Nic Carter pointed out that crypto exchange BitMEX opted for a very transparent proof-of-reserves model.
Bitcoin advocate Nic Carter has released an in-depth analysis of centralized exchange proof-of-reserves and ranked the attestations provided by some of the most prominent crypto trading platforms in the space.a detailed examination of the quality of several exchanges’ proof-of-reserves .
On the other hand, BitMEX, which also received praise, did not rely on an auditor but opted to go for a very transparent model. On the asset front, the exchange listed all BTC balances held by the exchange and proof that they are spendable by the BitMEX multisig. With its liabilities, the firm published the full Merkle tree of user balances. “This means that there are no issues with excluded or negative balances since anyone can vet the liability set in full," Carter wrote.
“Binance’s first PoR doesn’t grant strong assurances. It only covers Bitcoin, which only represents 16.5% of their client assets.” While the PoR allows individual users to verify that they are included in the liability set, Carter said that the PoR does not show the entire liability list. This makes it difficult for a third party to verify the procedure according to the analyst.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Flyers goalie Carter Hart placed on injured reserve with upper-body injuryThe goaltender was injured and subsequently removed from last Friday's game against the Carolina Hurricanes after colling with Hurricanes center Seth Jarvis.
Read more »
Usher Mourns His Grandmother Tina Carter in Emotional Tribute: ‘I Feel a Bit Lost Right Now’Usher is mourning the loss of his grandmother Ernestine “Tina” Carter, who died at age 87 on Christmas Eve at her residence in Chattanooga, Tenn.
Read more »
Fight Club's Original Marla Actor Was Fired After Insulting Brad PittCourtney Love opens up about being fired from FightClub, saying she lost the part of Marla after insulting Brad Pitt. 'I went nuclear. I don’t do Faust. Who the f--k do you think are?'
Read more »
Ohio State lineman Matthew Jones looking forward to facing Georgia’s Jalen CarterSaturday night, Ohio State lineman Matthew Jones will look to slow down Georgia superstar lineman Jalen Carter, a projected top NFL draft pick.
Read more »
How Web3 Helps People Take Control of Their Digital IdentitySandy Carter (sandy_carter), a former vice president for Amazon Web Services and IBM alum, thinks endless Web applications can be built on blockchain infrastructure. Crypto2023
Read more »