OKX Revolutionizes Transparency with Introduction of zk-STARK Technology to its Proof of Reserves System
OKX has announced the biggest upgrade to its Proof of Reserves (PoR) system yet. The upgrade introduces zero-knowledge technology called zk-STARK, which allows users to independently verify the exchange’s solvency and confirm that their assets are backed by OKX reserves.
The PoR report for April 2023 revealed that OKX’s reserves held Bitcoin, Ethereum, and USDT worth USD 10.4 billion, indicating a 39% increase since January 2023. This increase in reserves demonstrates OKX’s commitment to ensuring that it has sufficient reserves to back up its users’ assets.
⚡️ #OKX Proof of Reserves (PoR) is now powered by zero-knowledge (ZK) proof technology ⚡️
Our April PoR report offers industry-leading privacy protection via zk-STARKs and shows 100% reserve ratios for $BTC, $ETH, $USDT, & 18 additional assets.
Verify: https://t.co/CDPCCaEuWg pic.twitter.com/DonPfh8nn3
— OKX (@okx) April 28, 2023
The introduction of the zk-STARK technology means that the authenticity and accuracy of the PoR are now verified using secure cryptographic methods, while still upholding user privacy. No account balances are visible to other parties. Additionally, 18 more crypto assets are available for the public to verify, bringing the total number of assets to 21.
OKX is committed to leading the crypto space when it comes to empowering users to verify reserves and liabilities in real-time using trustless ‘future tools’ like Proof of Reserves, according to Lennix Lai, the company’s Chief Commercial Officer. Proof of Reserves is an indispensable way to demonstrate transparency and guarantee solvency, and builds user confidence and trust in the industry as a whole, he said.
OKX’s PoR has raised the bar for transparency in the industry by publishing tens of thousands of addresses for its Merkle tree program. OKX is one of the only major platforms to release monthly PoR. As part of its commitment to transparency, OKX will continue to publish PoR on a monthly basis.
This announcement by OKX will likely boost user confidence in the platform’s ability to protect their assets and ensure solvency. As the crypto industry continues to grow, the need for transparency and trustworthiness becomes increasingly important, and OKX’s commitment to transparency through its PoR system is a significant step in the right direction.
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