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Cake DeFi Publishes Merkle Tree-Based Proof of Reserves

Singapore-based decentralized finance (DeFi) services firm, Cake DeFi, has announced the release of its Proof of Reserves using the cryptographically-audited Merkle tree method. 

Developed by Ralph Merkle in 1979, the Merkle tree method is a way of proving that a certain piece of data is included in a set of data, without revealing the entire set of data. Under the proof of reserves method, a Merkle tree is used to prove that a cryptocurrency exchange has the reserves it claims to have, without revealing the exact amounts of each cryptocurrency that it holds, in order to protect the privacy of the platform and its users.

(by Judith BannermanQuist)

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