Huobi enhances user trust with its August 2023 Merkle tree asset proof update, ensuring blockchain data integrity and transparent reserves.
Key Points
- Huobi releases August 2023 Merkle tree asset proof data, revealing reserve ratios for assets like ETH, USDT, BTC, HT, and TRX.
- Merkle Tree verifies blockchain data integrity, while Proof of Reserves ensures on-chain fund availability and 1:1 asset backing.
- Huobi’s monthly asset audit page and Merkle Tree update ensure data transparency and security.
- Huobi’s commitment to security and transparency is showcased through regular audits, Merkle Tree technology, and global compliance efforts.
Huobi, a leading cryptocurrency exchange, has released its latest Merkle tree asset proof data update for August 2023. This update includes important information regarding the reserve ratios of various assets such as ETH, USDT, BTC, HT, and TRX. Huobi aims to provide transparency and security to its users by conducting regular Proof of Reserve audits.
🚀 Exciting news! 🌟 The updated Merkle tree-based proof of reserves data for August 2023 is out, featuring the new assets stUSDT and stETH! 🌳🔒 Users can now effortlessly view Huobi reserves for both USDT & stUSDT and ETH & stETH. Stay informed and stay ahead! 💪✨ #Cryptocu… pic.twitter.com/vTBGJm69Ol
— Cryptonic Daily (@CryptonicDaily) August 16, 2023
Merkle Tree: Ensuring Data Integrity
The Merkle Tree is a crucial component in verifying the existence and integrity of blockchain data. It consists of the underlying block database, the Merkle Root (hash of the block header), and branches connecting the data to the root. The calculation involves grouping hash values, recursively generating new hashes, and recording the final root hash as the Merkle Root.
Proof of Reserves: Auditing Asset Funds
Huobi utilizes the Proof of Reserves (PoR) audit method to ensure the availability of on-chain funds to cover all assets held on the exchange. By taking snapshots of user balances and generating a Merkle Tree, Huobi encrypts the data of all user-held assets. The Merkle Root contains a single hash representing the total asset balances. Publically verifiable digital signatures of Huobi’s on-chain wallet addresses are then used to prove ownership and verify the 1:1 backing of assets by Huobi’s reserves.
Huobi believes in the importance of data transparency and accuracy. The asset audit page on Huobi’s official website is updated monthly, with the snapshot date usually falling on the first day of each month. The Merkle Tree data update is typically completed within the first week. Huobi plans to optimize technical modules and collaborate with more service providers to ensure a secure and transparent service, aligning with their mission of global compliance.
Huobi’s latest Merkle tree asset proof data update for August 2023 showcases their commitment to ensuring the security and transparency of user assets. By conducting regular Proof of Reserve audits and utilizing the Merkle Tree technology, Huobi safeguards user funds and provides reassurance to its global user base. As Huobi continues to evolve into a comprehensive blockchain ecosystem, it remains dedicated to the healthy development of the crypto industry.
About Huobi
Founded in 2013, Huobi has transformed from a crypto exchange into a holistic blockchain ecosystem. With a presence in over 160 countries, Huobi serves millions of users worldwide. Their three development strategies – “global development, technology drives development, and technology for good” – guide their mission of providing comprehensive services and value to cryptocurrency enthusiasts.
