Kraken CEO Jesse Powell said that Proof-of-Funds The complete balance must include the total liabilities. and Cryptographic evidence that the user can verify, including signatures that are evidence of the Custodian Wallet.
The bankruptcy of the FTX exchange made people realize the importance of doing a Proof of Reserve To avoid problems arising from using customers’ money
While many crypto exchanges have begun to do so, Kraken Backtesting CEO Jesse Powell says it won’t do much. Because the timber trading board disclosed the debt with the address
Mr Jesse Powell said Proof of Contingency Debt balance, cryptographic proof must be included. that the user can verify and evidence from the Keeper Wallet
By doing a Proof of Reserve Kraken exchange now allows users to review the company’s debt, with Powell encouraging other exchanges to do the same.
Previously, Mr. Powell has come out to demand that the exchange CoinMarketCap has come out to complete the Proof-of-Reserve due to the lack of proof of the exchange. Cryptographic Regarding the customer and the wallet, he emphasized that reserves are not assets in the wallet, but assets less liabilities.
Backup Proof System The recently launched Binance exchange allows users to monitor their assets using the Merkle Tree.
However, Powell expressed dissatisfaction with Binance’s PoR, saying the exchange must disclose the assets they hold. More than debt? And he also asked the media to stop spreading fake news that misleads consumers.
Binance CEO Changpeng Zhao responded to Jesse Powell’s question by sharing plans Binance is working on to test the exchange’s transparency.
CZ’s response drew a sigh of relief from many crypto fans, but some crypto fans pointed out CZ’s hypocrisy for migrating comments on open positions.
Source: Cointelegraph
