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Gate.io Has Completed A Third-Party PoR Audit to Provide Proof of 100% Collateral
Gate.io Has Completed A Third-Party PoR Audit to Provide Proof of 100% Collateral
2022-11-04 08:55:21 UTC
36566 Read
As the world's leading digital asset trading platform, Gate.io has nine years of secure and stable operations, always putting the safety of users' assets first. The platform was officially completed for the proof-of-reserves audit. Users will be provided with a way to verify funds using a cryptographically-verifiable Merkle tree and will be able to view the audit results on the official Armanino website.
As the first cryptocurrency exchange to provide 100% certified and user-verifiable proof-of-reserves, Gate.io has worked closely with Armanino LLP since 2020, a leading US audit firm, to successfully provide users with professional and credible asset verification services in an open-source, transparent, and cryptographically-verifiable Merkle tree. Gate.io patented this asset verification model in 2020. As a result, PoR audits using this model have become commonplace for exchanges to verify asset security, and Gate.io has set a standard for the industry in asset security verification.
What Is the 100% Proof of Margin?
The 100% Proof of Margin enables users to verify whether their digital assets are fully retained in the exchange in an encrypted manner. Meanwhile, users can choose an exchange that is more in line with some of the current international regulatory needs based on whether the exchange has Proof of Margin as one of the priority options.
The 100% Proof of Margin shall be audited by an independent third-party company. The main purpose of the audit is to confirm whether the total assets managed by the exchange are consistent with the user's book balance. Generally speaking, if the total amount of tokens held and effectively controlled by the exchange on the blockchain is greater than or equal to the total amount of tokens held by all users of the platform, the platform will provide a 100% margin for the tokens.
Gate.io stores the hash value of each user's account asset in the way of a leaf node of the Merkle Tree by providing the certificate of total assets owned by the platform user and the valid user's margin. The third-party financial audit institution audits the total amount of user assets stored in the leaf node of the Merkle Tree, and reviews and compares the number of valid margins held by the platform to determine whether the user's assets are backed by full margins.
TrustExplorer is a proprietary blockchain security technology suite of Armanino, designed to increase trust for participants in the digital asset industry. Proof of Reserves (PoR) is one of the flagship solutions of TrustExplorer and an authoritative data reporting and verification solution, so as to enable the digital asset platform to prove and represent the assets held by customers.
The asset verification model has been patented by Gate.io in 2020. The PoR audit conducted by the Exchange in this mode has become one of the standard steps for the industry to verify asset security. Gate.io's strategy also provides the industry with a new standard for asset security verification.
For more information, please check out: <What Is the Significance of Introducing Third-party Audits to the Exchange? Understand What Proof of Margin Is>
We appreciate your continued support and trust in the past nine years of Gate.io's growth!
Gateway to Crypto
Trade over 1,400 cryptocurrencies safely, quickly and easily on Gate.io
Sign up to enter the crypto gateway and get 40% commission from referrals
Download iOS/Android App right now.
Reach out to us!
Twitter: https://twitter.com/gate_io
Telegram: https://t.me/gate_zh
Instagram: https://www.instagram.com/gateioglobal
Medium: https://medium.com/@gateio
Podcast: https://gateio.buzzsprout.com/?ch=buzzs
Gate.io Team
November 4
As the first cryptocurrency exchange to provide 100% certified and user-verifiable proof-of-reserves, Gate.io has worked closely with Armanino LLP since 2020, a leading US audit firm, to successfully provide users with professional and credible asset verification services in an open-source, transparent, and cryptographically-verifiable Merkle tree. Gate.io patented this asset verification model in 2020. As a result, PoR audits using this model have become commonplace for exchanges to verify asset security, and Gate.io has set a standard for the industry in asset security verification.
What Is the 100% Proof of Margin?
The 100% Proof of Margin enables users to verify whether their digital assets are fully retained in the exchange in an encrypted manner. Meanwhile, users can choose an exchange that is more in line with some of the current international regulatory needs based on whether the exchange has Proof of Margin as one of the priority options.
The 100% Proof of Margin shall be audited by an independent third-party company. The main purpose of the audit is to confirm whether the total assets managed by the exchange are consistent with the user's book balance. Generally speaking, if the total amount of tokens held and effectively controlled by the exchange on the blockchain is greater than or equal to the total amount of tokens held by all users of the platform, the platform will provide a 100% margin for the tokens.
Gate.io stores the hash value of each user's account asset in the way of a leaf node of the Merkle Tree by providing the certificate of total assets owned by the platform user and the valid user's margin. The third-party financial audit institution audits the total amount of user assets stored in the leaf node of the Merkle Tree, and reviews and compares the number of valid margins held by the platform to determine whether the user's assets are backed by full margins.
Details of Gate.io’s Proof of Margin as of November 2, 2022
TrustExplorer is a proprietary blockchain security technology suite of Armanino, designed to increase trust for participants in the digital asset industry. Proof of Reserves (PoR) is one of the flagship solutions of TrustExplorer and an authoritative data reporting and verification solution, so as to enable the digital asset platform to prove and represent the assets held by customers.
The asset verification model has been patented by Gate.io in 2020. The PoR audit conducted by the Exchange in this mode has become one of the standard steps for the industry to verify asset security. Gate.io's strategy also provides the industry with a new standard for asset security verification.
For more information, please check out: <What Is the Significance of Introducing Third-party Audits to the Exchange? Understand What Proof of Margin Is>
We appreciate your continued support and trust in the past nine years of Gate.io's growth!
Gateway to Crypto
Trade over 1,400 cryptocurrencies safely, quickly and easily on Gate.io
Sign up to enter the crypto gateway and get 40% commission from referrals
Download iOS/Android App right now.
Reach out to us!
Twitter: https://twitter.com/gate_io
Telegram: https://t.me/gate_zh
Instagram: https://www.instagram.com/gateioglobal
Medium: https://medium.com/@gateio
Podcast: https://gateio.buzzsprout.com/?ch=buzzs
Gate.io Team
November 4
