Gate.io Enhances Proof of Reserves Process with Zero-Knowledge Technology
Gate.io, a prominent cryptocurrency exchange and Web3 innovator, has announced upgrades to its Proof of Reserves (PoR) process. The new method incorporates zero-knowledge technology to enhance transparency and security. Previously, Gate.io utilized a third-party auditor to verify exchange wallets and user balance data. However, the introduction of zk-SNARKs addresses concerns about potential data manipulation. The upgraded PoR process offers privacy protection, higher accuracy in verified data, and reduced risks such as data leakage and identity theft.
New PoR Certificates Covering Top 100 Digital Assets
Gate.io will generate PoR certificates using the new process, covering the top 100 digital assets by market capitalization. These certificates will be regularly published on Gate.io’s Proof of Reserves webpage for independent verification by users. Gate.io will also evaluate the market regularly and gradually increase supported currencies to meet user needs.
Surplus Reserves for Enhanced User Protection
Gate.io currently holds a surplus of around $400 million USDT worth of various assets beyond user deposits. This surplus ensures the stability of the exchange and demonstrates a commitment to safeguarding users’ rights and interests.
The Upgrades as Open Source
The latest upgrades have been released as open source, aligning with Gate.io’s commitment to providing safe and reliable digital asset services. More information about how zk-SNARKs improve Gate.io’s PoR process is available on Gate Learn.
About Gate.io
Established in 2013, Gate.io is one of the earliest cryptocurrency exchanges globally. It offers compliant and secure digital asset platforms with 100% user-verifiable Proof of Reserves. Gate.io ranks among the top 10 cryptocurrency exchanges based on liquidity and trading volume on CoinGecko. In addition to exchange services, Gate.io provides decentralized finance, research and analytics, venture capital investing, wallet services, startup incubation, and more. The platform serves over 13 million active users worldwide.
Hot Take: Gate.io Revolutionizes Proof of Reserves Process with Zero-Knowledge Technology
Gate.io’s upgraded Proof of Reserves process, incorporating zero-knowledge technology, marks a significant advancement in transparency and security for cryptocurrency exchanges. By utilizing zk-SNARKs, Gate.io enhances privacy protection, accuracy in verified data, and risk mitigation against potential threats. The generation of PoR certificates for the top 100 digital assets further ensures transparency and allows users to independently verify their account balances. With its surplus reserves exceeding user deposits, Gate.io demonstrates its commitment to safeguarding user assets. The open-source nature of the upgrades aligns with Gate.io’s mission to provide safe and reliable digital asset services. This development solidifies Gate.io’s position as a leading cryptocurrency exchange that prioritizes user trust and security.
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