There is no doubt about the safety of funds, and OKX is online to prove the reserve function!
Sep 28, 2024
why the online reserve certificate (PoR) function?
Recently, due to frequent lightning storms in the centralized exchange and the potential risk of opaque funds in the exchange, in order to solve the security problem of OKX users' assets, enhance the transparency of users' related assets, clarify the assets reserves of the platform, and promote the sound and healthy development of the encryption industry, OKX hereby urgently launched the reserve certificate (PoR) function.
After the BOR is launched, it will visually display the assets of user accounts at the time of audit and the asset reserve ratio of platforms USDT, BTC and ETH, completely avoiding the security risks caused by opaque funds.
how does the reserve certificate function prove the safety of assets?
1) Merkel tree verifies user assets.
OKX PoR uses the Merkel tree verification mechanism, which is open and transparent, and it is widely used in blockchain and other fields and recognized by the encryption market because of the step-by-step hash verification of data to ensure that data cannot be tampered with.
User asset information is stored in leaf nodes by anonymous snapshots, and all leaf node information is transmitted to superior nodes layer by layer and finally summarized to root nodes to form Merkel tree. The Merkel tree root node records the total assets of the platform.
Based on this, the hash ID obtained by users can be used to verify whether the assets are within the total assets of the platform, and can also obtain the relevant information of the total assets of the platform.
2) The reserve ratio proves the assets reserve of the platform.
The assets in some wallets of the platform can be known through the public currency holding address of OKX. After comparing the assets with the total assets of users in Merkel tree, the asset reserve ratio of the platform can be calculated.
Platform asset reserve ratio = total assets of OKX public address/total assets of Merkel tree users
When the reserve ratio is greater than or equal to 100%, it can be proved that OKX has sufficient asset reserves and the users' assets in the platform are safe enough. At present, Ouyi announced that the reserve in the wallet reached 6.021 billion US dollars, and the reserve ratio of USDT, BTC and ETH all exceeded 100%.
Time when the reserve certification function goes online
The BOR function was officially launched on November 23rd. Users can check the record of account assets in Merkel Tree and the BOR ratio of BOY.
We welcome all users to use it, monitor the assets reserve of the platform and promote the sound development of the industry. In the future, OKX will continue to provide users with better products and better services!
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