On Nov. 25, the largest cryptocurrency exchange in terms of daily trade volume, Binance, published its bitcoin proof-of-reserves (POR).
. Basically, because exchanges use hundreds of addresses a Merkle Tree can be leveraged to consolidate all the data into a single hash, which then can be cryptographically verified by anyone.lists centralized trading platforms that have submitted “full POR” audits. At the time of writing, there are five crypto platforms that have shared full PORs that feature The Merkle approach on the Wall of Fame.
. “Hope smaller exchanges quickly follow suit. Thanks for leading the way with this extremely important initiative. Having cryptographic proof of an exchange’s solvency is a serious game changer.”Binance’s snapshot was recorded on Nov. 22, 2022, at 23:59 p.m. and records show Binance’s onchain reserves equate to 582,485
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