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Cryptocurrency exchange platform Gate.io has implemented a zero-knowledge proof protocol in a new proof of reserves method. The new technology was developed in conjunction with Mexican blockchain solutions provider Stably.
The new proof of reserves system is designed to authenticate the total quantity of cryptocurrency held on the exchange’s wallets. The data is encrypted using a zero-knowledge proof protocol that enables Gate.io to verify the total balance of funds without exposing the details of each wallet address. The ultimate goal of the system is to provide users with an additional layer of trust when it comes to the accuracy of the exchange’s balances.
Gate.io CEO and Founder, Han Liu, said that the platform takes the security and transparency of its wallet balances seriously. The new system, he added, will go a long way in ensuring that users have confidence in the accuracy of the provided data. The new technology also comes at an opportune moment as Gate.io prepares to launch its new margin trading feature. The advanced protocol will help ensure that the data seen by investors is true and verifiable.
The zero-knowledge proof system utilized by Gate.io is based on the Verifiable Random Function (VRF) concept and DeepShield protocol developed by Stably. According to Stably co-founder Kieren James-Lubin, the ultimate goal is to help build trust and confidence in the cryptocurrency space through the use of advanced verifiable technologies.
Gate.io has been providing users with enhanced levels of security and transparency since its launch in 2013. In addition to the new verification system, the platform also utilizes a two-factor authentication system, hardware wallets for enhanced security, and encryption technologies. Moving forward, Gate.io will continue to implement new methods aimed at providing users with the highest levels of trust.
