Global Blockchain asset exchange platform, Gate.io proof of transparency scores 100 percent for the users’ benefit. The exchange has released technical proof to allow users to witness first hand how reliable is the Gate.io method to check their collateral, including their total assets on the platform.
The latest proof of transparency is a combination of the mathematical algorithm and a financial audit built on a hack-proof algorithm, keeping user safety and privacy intact to avoid issues.
Gate.io proof of transparency
In a bid to promote user transparency the exchange announced that there are two methods of Gate.io proof of transparency to show user’s total assets and users’ collateral held by the exchange. The first method is to store each user account’s hash value of assets in the leaf nodes of the Merkle tree. The second method is to audit those assets in the leaf node of the Merkle tree and verify all the users’ collateral held by Gate.io through an audit of a third-party institute.
Conclusively, the written audit report and the Merkle tree of the hash value of users’ total assets are open to the public through the audit of the third party. Each user, through the application of mathematical algorithms, can verify the accuracy of their assets recorded in the Markle tree.
The chief marketing officer of the exchange Marie Tatibouet explains that the exchange attributes great importance to transparency and safety of the users’ assets, therefore, the assets are protected by a strict financial audit with a set of real-time risk warnings. Additionally, every user can trust 100% collateral provided by the exchange.
Gate.io also has a feature that allows users to check their balance on the website, where the written audit report and the Merkle tree of the hash value of users’ total assets are shown.
Unlike conventional exchanges in a cryptocurrency exchange, its collateral equals the total amount of assets controlled by the exchange in the blockchain. Collateral can also include the amount of fiat currency in a bank, for fiat trading exchanges.
Featured Image by Chris Liverani