Backpack CEO Introduces Daily Proof-of-Reserves with Zero-Knowledge Verification
Armani Ferrante says the exchange now publishes daily proof-of-reserves using zero-knowledge proofs, enabling users to verify asset holdings without relying on trust.
Summary
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Terms & Concepts
Proof of Reserves: A method used by cryptocurrency exchanges to prove that they hold sufficient assets to match customer deposits, typically through cryptographic means.
Zero-Knowledge Proofs: A cryptographic technique that allows one party to prove the truth of a statement without revealing any additional information.