Deepcoin Scales During Market Disruptions, Announces Adoption of the Merkle Tree Method to Enhance Trust
- Written by Newsfile
Singapore, Singapore--(Newsfile Corp. - November 11, 2022) - With the advantages of security and stability, Deepcoin Exchange has seen a 10x increase in the number of new users, a 6x increase in the number of transactions, and a 10x increase in the trading volume within a week. In order to further strengthen user trust, Deepcoin Exchange has released a system performance report in order to provide more transparency during these uncertain times:
Deepcoin issues a statement about the status of the exchange
- Users trading spot crypto experienced no (zero) delays in settlements, almost 100% of settlements occurring within 1 millisecond.
- During the period of severe market fluctuations, the maximum transaction cost of Deepcoin mainstream currency is within 0.01%.
- The maximum concurrency of the matching system reaches 11,000 orders per second.
- The maximum delay of all nodes in the world is controlled within 200ms.
- All trading systems performed optimally during recent market volatility, with no downtime.
In the coming weeks, Deepcoin will publish a Merkle tree proof of reserves audit report provided by a well established global authority to ensure the public of its position in the industry and maintain full transparency.
Proof of Reserves requires that custodial businesses holding cryptocurrencies should create public credentials about their fitness, matching proofs of user balances (liabilities).
Theoretically: Proof of Reserves + Proof of Liability = Proof of Solvency.
Merkle tree is one of the methods of disclosure of proof of reserves. Literally, it is a tree of data that stores hash values to keep transactions and financial records secret but on hand for reference. In this relatively more complex data structure, all data unit groups are tightly attached like branches and leaves. It can be said that they are intertwined and interlocked. Any slight adjustment will cause changes in the overall data results. Therefore, the validation logic of its data results is more complex and accurate.
Deepcoin Merkle Tree Audit method
As shown in the figure, Deepcoin has 4 pieces of data at the bottom layer, each piece of data is the 'Balance' and 'ID' of a user, hashing the four pieces of data respectively constitutes the leaves of Merkle tree, and the top node is called the root of the tree. When a node changes, the hash value of the root of the tree changes. Under such a structure, any financial fraud tactics of the company will be immediately identified.
Simply put, this recording method in the form of smart contracts is even more accurate and more difficult to tamper with, than the deposit reserve system of traditional banks. In addition, the POF also mentioned by Deepcoin, that is, Proof of Finance, is a document that discloses cash reserves in real time and is also an important means of verification of reserves.
Deepcoin is firmly dedicated to greater efforts to protect user assets and reduce platform risks, while creating a better industry environment as a whole.
Deepcoin has been a trusted name in the crypto space since its launch in 2019 and it will continue to be a stable crypto provider during these uncertain times.
Contact:
Company: DEEPCOIN.PTE.LTDContact Person: Syballa ZhaoEmail: zhaoqipei@deepcoin.comAddress: 6 SHENTON WAY #24-08 OUE DOWNTOWN SINGAPORE (068809)[1]
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/143928[2]
References
- ^ zhaoqipei@deepcoin.com (www.newsfilecorp.com)
- ^ https://www.newsfilecorp.com/release/143928 (www.newsfilecorp.com)