Bitget shares Merkle Tree Proof of Reserves to increase transparency

Users’ assets are protected at least 1:1 reserve ratio

Today, leading cryptocurrency exchange Bitget announced the launch of a Proof of Reserves page, which will show users that we are a full back-up exchange, backed by Proof of Reserves (“PoR”), using a Merkle-audited crypto tree method, and that users’ assets are stored on the platform. protected.

Proof of Reserves page Provides users with a wealth of information on the topic, including several essentials such as the ‘Merkle Validator’, monthly snapshots showing the balance of reserves pools, user education on validating reserves and the importance of being fully booked, as well as how the Merkle tree supports and validates the validity and consistency of data Provided by Bitget.

Backup wallet snapshots of the platform and user assets serve as reassuring evidence and show that their assets are held at least 1:1.

To further improve transparency and ensure the accuracy of information on the site, Bitget is also launching a new tool, the “Merkle Validator,” for users to perform self-checks using their own account. This feature allows users to check the safety of their funds in a few simple steps.

Users can check the Merkle Leaf status of their asset within the Merkle Tree data structure. Bitget is also committed to conducting regular PoR audits to ensure that the balances and status of user assets within its reserves remain up to date.

Gracie Chen, CEO of Bitget, comments,

“Bitget is actively responding to market concerns, and even before FTX filed for bankruptcy on November 9, we already promised to publish our Merkle Tree Proof-of-Reserves within a month. Today, we are proud to deliver on our promise. The release of Proof-of-Reserves and Merkle Tree data provides users with updated insights. And rich in information about Bitget’s financial condition and improved control over their assets stored on the platform, which is reflected in our commitment to maximum transparency and first-class protection policies for users.”

The cryptocurrency industry is under close scrutiny after the scandals and failures of some of the crypto giants. Users’ willingness to invest and store assets on a secure platform has been on the rise, with Bitget seeing an increase in users recently. With the launch of the Proof of Reserves website, Bitget is not only demonstrating comprehensive protection for users, but will also continue to advocate for more initiatives aimed at providing safe cryptocurrency use worldwide and a sustainable and trustworthy environment in the crypto world. Gracie adds.

Apart from issuing a POR, Bitget has launched various initiatives to help rebuild market confidence, such as launching a $5 million Builders Fund for users affected by the FTX incident, increasing the sandbox to $300 million, and recently investing $20 million in a series of campaigns with Lionel Messi. .

What is the reserves directory?

Proof of Reserves refers to an audit procedure that can be verified through cryptographic evidence, public wallet ownership checks, and frequent audits to certify the exchange’s holdings.

The custodian provides transparency and proof that there are reserves on the chain and that the total amounts of such coins held and actually available to the platform exceed or equal to the total holdings of such coins by users.

To achieve this, Bitget stores the hash of each user’s account assets in a leaf node of the Merkle tree. Each user can check whether their funds are included in the Merkle Tree by checking the total amount of user assets stored in the Merkle Tree leaf nodes. The open source code of the 100% proof of solvency software platform has also been published on GitHub.

About Bitget

Founded in 2018, Bitget is the world’s top five leading cryptocurrency exchange with innovative products and social trading services as its main features, currently serving more than 8 million users in more than 100 countries around the world.

Committed to providing users with comprehensive and secure trading solutions, the exchange aims to increase cryptocurrency adoption by collaborating with creditworthy partners, including legendary Argentine soccer player Lionel Messi, leading Italian soccer team Juventus, and official crypto partner of esports company PGL Major. , and leading esports organization Team Spirit.

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Disclaimer: This is a paid post and should not be taken as news/advice.

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