Dubai, United Arab Emirates, September 11th, 2024, Chainwire
The cryptocurrency industry has struggled with trust and transparency, leaving users uncertain about the backing of their assets. Failures by exchanges have heightened user skepticism, driving concerns about platform security and integrity.
To address these concerns and set a new standard in the industry, Bitunix, the fastest-growing cryptocurrency exchange, has launched its Proof of Reserves (PoR), ensuring that its user assets are fully backed with a 1:1 reserve ratio. The launch has propelled Bitunix into the ranks of the top 15 elite cryptocurrency exchanges on CoinGecko, affirming its reputation for security and integrity.
Ensuring the integrity and veracity of users’ funds is one of Bitunix’s main milestones for 2024. In this way, the company consolidates its reputation in the industry as one of the most secure, transparent and liquid derivatives exchanges in the world.
The Reserves Backing Bitunix Users’ Funds
Bitunix believes a user should be able to verify that the amount of funds they hold matches the amount of funds held in reserve by the platform or exchange they use. This is why the platform has decided to reveal this ratio through a transparency mechanism known as ‘Proof-of-Reserve.’
The ratios demonstrate that Bitunix holds significantly more reserves than the total assets held by its users. This substantial over-collateralization guarantees that user assets are more than fully backed, providing an extra layer of security and ensuring that funds are always available for withdrawal.
How Can The User Verify That These Reserves Exist?
For users, the security of their assets is paramount. The thought of losing access to funds due to insufficient reserves is a real concern that can lead to stress and a lack of confidence in the platform. Bitunix addresses these concerns by implementing a Proof of Reserves system built on Merkle Tree technology.
Merkle Tree technology is a cryptographic structure that plays a critical role in maintaining both transparency and user privacy. The Merkle Tree allows Bitunix to compile and secure all user balances into a single cryptographic hash, known as the Merkle Root.
The Merkle Tree structure works by hashing individual user balances and combining these hashes progressively until a single, all-encompassing hash is created. This process enables users to verify their individual balance is part of the total assets without exposing other users’ data. Any attempt to tamper with the data would be immediately detectable as it would alter the Merkle Root, ensuring the integrity of the system.
For more detailed information, users can visit: Introduction to Merkle Tree page.
3 Steps To Verify The Users’ Assets
Understanding the importance of transparency, Bitunix has designed an intuitive process that allows users to independently verify their assets. This step-by-step process is crucial for users who want to ensure their funds are secure and that Bitunix is fulfilling its commitment to a fully backed reserve.
The verification process includes:
Accessing Unique Hash: Users are provided with a unique cryptographic hash representing their balance on the platform.
Cross-Checking with the Merkle Root: This hash can then be compared against the publicly available Merkle Root, which represents the total sum of all user assets.
Validation: If the user’s hash matches part of the Merkle Root, it confirms that their assets are included in the platform’s reserves, ensuring that Bitunix is holding sufficient assets to cover all user balances.
Users can follow the detailed instructions noted in the How to Verify My Assets on Bitunix guide. Bitunix’s vision is simple: to grow and build trust through transparency. The platform cares deeply about its users’ security and peace of mind.
“Bitunix is committed to providing the highest standards of transparency and security for its users,” said Arron Lee, Co-founder at Bitunix. “Our Proof of Reserves system, supported by Merkle Tree cryptography, ensures that every user’s assets are fully backed and easily verifiable.”
To learn more about Bitunix’s Proof of Reserves and how to verify assets, visit the Proof of Reserves page.
Bitunix Reached Top 15 on CoinGecko in Early September 2024
In a testament to its commitment to transparency and user trust, Bitunix has risen to the top 15 cryptocurrency exchanges globally in the first week of September, as per Coingecko’s ranking. This achievement follows the successful launch of its Proof of Reserves (PoR) initiative, which has allowed Bitunix to transparently disclose and verify its reserves to users. As a result, CoinGecko has ranked Bitunix as the 13th global exchange based on trust score.
This achievement is just a reflection of the milestones that Bitunix fulfills in its roadmap in accordance with its ongoing mission to provide the user with the best derivatives exchange in the world. This is a goal that is getting closer every day, as the user can trade, virtually effortlessly, in an environment that is increasingly secure, transparent and liquid.
About Bitunix
Founded in 2021, Bitunix is one of the fastest-growing crypto derivatives exchanges in the world, achieving millions of users around more than 100 countries in just one year, and already offering over 250 coins for trading. Recently, major exchange rankings like CoinGecko have positioned it in the global Top 15 (by trusted rate).
Bitunix offers unique features that make it the most advanced crypto trading platform in the world (such as multi-window systems where the user can trade simultaneously on up to 8 different charts).
Thus, ease, security and transparency are the main reasons why traders choose Bitunix for their daily trading, with advantages such as: Leverage up to x125, deep liquidity, lower trading fee, 24/7 customer support, reserve verification/audits, and a strong adherence to regulatory compliance.
Contact
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Bitunix
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