The cryptocurrency industry has struggled with trust and transparency, leaving users uncertain about the backing of their assets. Failures by exchanges have heightened user skepticism, driving concerns about platform security and integrity.

To address these concerns and set a new standard in the industry, Bitunix, the fastest-growing cryptocurrency exchange, has launched its Proof of Reserves (PoR), ensuring that its user assets are fully backed with a 1:1 reserve ratio. The launch has propelled Bitunix into the ranks of the top 15 elite cryptocurrency exchanges on CoinGecko, affirming its reputation for security and integrity.

Ensuring the integrity and veracity of users’ funds is one of Bitunix’s main milestones for 2024. In this way, the company consolidates its reputation in the industry as one of the most secure, transparent and liquid derivatives exchanges in the world.

The Reserves Backing Bitunix Users’ Funds

Bitunix believes a user should be able to verify that the amount of funds they hold matches the amount of funds held in reserve by the platform or exchange they use. This is why the platform has decided to reveal this ratio through a transparency mechanism known as ‘Proof-of-Reserve.’

The ratios demonstrate that Bitunix holds significantly more reserves than the total assets held by its users. This substantial over-collateralization guarantees that user assets are more than fully backed, providing an extra layer of security and ensuring that funds are always available for withdrawal.

How Can The User Verify That These Reserves Exist?

For users, the security of their assets is paramount. The thought of losing access to funds due to insufficient reserves is a real concern that can lead to stress and a lack of confidence in the platform. Bitunix addresses these concerns by implementing a Proof of Reserves system built on Merkle Tree technology.

Merkle Tree technology is a cryptographic structure that plays a critical role in maintaining both transparency and user privacy. The Merkle Tree allows Bitunix to compile and secure all user balances into a single cryptographic hash, known as the Merkle Root.

The Merkle Tree structure works by hashing individual user balances and combining these hashes progressively until a single, all-encompassing hash is created. This process enables users to verify their individual balance is part of the total assets without exposing other users’ data. Any attempt to tamper with the data would be immediately detectable as it would alter the Merkle Root, ensuring the integrity of the system.

3 Steps To Verify The Users’ Assets

Understanding the importance of transparency, Bitunix has designed an intuitive process that allows users to independently verify their assets. This step-by-step process is crucial for users who want to ensure their funds are secure and that Bitunix is fulfilling its commitment to a fully backed reserve.

The verification process includes:

1. Accessing Unique Hash: Users are provided with a unique cryptographic hash representing their balance on the platform.
2. Cross-Checking with the Merkle Root: This hash can then be compared against the publicly available Merkle Root, which represents the total sum of all user assets.
3. Validation: If the user’s hash matches part of the Merkle Root, it confirms that their assets are included in the platform’s reserves, ensuring that Bitunix is holding sufficient assets to cover all user balances.

Users can follow the detailed instructions noted in the How to Verify My Assets on Bitunix guide. Bitunix’s vision is simple: to grow and build trust through transparency. The platform cares deeply about its users’ security and peace of mind.

Bitunix Reached Top 15 on CoinGecko in Early September 2024

In a testament to its commitment to transparency and user trust, Bitunix has risen to the top 15 cryptocurrency exchanges globally in the first week of September, as per Coingecko’s ranking. This achievement follows the successful launch of its Proof of Reserves (PoR) initiative, which has allowed Bitunix to transparently disclose and verify its reserves to users. As a result, CoinGecko has ranked Bitunix as the 13th global exchange based on trust score.

This achievement is just a reflection of the milestones that Bitunix fulfills in its roadmap in accordance with its ongoing mission to provide the user with the best derivatives exchange in the world. This is a goal that is getting closer every day, as the user can trade, virtually effortlessly, in an environment that is increasingly secure, transparent and liquid.

Bitunix, a rapidly growing player in the cryptocurrency exchange market, has made a significant leap by ranking as the 13th global exchange on CoinGecko, categorized by trust score on September 2, 2024. This milestone comes on the heels of Bitunix unveiling its reserves through the implementation of Proof of Reserves (PoR), a move that has set a new standard for transparency in the industry.

By disclosing the Proof of Reserves, Bitunix has solidified its reputation as one of the most secure, liquid, and transparent derivatives exchanges worldwide. The exchange has established its place amongst some of the most eminent names in the crypto industry.

Factors Behind Bitunix’s Growth

The crypto industry comprises of 1,000+ exchanges, making it a saturated market to break in. Bitunix, one of the fastest growing crypto derivatives exchanges, climbed up the ladder by adopting different practices required to maintain a transparent and secure environment for all kinds of traders.

Bitunix’s PoR initiative reassures users that their funds are backed by real, verifiable reserves, setting a benchmark for accountability. Besides a secure platform, the exchange also allows users to execute trades directly on the chart with minimal effort, making the user experience phenomenal. In addition to this, Bitunix also accounts for high liquidity across 250+ trading pairs and 24*7 customer support.

A Testimony For Crypto Users

CoinGecko’s Trust Score, evaluates exchanges based on factors including transparency, security, and liquidity. Achieving a high rank on CoinGecko, a trusted and widely respected platform in the cryptocurrency space, is more than just a number; it can signify a vote of confidence from the broader crypto user base and communities.

These rankings collectively reinforce Bitunix’s reputation as a reliable and user-centric exchange. With the launch of PoR, Bitunix joins the ranks of other trusted exchanges such as Bybit, OKX, and Bitget, further establishing its credibility and appeal. In fact, this success comes along with another of Bitunix’s great achievements in such a short time, which is to surpass 1 million users.

There are other platforms and rankings that are also validating Bitunix’s achievements, either by showing the exchange’s proof of booking, ranking it at the top of the rankings, etc. Some of these platforms are Coinmarketcap and DeFiLlama.

This achievement highlights the progress Bitunix is making in its commitment to becoming the world’s leading derivatives exchange. With every milestone, Bitunix brings users closer to an environment where trading is effortless, secure, transparent, and increasingly liquid. Moreover, as the company itself points out on its social media, this is just the beginning, as 2024 still brings major releases that they claim will revolutionize the way cryptocurrency trading is done to date.