ChainUp advocates transparency of crypto assets with Merkle Tree Proof-of-Reserves solution
[11 November] – ChainUp, a global blockchain technology solutions provider, announced today that it will be providing crypto exchanges with a Merkle Tree Proof-of-Reserves solution to promote transparency of crypto assets.
A Merkle Tree is a cryptographic tool that enables the consolidation of large amounts of data into a single hash which acts as a cryptographic seal that “summarizes” all the inputted data. The Merkle Tree Proof-of-Reserves thus provides assurance to users by enabling quick, easy verification of a large volume of data, which in turn promotes transparency of the data.
Merkle Tree, as one of the core technologies of blockchain, is able to integrate a large amount of data into a single hash and efficiently verify the integrity of the data set. Therefore, as one of the main applications of Merkle Tree, Proof-of-Reserves not only provides users with fast asset security verification, but also improves the transparency of institutional reserves.
ChainUp provides businesses with end-to-end blockchain solutions covering infrastructure development and ecosystem support, with digital assets trading system as one of its key products.
Mr. Sailor Zhong, Founder & CEO of ChainUp Group said, “Transparency is crucial for crypto exchanges to gain the trust of end-users and investors. Our latest Merkle Tree Proof-of-Reserves solution aims to support our existing clients and other industry players in showcasing that users’ fundings are secure and safe, and as a result, strengthen overall trust in the industry.”