FTX 崩溃后,加密货币公司发誓要出示储备证明。但这就是它的真正含义以及为什么它不足以恢复信心


  • FTX 的崩溃促使其他加密公司试图通过承诺提高透明度来增加信任。

  • Binance 和其他几个竞争对手已经将储备证明作为一种解决方案。

  • 专家们不确定储备证明是否足以恢复人们对加密货币交易所的信心。

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FTX 的崩溃加强了对加密货币公司在客户恐慌时支付能力的审查,行业领导者吹捧“储备证明”作为提振信心的一种方式。

但专家们不确定这是否足够,因为 FTX 的破产暴露了该行业的一系列交易对手风险。

Binance 是世界上交易量最大的加密货币交易所,与其他几家交易所一样,它已发誓要进行储备证明。币安首席执行官赵长鹏表示,这将促进交易所与其客户之间的“完全透明” 。

什么是储量证明?

第三方进行储备证明,其本质上是试图确认所声明的持有量确实存在。它可以详细显示客户资产的位置和去向。

但是,尽管准备金证明可以向客户表明他们的钱仍在他们的账户中并且没有借出,但这并不能说明全部情况。

The problem, experts say, is that clients often won’t be privy to key risks, as proof of reserves only serves as a brief snapshot that can be misleading.

Here’s the catch with proof of reserves

“Proof of reserves has emerged as a cunning way to save crypto, but it has two major flaws,” Martin Hiesboeck, head of blockchain and crypto research at Uphold, told Insider.

First, it shows balances at one specific point in time but doesn’t account for any in-and-out movement of assets that would produce a momentary balance.

For example, Hiesboeck pointed to a recent incident with Crypto.com, which said earlier this month it accidentally transferred $400 million worth of cryptocurrencies to a different exchange before recovering it. Some skeptics said such transfers could bolster proof of reserves.

Second, a glaring gap in proof of reserves is the absence of liabilities, which make the assets look misleading, according to Hiesboeck.

“Have you ever seen a company balance sheet not including the liabilities? The picture would be incomplete,” he said.

In addition, proof of reserves is still limited in its ability to say whether customer funds have been commingled with company funds or whether there are any off-balance-sheet liabilities, according to Ahmed Ismail, CEO of liquidity aggregator Fluid.

Instead, firms should seek to guarantee user funds and deposits, similar to the way retail bank deposits are guaranteed in traditional finance, he said.

Merkle tree proof of reserves

Another possible solution that’s been touted is a Merkle tree proof of reserves, which work in real time. A Merkle tree is a data structure that encodes blockchain transactions more securely, tracking assets from their origin to their destination.

But while it promises “tamper-proof” security, exchanges can still just as easily put client money in danger by lending to riskier borrowers.

“Even such tracking won’t prevent the exchanges/custodian solutions from giving the funds to unvetted borrowers who might be unable to repay the loan,” said Rishabh Gupta, director of operations at TDeFi. “For such incidents, governance comes into action that will ensure the proper usage of funds.”

FTX 的崩溃加强了对加密货币公司在客户恐慌时支付能力的审查,行业领导者吹捧“储备证明”作为提振信心的一种方式。

Source: https://markets.businessinsider.com/news/currencies/crypto-proof-of-reserves-what-means-not-enough-ftx-binance-2022-11?op=1

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