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.