• News
    • Bitcoin
    • Altcoins
  • NFT
  • Metaverse
  • Analysis
  • Regulation
  • Learn
  • Market Cap
What's Hot

Hitachi Leverages Metaverse and VR for Next-Generation Workforce Training

2023-09-25

What is NBA Top Shot? A Beginner’s Guide

2023-09-22

Upland and KABOOM! Unite to Address Playspace Inequity

2023-09-22
Facebook Twitter Instagram
  • Contact
  • Terms & Conditions
  • Privacy Policy
  • DMCA
Facebook TikTok Instagram YouTube
CryptoNewsMetaverse
  • News
    • Bitcoin
    • Altcoins
  • NFT

    U.S. IRS Considers Taxing NFTs Like Other Collectibles

    2023-03-21

    Meta Shuts Down NFT Project to Focus on FinTech and Content

    2023-03-14

    Solana’s Solend V2 Release, Is SOL Price $50 Next?

    2023-03-06

    Amazon NFT Marketplace To Reportedly Launch Next Month

    2023-03-06

    Blur Coin Under Fire As Allegations Of Wash Trading Emerge

    2023-03-01
  • Metaverse

    Hitachi Leverages Metaverse and VR for Next-Generation Workforce Training

    2023-09-25

    Upland and KABOOM! Unite to Address Playspace Inequity

    2023-09-22

    Decentraland Hosts the First Metaverse Architecture Biennale

    2023-09-20

    A Step Towards Global Medical Metaverse Collaboration

    2023-09-18

    Shandong Province Aims for 10% of Global Metaverse Market by 2025

    2023-09-11
  • Analysis

    DOJ Officially Seizes Over $456,000,000 Worth of Robinhood Shares Tied to FTX Founder Sam Bankman-Fried

    2023-01-08

    Mark Cuban Makes Prediction on Next Crypto ‘Scandal,’ Warns of Potential Implosion if Exposed: Report

    2023-01-08

    Binance Listings Cause Crypto Assets To Spike an Average of 41%: New Research

    2023-01-08

    Bitcoin Whales Unloaded BTC As Market Reversed and Parked Their Profits in This Crypto Asset Class: Santiment

    2023-01-07

    Crypto Analyst Predicts Breakout for AI-Focused Altcoin, Updates Outlook on Ethereum and Lido DAO

    2023-01-07
  • Regulation

    Ripple files motion to block SEC appeal attempt

    2023-09-04

    JP Morgan believes SEC will be forced to approve ETFs after losing case against Grayscale

    2023-09-03

    Ripple Files Motion To Oppose SEC Appeal Over Landmark XRP Ruling

    2023-09-03

    U.S. SEC Punts on Bitcoin (BTC) Spot Exchange-Traded Fund Approvals, Delays Decisions Until October

    2023-09-02

    Navigating the significance of legal opinions in the crypto sphere

    2023-09-02
  • Learn

    What is NBA Top Shot? A Beginner’s Guide

    2023-09-22

    What Are Bridges in Crypto? Cross-Chain Bridges, Explained – Cryptocurrency News & Trading Tips – Crypto Blog by Changelly

    2023-09-21

    SingularityNET (AGIX) Price Prediction 2023 2024 2025

    2023-09-18

    What Are Altcoins? Best Altcoins to Buy  – Cryptocurrency News & Trading Tips – Crypto Blog by Changelly

    2023-09-08

    Your Guide to the Digital World of ENS Domains – Cryptocurrency News & Trading Tips – Crypto Blog by Changelly

    2023-09-04
  • Market Cap
CryptoNewsMetaverse
Home»Cake DeFi publishes Merkle tree-based proof of reserves

Cake DeFi publishes Merkle tree-based proof of reserves

2023-01-05No Comments2 Mins Read
Share
Facebook Twitter LinkedIn Pinterest Email

Singapore-based decentralized finance (DeFi) services firm Cake DeFi has announced the release of its proof of reserves using the cryptographically audited Merkle tree method. 

Developed by Ralph Merkle in 1979, the Merkle tree method is a way of proving that a certain piece of data is included in a set of data, without revealing the entire set of data. Under the proof-of-reserves method, a Merkle tree is used to prove that a cryptocurrency exchange has the reserves it claims to have, without revealing the exact amounts of each cryptocurrency that it holds, in order to protect the privacy of the platform and its users.

Security and transparency aren’t just duties, they’re a necessity, and we live them every day. As part of our ongoing effort to build the most trusted and transparent one-stop #DeFi and Web3 platform, we are publishing our #ProofofReserves https://t.co/btWi3bbqxJ

— Cake DeFi (@cakedefi) November 11, 2022

According to the DeFi services firm, users can now verify their assets, as well as the company’s liabilities, in a newly rolled-out feature that grants public access to its Merkle tree proof of reserves, available on its website. The tool intends to enable users to perform a self-audit of their own funds under the Merkle tree data structure. 

In the spirit of transparency, Cake DeFi said it will also enable users to see how yields are generated, with real-time on-chain data about customer funds.

Related: Cake DeFi launches $100M venture arm for Web3, gaming, and fintech initiatives

Although many exchanges such as Binance, Crypto.com, Bybit, and OKX, have all rolled out Merkle tree-based proofs of reserves to promote transparency following the collapse of FTX, some officials remain skeptical about their efficacy. 

In a Dec. 22 interview with The Wall Street Journal, the Securities and Exchange Commission’s acting chief accountant, Paul Munter, shared that the results of these audits aren’t necessarily an indicator that the company is in a good financial position. According to him, proof-of-reserves reports by exchanges “lack” sufficient information for stakeholders to determine whether the company has enough assets to meet its liabilities.

Source link

CAKE DeFi Merkle proof publishes reserves Treebased
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Treasury, IRS propose crypto tax rules defining DeFi platforms as brokers

2023-08-25

CoinCenter, other advocacy groups condemn CANSEE bill for overreach on DeFi

2023-07-20

DeFi bill introduced in Senate would hold major investors responsible for illegal use

2023-07-19

Bank for International Settlements Says DeFi To Act As Starting Point for CBDC Security Systems

2023-07-10
Add A Comment

Leave A Reply Cancel Reply

Top Posts

Buying AVAX could be risky in the next few days- Here’s why

2022-09-14

Bitcoin Potentially Already in Accumulation Phase, Gearing Up for Next Bull Market, Says Analyst Benjamin Cowen

2022-07-11

Going short on Ethereum in 2023? Here’s what you need to know

2023-01-06

Subscribe to Updates

Get the latest news and Update from Cryptonewsmetaverse.com about Crypto, Metaverse and NFT.

Our mission is to develop a community of people who try to make financially sound decisions. The website strives to educate individuals in making wise choices about Cryptocurrencies, NFT, Metaverse and more.

We're social. Connect with us:

Facebook Instagram YouTube TikTok
Top Insights

Hitachi Leverages Metaverse and VR for Next-Generation Workforce Training

2023-09-25

What is NBA Top Shot? A Beginner’s Guide

2023-09-22

Upland and KABOOM! Unite to Address Playspace Inequity

2023-09-22
Get Informed

Subscribe to Updates

Get the latest news and Update from Cryptonewsmetaverse.com about Crypto, Metaverse and NFT.

  • Contact
  • Terms & Conditions
  • Privacy Policy
  • DMCA
© 2023 Cryptonewsmetaverse.com. Designed by ProdigitalX.

Type above and press Enter to search. Press Esc to cancel.

  • bitcoinBitcoin(BTC)$26,326.000.60%
  • ethereumEthereum(ETH)$1,591.100.84%
  • USDEXUSDEX(USDEX)$1.07-0.53%
  • tetherTether(USDT)$1.000.08%
  • binancecoinBNB(BNB)$211.371.33%
  • rippleXRP(XRP)$0.510.73%
  • usd-coinUSDC(USDC)$1.000.03%
  • Lido Staked EtherLido Staked Ether(STETH)$1,589.540.87%
  • cardanoCardano(ADA)$0.2467570.94%
  • dogecoinDogecoin(DOGE)$0.0610290.16%