• May 18, 2024

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Crypto Exchange BitMEX Implements Proof of Commitment Solution

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Cryptocurrency exchange BitMEX has just introduced a Proof-of-Liability feature that will allow users to check the obligations of the platform to them in the overall balance.

According to the post, the company updates data twice a week: on Tuesdays and Thursdays.

The solution uses a cryptographic algorithm called a Merkle tree. In order to view information, users can use the accountNonce value to get multiple snapshots, or enter one-time codes for each account snapshot.

After the collapse of crypto trading platform FTX, Binance first disclosed data on its own cryptocurrency reserves, and then launched the Proof-of-Reserves function, which allows Bitcoin owners to make sure that their funds on the platform are backed by the appropriate amount of assets.