With the quick introduction of new innovations to the crypto market, the industry is heading toward its futuristic goals at a rapid pace. One such technology that has recently captured the attention of the crypto community is zk-STARK (Zero-Knowledge Scalable Transparent Arguments of Knowledge). This has not only enhanced privacy and scalability in the blockchain space but also played a pivotal role in improving proof-of-reserve (PoR) for crypto exchanges. In a recent announcement, leading crypto exchange OKX has made the biggest upgrade in its PoR by introducing zk-STARK technology.
Users Can Verify OKX’s Solvency
OKX, the world’s second-largest crypto exchange by trading volume and a prominent Web3 technology company, has made a significant leap in its Proof of Reserves (PoR) system. The exchange announced the integration of zk-STARK zero-knowledge technology, enabling users to independently verify exchange solvency and confirm that their assets are backed by OKX reserves. The latest PoR report showcased a staggering USD 10.4 billion in Bitcoin, Ethereum, and USDT, marking a 39% increase since January 2023.
The adoption of Zero-Knowledge Scalable Transparent Argument of Knowledge (zk-STARK) marks a monumental upgrade to OKX’s PoR system. This advanced cryptographic method verifies the accuracy and authenticity of OKX’s PoR while preserving user privacy. As a result, no account balances are visible to other parties, ensuring a secure and confidential experience for OKX users.
Proof-of-reserve (PoR) is a crucial component of the crypto exchange ecosystem, as it ensures that exchanges hold the necessary funds to cover customer deposits. In the past, PoR audits have often been manual, time-consuming, and prone to errors. zk-STARK technology offers a game-changing solution to this issue by automating and streamlining the PoR process.
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 it comes to empowering users to verify reserves and liabilities in real-time using trustless ‘future tools’ like Proof of Reserves.”
OKX Adds 18 Crypto Assets
OKX’s impressive reserve ratios reveal a strong level of solvency, with 103% for BTC, 103% for ETH, and 103% for USDT.
Additionally, OKX has expanded its asset coverage, enabling the public to verify an additional 18 crypto assets, bringing the total number of covered assets to 21. This reflects OKX’s dedication to providing users with unmatched transparency. The new assets added to the list include USDC, XRP, DOGE, SOL, OKB, APT, DASH, DOT, ELF, EOS, ETC, FIL, LINK, OKT, PEOPLE, TON, TRX, and UNI.
With zk-STARK, OKX can now generate transparent and verifiable proof of their reserves without disclosing sensitive information about individual customer balances or transactions. This not only strengthens the trust and credibility of the exchange but also protects customer privacy. Furthermore, zk-STARKs enable real-time PoR, allowing for continuous monitoring and auditing of an exchange’s reserves, ensuring that any discrepancies or issues are identified and addressed promptly.
Elevating transparency standards in the industry, OKX’s PoR has made significant strides by publishing tens of thousands of addresses for its Merkle tree program. OKX stands out as one of the few major platforms consistently releasing monthly PoR reports.
In line with its dedication to transparency, OKX pledges to persist in providing the crypto community with monthly PoR updates, reinforcing trust and confidence in the platform.
