Hong Fang, President of OKX, joins the show to to announce their twelfth consecutive monthly Proof of Reserve attestation and to discuss how their PoR implementation has changed over time. Covered in this episode:
- OKX's brand refresh
- Why OKX chose to launch their monthly PoR attestations a year ago
- The importance of PoR today and who is asking for it
- Which PoRs they looked at for inspiration
- How OKX evolved the procedure from inception to now
- The move from merkle liabilities to ZK PoL
- The PoR security model and how many users need to check for it to be valid
- Handling issues like margin, leverage, and negative balances in their attestation
- The relationship between Proof of Reserve and conventional audits
- Future directions in PoR and ways to improve
- Technical PoR versus audit-enhanced PoR and the role of an auditor
- Attacks on PoR and mitigations
- Common criticisms of PoR
- Why numerous exchanges need to do PoR for it to work overall
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