.BankofAmerica says that crypto exchanges' proof of reserves, in the form that they have been suggested, have too many shortcomings to inspire confidence. By willcanny99
, crypto trading platforms are rushing to show that clients’ assets are safe and not being used for speculation, but “proof of reserves, at least in the form they’ve been suggested, have too many shortcomings to inspire confidence,” Bank of America said in a research report Thursday.
. These are efficient data structures called “hash trees” that can be securely verified. They behave as a map of customers' funds and work even when reserves become complicated.Among the shortcomings, assets are shown at a fixed point in time, which gives opportunities for manipulation, such as borrowing assets right before the snapshot is taken, the note said.
Whilst not a shortcoming of proof of reserves, the crypto industry also needs a clear delineation between trading platforms and market makers, the report said.
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