Strengthen Transparency Commitment, Tokocrypto Launch Proof Of Reserves

Tokocrypto launched Proof of Reserves (photo: dock. Tokocrypto)

JAKARTA - Tokocrypto, one of the leading crypto asset traders in Indonesia, launched an accurate audited Proof of Reserves (PoR), as a testament to its commitment to the security and transparency of users in the midst of the rapid development of crypto assets.

This Proof of Reserves or Reserve Evidence implements Merkle Tree and zk-SNARKs (Zero-Knowledge Succinct Non-Interactive Arguments of Knowledge) verification to be more accurate and prioritize privacy.

"Tokocrypto uses the Binance wallet service, and users can use the Tokocrypto Mercle Leaf to verify funds," said Rieka Handayani, Tokocrypto VP Corporate Communications, in a statement received on Friday, May 12.

To show Tokocrypto owns all user assets 1:1, the company has developed and implemented Merkle Tree which allows users to verify their assets on the platform.

The goal is to allow each user to verify their asset ownership using their own Merkle ID hash/list. In this way, users can ensure that their funds are kept in full 1:1 and can be verified by third-party auditors.

Tokocrypto also uses zk-SNARKs, in order to prove that all the set of node leaves from Merkle Tree, namely user account balances, contributes to the total user's asset balance disclosed by the company.

This technology connection offers an effective and efficient solution to improve transparency, security, and privacy in the crypto industry. Please also note that the ownership of Tokocrypto's company's assets is recorded in separate accounts and is not part of the Proof of Reserves calculation," Rieka explained.