Cake DeFi, a decentralized financial services (DeFi) company based in Singapore, has announced the launch of Proof of Reserves using the Merkle tree method, allowing users to verify both assets and liabilities through its website.
The Merkle tree was developed by Ralph Merkle in 1979 as a way to prove that some data is included in a data set without exposing the entire data set. It is used to prove whether a cryptocurrency exchange has the claimed reserves. without disclosing the exact amount of each cryptocurrency held. To protect the privacy of the platform and users.
Users can now monitor their assets. as well as the company’s liabilities This provides access to the Merkle tree proof of reserves, which are available on the Company’s website. The tool aims to allow users to self-check their funds within the Merkle tree data structure.
With transparency, Cake DeFi says it will allow users to see how returns are generated with real-time on-chain information about client funds.
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