The CoreDao team has launched the Satoshi app brand new version that aims to be the world's top free Airdrop platform and started with three test projects for all users to experience and try out before the launch of the official projects. This unique Satoshi App gives users access to participate in free token airdropping by different quality projects built on Core Chain. Launching crypto projects on the Satoshi App also gives automatic mass adoption to developers' projects by connecting high-quality projects with the mass amount of crypto lovers already on the chain. How to participate in Satoshi App Airdrops • Download the Satoshi App and register/ login • Choose whichever projects you are interested in to participate in airdropping • You can choose a maximum of 8 projects at a time. • System will run each round of airdropping for an hour, participant can claim an airdrop reward at any time. • The token amount that each participant can claim is up to the parti
The leading Centralized Crypto Exchange Binance releases its proof of reserves system and it has faced criticism from Jesse Powell the CEO of Kraken claiming that Binance's PoR was not complete without the liabilities of the client included.
I'm sorry but no. This is not PoR. This is either ignorance or intentional misrepresentation.
— Jesse Powell (@jespow) November 25, 2022
The Merkle tree is just hand wavey bullshit without an auditor to make sure you didn't include accounts with negative balances. The statement of assets is pointless without liabilities. https://t.co/b5KSr2XKLB
The idea of Proof of Reserve was introduced by Binance after the FTX Exchange collapsed and shattered people's trust in centralized crypto exchanges, the lack of liquidity was the major cause of FTX's crash. FTX was once the second largest Centralized Crypto Exchange behind Binance which had over $10 billion in transaction volume in 24 hours according to CoinMarketCap.
The purpose of Proof of Reserve (PoR) is to regain investors' trust in centralized crypto exchanges, the PoR system will only support Bitcoin (BTC) at starting while other tokens and networks will follow.
Binance released its Merkle tree proof of reserves showing a reserve ratio of 101%, users can check their Bitcoin balances on the trading platform against Binance's own Merkle Tree, or via a URL supplied by Binance.
Binance mentioned forthcoming transparency enhancements, such as the use of ZK-SNARKs in its PoR procedures. also hinted at the use of third-party auditors to verify the accuracy of its PoR data. All in an effort to gain investors' trust.
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