Nobitex Users Can Access Their Ethereum Proof of Reserves Report Starting September 1, 2024
Nobitex users will be able to view their Ethereum Proof of Reserves report using the dedicated SigmaB extension starting from September 1, 2024. This protocol, introduced for the first time in Iran, aims to provide a “Proof of Reserves” certificate while ensuring user privacy, a feature that sets it apart from global counterparts.
Recently, Nobitex, the largest cryptocurrency exchange platform in Iran, announced that its research arm, Nobitex Labs, successfully developed this protocol, with validation conducted by experts and enthusiasts in the cryptocurrency field. Nobitex has also stated that a special video report detailing the validation process by crypto experts will soon be released.
Introducing the SigmaB Extension
According to the latest update, Nobitex will record the wallet balances (taking a snapshot of holdings) at precisely 11:59:59 PM on Monday, August 26, 2024. Based on these balances, a Proof of Reserves report will be generated for all wallets that have a balance of more than 0.00001 Ethereum at the time of the snapshot.
One week after this date, on Sunday, September 1, 2024, Nobitex users can view their Ethereum Proof of Reserves report through the SigmaB browser extension, available on Chrome. It’s important to note that if a user’s mobile number linked to their Nobitex account is changed after the snapshot, the report for the associated wallet will not be displayed.
Understanding Proof of Reserves
Proof of Reserves is a method used to ensure that the total balance of a platform’s wallets matches the sum of users’ assets. This method allows users to be confident that their cryptocurrency assets are safe and can be withdrawn at any time.
Nobitex has consistently prioritized the security of wallet address information. To this end, the Nobitex research and development team (Nobitex Labs) has implemented a private Proof of Reserves protocol that ensures the security of wallet address information while providing a Proof of Reserves report.
The reports generated by this proprietary protocol will be available to Nobitex users starting September 1, 2024.
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