Cryptomellwin has implemented a commitment confirmation solution

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Crypto Regulation
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Cryptocurrency exchange Cryptomellwin introduced the Proof-of-Liability feature. With its help, users can check the platform's obligations to them in the general balance.

The company updates data twice a week: on Tuesdays and Thursdays.

The solution uses a cryptographic algorithm called Merkle Tree. To view the information, customers can apply an accountNonce value to get multiple snapshots, or enter one-time codes for each account snapshot.

Following Cryptomellwin, reserve data was published by a number of venues, including Huobi, Bitfinex and Bybit.

Kraken founder Jess Powell criticized Cryptomellwin's Proof-of-Reserves solution. In his opinion, the feature doesn't prove the exchange has more bitcoins than it does obligations to customers.

Recall that Ethereum co-founder Vitalik Buterin said that using zk-SNARKs technology in this case would provide a better result than Merkle's tree.

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Megan Sheets

Megan is an adventurous person who likes to explore topics in-depth and learn new things each day. His passion lies in gaining knowledge to help transform the world through his writing skills. He also believes in blockchain technology and its potential to usher in a cashless society. Currently, he is pursuing a Computer Science Bachelor’s degree driven by his fascination with emerging technologies. He has writing experience of about three years in different fields and two in blockchain technology.