- “OKX, a company that lets you buy and sell cryptocurrencies, is using a new and advanced way to prove that they have enough cryptocurrency to cover all their customer deposits. This new method, called zk-STARK, helps ensure that customer’s cryptocurrency deposits are secure and protected.”
- This method helps OKX prove that they have enough cryptocurrency to cover their customer deposits, but it doesn’t reveal any details about their customers or their transactions. This means that customer’s privacy and anonymity are still protected while ensuring the legitimacy of OKX’s Proof of Reserves.
The Proof of Reserves system used by OKX, which is the second-largest cryptocurrency exchange in the world based on trading volume and is also a major player in Web3 technology, has made significant progress recently.
OKX has incorporated a technology called zk-STARK to its Proof of Reserves system. This allows users to check independently if their assets are backed by OKX reserves, without revealing any sensitive information.
According to the recent PoR report, there has been a 39% increase in the combined value of Bitcoin, Ethereum, and USDT on the exchange from January 2023. The report showed that the total value of assets backed by OKX reserves is now USD 10.4 billion.
⚡️ #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
Without Compromising User Anonymity
OKX has made significant improvements to its Proof of Reserves system by introducing a new technology called zk-STARK. This technology helps make the process more efficient and transparent while maintaining user privacy and security.
Using the new cryptographic technology called zk-STARK, OKX has improved the Proof of Reserves system without revealing any information about their customers. This ensures that user anonymity and privacy are not compromised while maintaining the legitimacy of the system. Customers can be confident that their funds are safe and secure since their account balances cannot be seen by anyone outside of OKX.
In the world of cryptocurrency exchanges, it’s important to make sure that they have enough cryptocurrency to cover all customer deposits. Proof-of-Reserve (PoR) is a process used to ensure this. However, PoR audits have been difficult, time-consuming, and prone to errors because they were done manually.
The new technology called zk-STARK helps solve this problem by automating and simplifying the PoR procedure. This is a revolutionary solution that makes the process more efficient and accurate.
Lennix Lai, Chief Commercial Officer at OKX, stated:
Proof of Reserves is a necessary way for cryptocurrency exchanges to show that they have enough cryptocurrency to cover customer deposits. This process builds trust and confidence in the industry because it demonstrates transparency and solvency.
OKX is dedicated to being a leader in the cryptocurrency space by providing users with real-time access to verify reserves and liabilities using advanced and secure technology such as Proof of Reserves. They believe in empowering their users by giving them the tools to verify their funds and build trust in the industry.
OKX has a high degree of solvency as they have enough cryptocurrency reserves to cover customer deposits. For example, they have a reserve ratio of 103% for Bitcoin, Ethereum, and USDT.
Furthermore, the exchange has expanded the number of cryptocurrencies that can be verified by the public from 11 to 21. This means that customers can now verify more types of cryptocurrencies and be confident in the exchange’s solvency.
