle Validator”, monthly snapshots showing the balance of the reserve pool, the importance of proof of reserve and being fully reserved, and how the Merkle Tree is reliable and consistent with the data presented by Bitget. User education on how to support and prove gender. Reserve wallets and snapshots of users’ assets on the platform serve as reassuring evidence, demonstrating that users’ assets are held in at least a 1:1 ratio.
To further increase transparency and ensure the accuracy of the information on the page, Bitget also launched a new tool, ‘Merkle Validator’, for users to perform self-audits on their accounts. I’m here. This feature allows users to check the security of their funds in a few simple steps. Users can see the “Merkle Leaf” status of an asset under the Merkle Tree data structure. Bitget is also committed to conducting regular audits of the PoR to ensure the balance and status of user assets within the reserve are kept up-to-date.
Bitget’s managing director Gracy Chen commented: Book within a month. Today we are proud to have delivered on our promise. The release of Proof of Reserves and Merkle Tree data will give the user up-to-date information on his Bitget’s financial status, giving him greater control over assets stored on the platform. policy for users.
“The cryptocurrency industry is under heavy scrutiny after scandals and bankruptcies of several crypto giants. As Bitget recently witnessed an increase in users, a secure platform With the rollout of Proof of Reserve pages, Bitget not only shows users comprehensive protection, but also makes cryptocurrencies safe around the world. We will continue to adopt and advocate for more initiatives aimed at providing a sustainable and trustworthy environment in the crypto-universe.” Gracie.
Apart from the release of the POR, Bitget also launched his US$5 million builder fund for users affected by the FTX incident and increased the protection fund to his US$300 million. We launched various initiatives to help rebuild market confidence. Most recently, he invested $20 million in a series of campaigns with Lionel Messi.
What is the reserve proof?
Proof of Reserve refers to audit procedures that are verifiable through cryptographic proof, checks of public wallet ownership, and periodic audits to prove exchange holdings. The custodian will provide transparency and evidence of the existence of on-chain reserves and whether the total amount of those coins held by the platform and effectively disposed of exceeds the combined holdings of all users of those coins. , or equal to.
To accomplish this, Bitget stores a hash of each user’s account assets in a leaf her node of her Merkle tree. Each user can verify that their funds are included in her Merkle tree by checking the total amount of the user’s assets stored in her leaf nodes of the Merkle tree. The open source code of the platform proving 100% solvency program is also published on his GitHub.
About Bitget
Founded in 2018, Bitget is one of the world’s top 5 major cryptocurrencies, featuring innovative products and social trading services. It is a currency exchange and currently offers more than 8 services. 1 million users in over 100 countries around the world.
Committed to providing users with a one-stop and secure trading solution, the exchange is proud to host legendary Argentinian footballer Lionel Messi, leading Italian football team Juventus, PGL Major We aim to increase the adoption of cryptocurrencies by working with trusted partners such as official esports. Crypto is his partner and spirit of Teams, a leading esports organization.
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