OKX Introduces zk-STARK Technology to Proof of Reserves, Monthly Snapshot Shows USD10.4 bln in BTC, ETH and USDT
HONG KONG, April 28, 2023 /PRNewswire/ -- OKX, the world's second-largest crypto exchange by trading volume and a leading Web3 technology company, today announced the biggest upgrade to its Proof of Reserves (PoR) yet, introducing zk-STARK zero-knowledge technology which allows users to independently verify exchange solvency and confirm their assets are backed by OKX reserves. The latest PoR report showed USD10.4 billion in Bitcoin, Ethereum and USDT, a 39% increase since January 2023.
Zero-Knowledge Scalable Transparent Argument of Knowledge (zk-STARK) is a secure cryptographic method that verifies the accuracy and authenticity of OKX's PoR while upholding user privacy - no account balances are visible to other parties.
Current OKX reserve ratios:
For the first time, 18 additional crypto assets are available for the public to verify, bringing the total to 21. The additional assets covered are: USDC, XRP, DOGE, SOL, OKB, APT, DASH, DOT, ELF, EOS, ETC, FIL, LINK, OKT, PEOPLE, TON, TRX and UNI.
Lennix Lai, Chief Commercial Officer at OKX, said: "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. OKX is committed to leading the crypto space when t comes to empowering users to verify reserves and liabilities in real time using trustless 'future tools' like Proof of Reserves."
OKX PoR has raised the bar for transparency in the industry, having published 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.
What is Proof-of-Reserves?
Proof of Reserves is a report of crypto assets that ensures the exchange (OKX) holds the assets it claims to hold on behalf of its users. OKX uses the Merkle tree (hash tree) to prove this claim in two ways. First, users can find their balance in the tree and prove their assets are held in the total OKX balance. Second, the total OKX balance is compared to the publicized OKX on-chain wallet balance to determine Proof of Reserves.
OKX is a world-leading technology company building the future of Web3. Known as the fastest and most reliable crypto trading platform for investors and professional traders everywhere, OKX's crypto exchange is the second largest globally by trading volume.
OKX's leading self-custody solutions include the Web3-compatible OKX Wallet, which allows users greater control of their assets while expanding access to DEXs, NFT marketplaces, DeFi, GameFi and thousands of dApps.
OKX partners with a number of the world's top brands and athletes, including: English Premier League champions Manchester City F.C., McLaren Formula 1, The Tribeca Festival, golfer Ian Poulter, Olympian Scotty James, and F1 driver Daniel Ricciardo.
OKX is committed to transparency and security and publishes its Proof of Reserves on a monthly basis.
To learn more about OKX, download our app or visit: okx.com
This announcement is provided for informational purposes only. It is not intended to provide any investment, tax, or legal advice, nor should it be considered an offer to purchase, sell, or hold digital assets. Digital assets, including stablecoins, involve a high degree of risk, can fluctuate greatly, and can even become worthless. You should carefully consider whether trading or holding digital assets is suitable for you in light of your financial condition. Please consult your legal/tax/investment professional for questions about your specific circumstances.
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