CEOs from two of the biggest crypto firms in the world are giving a nod of approval to Ethereum creator Vitalik Buterin’s idea for how exchanges can maintain transparency for their customers.
Mahi Sall, Advisor, Fintech-Bank Partnerships, Payments and Financial Inclusivity
January 25th, 2023
Mahi Sall is the CEO & Founder of FinXpair, a Berlin-based strategic advisory boutique firm focu[...]
Having Safe CEX: CZ and Brian Armstrong Support Vitalik’s Idea for Transparency
Daily Hodl | | Nov 21, 2022
CEOs from two of the biggest crypto firms in the world are giving a nod of approval to Ethereum creator Vitalik Buterin’s idea for how exchanges can maintain transparency for their customers.
- Buterin suggested a system where users can verify their personal balances through a Merkle Tree, protected with the privacy of a zk-SNARK (zero-knowledge succinct non-interactive argument of knowledge).
- Merkle Trees help encode blockchain data more efficiently and securely and can assist in quickly verifying information without revealing an entire data set. KZGs are a type of polynomial commitment scheme that allow verifiers to confirm claimed evaluations.
- Responding to Buterin’s proposal, Coinbase CEO Brian Armstrong thanked the Ethereum co-founder and said on-chain accounting will be important for the industry moving forward.
- Meanwhile, Binance CEO Changpeng Zhao says he is working on Buterin’s new ideas.
See: Grayscale Won’t Share Proof of Reserves | Bitvo Escapes FTX | (Some) DeFi Platforms Benefit from CEX Exodus
Vitalik Buterin:
“In the longer-term future, my hope is that we move closer and closer to all exchanges being non-custodial, at least on the crypto side. Wallet recovery would exist, and there may need to be highly centralized recovery options for new users dealing with small amounts, as well as institutions that require such arrangements for legal reasons, but this can be done at the wallet layer rather than within the exchange itself.
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