The plan integrates zero-knowledge proof (ZK-proof) technology, aiming to improve the depth and privacy of PoR audits. By integrating a privacy-preserving data verification method, ZK-proof technology has become an important tool in the current digital asset environment. With the introduction of this technology into PoR auditing, Gate.io wants to present users with proof of sufficient asset reserves without revealing detailed personal transaction data. ZK-proof technology may increase the transparency and credibility of the cryptocurrency exchange while promoting better practices within the digital asset trading industry.
More information about the upgrade’s prototype
Moreover, the Audits section offers details regarding the PoR audit data verification process without compromising privacy, including report ID and account asset information. Through this, users can understand the verification path of each digital asset, as access to this information provides an overall picture of the PoR auditing process.
Gate.io’s upgraded 100% PoR audit page will allow users to verify PoR audit results independently, displaying the current audit status and the ratio between existing and reported reserves.
About Gate.io
In May 2023, the company launched its virtual asset trading platform, Gate.HK, which provides virtual asset deposits and withdrawals, and spot trading on multiple virtual assets, such as Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC). The platform aims to introduce trading services to all users, including retail users and professional investors. Following this launch, Gate.io plans to integrate additional services into the platform that meet customers’ needs and the regulatory requirements in Hong Kong.
Back in February 2023, Gate.io revealed its plans to apply for a licence in Hong Kong and to introduce a platform designed for the specific market. Hong Kong’s government aims to attract digital asset businesses with the objective of increasing retail investors’ access to cryptocurrencies and crypto exchange-traded funds. Considering this, Gate.io is seeking to capitalise on the city’s efforts to establish itself as a digital asset hub by becoming compliant with local regulations.
Gate.io pledged USD 100 million in December 2022, aiming to support the cryptocurrency ecosystem as part of a liquidity support fund. The company tried to decrease the negative impacts of a bear market and ecosystem collapses, which have driven investors to move their funds away from exchanges into self-custody.
