Seychelles-based cryptocurrency exchange OKX has announced that it has added 18 altcoins to its proof-of-reserve system (PoR). Having recently completed the advanced cryptographic ZK-STARK upgrade, the exchange is going to diversify its reserves accordingly.
OKX adds 18 altcoins to its proof-of-reserve system (PoR)
zk-STARK was one of the technologies that caught the attention of the crypto community recently. The technology adopted by OKX significantly improves privacy and scalability in the blockchain space. However, it played an important role in improving the proof of reserve (PoR) of exchanges.
In a recent announcement, OKX made the biggest upgrade in PoR by introducing zk-STARK technology. In this context, 18 new altcoins are added to the stock market’s reserve system.
OKX has made a significant leap forward in the Proof of Reserves (PoR) system. The exchange recently announced the integration of zk-STARK zero-knowledge technology. Thus, it allows users to independently verify the exchange’s solvency and verify that their assets are backed by OKX reserves. The latest PoR report showed $10.4 billion in Bitcoin, Ethereum and USDT, marking a 39% increase since January 2023.
OKX adds these 18 altcoins to its reserves
OKX’s impressive reserve ratios reveal a strong solvency level, with 103% for BTC, 103% for ETH and 103% for USDT.
In addition, OKX has expanded its reserve coverage, enabling its users to verify an additional 18 altcoins, bringing the total number of coins covered to 21. This move reflects OKX’s commitment to providing unmatched transparency to users. New altcoins added to the list include USDC, XRP and DOGE, SOL, OKB and APT. DASH, DOT, ELF, EOS, ETC, FIL, LINK, OKT, PEOPLE, TON, TRX and UNI round out the list.
Lennix Lai, Commercial President of OKX, said: “Proof of Reserve is an indispensable way to demonstrate transparency and guarantee solvency. It also builds user trust and confidence in the industry as a whole. OKX is committed to leading the crypto space when it comes to it.”
Proof of Reserve (PoR) proves that exchanges hold the necessary funds to meet customer deposits. In the past, PoR audits were often manual, time-consuming and prone to errors. Zk-STARK technology automates the PoR process. It also offers a game-changing solution to this problem by simplifying operations.
What is Zk-STARK?
zk-STARK stands for Zero-Knowledge Scalable Transparent Information Argument. It is a zero-knowledge proof system introduced as an alternative to SNARKs in a 2018 paper by Eli Ben-Sasson, Iddo Bentov, Yinon Horesh, and Michael Riabzev.
The best-known example of Zk-SNARKs is their use in protecting cryptocurrency transactions. Zcash is the first widespread implementation of zk-SNARKs.
cryptocoin.comIn this article, we have included the airdrop plans of StarkWare, which uses zk-STARK technology.
