Gate.io to Introduce Zero-Knowledge Proofs to Enhance 100% Proof of Reserves Audits

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Aug 31, 2023, 09:06 ET

MAJURO, Marshall Islands, Aug. 31, 2023 /PRNewswire/ -- As the world's leading cryptocurrency trading platform, Gate.io is about to release its brand-new 100% Proof of Reserves (PoR) audit upgrade plan. What is remarkable is that the new plan integrates zero-knowledge proof (ZK-proof) technology, thus pushing the depth and privacy of PoR audits to new heights. By exploring the latest revisions to Gate.io's reserves verification method, we will analyze the core value and function of this upgrade.

Zero-knowledge proof technology

With its privacy-preserving data verification method, ZK-proof technology has become a valuable tool in the current digital asset environment. That is why Gate.io is introducing this cutting-edge technology into PoR auditing, meaning greater guarantees for user privacy and asset security. Through zero-knowledge proof, the exchange can present users with evidence of sufficient asset reserves without exposing detailed personal transaction data. This will create higher transparency and credibility for the exchange and promote better practices within the broader digital asset trading industry.

Analysis of the upgrade's prototype

A prototype that incorporates forward-looking design ideas is the essence of Gate.io's upgrade plan. In the header section of the new PoR page, the currencies supported by the reserves audit and other details are displayed, including other various data such as customer net balance, account balance, and ratio.

Regarding information about 100% PoR, its importance, and essential components such as Merkle trees and zk-SNARKs, the newly upgraded page lays everything out so that users can easily understand each piece and its role.

The "Audits" section provides users with the details needed to verify the PoR audit data without compromising privacy, including report ID and account asset information. Users can gain an in-depth understanding of the verification path of each digital asset. Access to this information gives users a clearer picture of the PoR auditing process, which will help them be more rational and decisive in asset management.

The fully upgraded 100% PoR audit page on Gate.io will enable users to verify PoR audit results independently. The page will display the current audit status and the ratio between existing and reported reserves. Through ZK-proofs, everything is conducted in a manner that maximizes both privacy and transparency.

Far-reaching impact

This new upgrade plan is bound to have a far-reaching impact. First, introducing zero-knowledge proof technology will enhance the privacy of the reserve verification process and provide more reliable safeguards. Secondly, the more refined privacy-preserving methods shown in the product design will significantly improve users' insight into the current PoR auditing process and give users higher confidence in their digital asset activities. Gate.io's move may further establish its position as a reputable and reliable exchange, promoting greater trust.

With the support of new technologies, Gate.io will continue to lead the industry in innovation with this upgrade solution, creating a safer and more transparent trading environment for users.

SOURCE Gate.io