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Proof of Reserves (PoR): Rethinking The Exchange-User Dynamic

Beginner
Blockchain
Dec 22, 2023
5 min read
0

As we approach the end of 2023, the crypto industry continues to evolve, with significant developments reshaping the landscape. The bearish streak that plagued much of 2022 and early 2023 seems to be a thing of the past, with Bitcoin prices soaring above $44,000 by December 2023, buoyed by the anticipation of a spot ETF approval. However, the shadow of the FTX saga, culminating in its bankruptcy announcement on Nov 11, 2022, still looms large, making the concept of proof of reserves (PoR) more relevant than ever.

What exactly is PoR, and why does it matter?

Key Takeaways:

  • This advanced cryptographic accounting procedure uses a structure called a Merkle Tree.

  • Bybit has recently extended its proof of reserves to include 32 digital assets. 

What Is Proof of Reserves (PoR)?

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