Stepping into 2024, the crypto space is buzzing with significant events: governments worldwide have started recognizing cryptocurrency as an independent class of assets, TradFi giants have entered the big game, and Bitcoin halving suggests a bull market may be on the horizon.
With market liquidity increasing and people tend to invest their money more boldly, it’s critical to focus on asset security. BeInCrypto sat down with Gate.io founder and CEO Dr. Lin Han to discuss the importance of Proof of Reserves (PoR), the industry’s need for transparency, and the exchange’s unique approach to keeping users’ funds safe.
Proof of Reserves as a New Industry Standard
Gate.io is no newcomer to the Proof of Reserves concept. In 2020, it was one of the first exchanges to conduct PoR using the now-standard method of combining Merkle tree with a third-party auditing firm and independent user validation. Two years later, the platform made its implementation open source following FTX’s collapse. In 2023, the method was upgraded to include regular reporting on more than 170 assets and utilizing ZK-SNARKs for enhanced security and privacy.
Author: Daria Krasnova
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