OKX Introduces zk-STARK Technology for Enhanced Proof of Reserves System

Apr. 30, 2023
OKX Introduces zk-STARK Technology for Enhanced Proof of Reserves System

One of the largest crypto exchanges, OKX, has announced the greatest update to its Proof of Reserves (PoR) system yet. The exchange is introducing zero-knowledge technology zk-STARK, allowing users to verify the exchange’s solvency and confirm their assets are backed by OKX reserves.

The latest PoR report reveals 10.4 trillion in Bitcoin, Ethereum, and USDT assets, marking a 39% increase since January 2023. This report also includes 18 additional crypto assets, bringing the total number of assets analyzed to 21.

Zero-Knowledge Scalable Transparent Arguments of Knowledge (zk-STARK) is an encrypted method that verifies the accuracy and authenticity of OKX PoR while maintaining user privacy. Account balances and addresses are not visible to third parties.

The current reserve ratios for BTC, ETH, and USDT are at 103%. The public can now verify the additional 18 cryptocurrencies, including USDC, XRP, DOGE, SOL, OKB, APT, DASH, DOT, ELF, EOS, ETC, FIL, LINK, OKT, PEOPLE, TON, TRX, and UNI.

According to Lennix Lai, Commercial Director of OKX, PoR is a way to demonstrate transparency, ensure solvency, and build user trust in the industry. OKX aims to lead the cryptocurrency industry by allowing users to verify their reserves and debts in real time.

OKX’s PoR is an industry benchmark for transparency, having established verifiable ownership of private keys and published tens of thousands of addresses for its Merkle Tree program. The exchange has committed to publishing its PoR monthly, maintaining its commitment to transparency.

However, OKX’s upgrade to its Proof of Reserves system demonstrates the exchange’s commitment to transparency, user privacy, and building trust in the cryptocurrency industry.

Former CEO Of OKX Joins Sensorium Advisory Board

Meanwhile, another latest development catches attention. Sensorium, a leading metaverse developer in the Web3 space, has announced the addition of Jay Hao, former CEO of OKX, to their Advisory Board. With his extensive experience in the blockchain industry, this move is seen as a significant triumph for Sensorium.

Hao’s role on the Advisory Board involves collaborating with a select group of leaders. He provides strategic advice and guidance to help Sensorium achieve its Web3 objectives. Other notable board members include Yann Pissenem, Danny Gomez, Dr. Christian von Reventlow, and Brett Yormark.

Expressing his excitement about joining Sensorium, Hao emphasized his belief in blockchain technology and its potential to revolutionize brand-audience interactions. He is eager to contribute to Sensorium’s mission of delivering top-tier decentralized products.

Sensorium highlights its platform’s features, including launching virtual worlds and experiences. External developers and content creators can use SENSO tokens.

Hao’s expertise comes at an opportune time as Sensorium focuses on expanding its Web3 product offerings. Under Hao’s leadership, OKX became a significant player in the blockchain market, introducing groundbreaking products like OKXChain.

Alex Firsov, Director of Sensorium’s Web3 Department, welcomed Hao to the Advisory Board. Sensorium’s already successful Sensorium Galaxy platform is available on Steam and mobile apps.

PRISM, a new music-focused virtual world, was launched earlier this year in the metaverse. Sensorium’s AI-powered avatars provide users with an immersive VR experience during performances.

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Ammar Raza

Associate editor
Skilled in crafting compelling content, with a deep enthusiasm for blockchain technology. I offer precise and easily comprehensible perspectives on cryptocurrencies, decentralized finance, and the ever-evolving landscape. Count on me as a reliable resource to remain informed about the latest advancements in the world of crypto.