Majuro, Marshall Islands, Nov 10, 2022 by Chainwire
cryptocurrency exchange Gate.io has open sourced the Merkle Tree Proof of Reserves solution.Presenter Gate.iofounder and CEO Dr. Lin Han said today that the exchange hopes other platforms will use open source solutions to increase transparency and industry health, and that other exchanges are consulting and welcome to receive advisory support.
Gate.io was the first company to conduct proof of reserve audits in this way in 2020, working with leading US company Armanino LLP. The pair recently completed another audit. Gate.io holds 108% and 104% of his BTC and ETH in excess, respectively, as outlined in the Armanino LLP report.
Gate.io has demonstrated a commitment to increasing trust in the marketplace since announcing its new audit this year, and hopes other exchanges will follow suit. It combines independent third-party evaluation with a cryptographic Merkle tree, one of the core components of blockchain technology. This allows users to openly and independently verify that their assets are included in audits, increasing the transparency of users’ balances on exchanges. Following the announcement, it was made open source and available for implementation on any exchange.
100% PoR Solution: https://www.gate.io/proof_of_reserves
Open source on GitHub: https://github.com/gateio/proof-of-reserves
2nd PoR Audit Report by Armanino LLP: https://proof-of-reserves.trustexplorer.io/clients/gate.io
About Gate.io
Founded in 2013, Gate.io has been a safe and secure operation for nearly a decade and currently offers a leading digital asset portfolio supporting over 1,500 cryptocurrencies and over 2,800 trading pairs. We offer a wide range of trading products including Spot, P2P, Margin, Leverage and Copy trading.
contact
Dion Guillaume, Head of PR & Communications, Gate.io, [email protected]
