Many people don't know that Gate was actually one of the first exchanges in the industry to adopt Merkle tree reserve proof. As early as 2020, they began implementing this scheme and accepted third-party audits throughout the process. After the 2022 FTX incident shocked the entire industry, Gate simply open-sourced this solution. And what was the result? This approach gradually became the standard across the industry. From this perspective, Gate has indeed contributed a lot to promoting early industry self-discipline and transparency. The decision at that time and the subsequent open-source move played a significant role in the standardized development of the entire ecosystem.
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AirDropMissed
· 12h ago
Oh wow, this move is really impressive. I've long seen through the logic of transparency.
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tokenomics_truther
· 12h ago
Damn, I knew about this long ago. I was convinced the moment I saw the open-source step.
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0xInsomnia
· 12h ago
Really, gate's move this time is truly ruthless. They implemented Merkle tree proofs back in 2020 and have been transparent all along.
Compared to that, the FTX crew is really outrageous, while gate turned around and open-sourced to save the ecosystem.
But to be honest, who believed in this set of practices early on? Now it has become standard, which is truly ironic.
The decision to open-source is indeed impressive, and many in the industry have learned a lot from it.
Many people don't know that Gate was actually one of the first exchanges in the industry to adopt Merkle tree reserve proof. As early as 2020, they began implementing this scheme and accepted third-party audits throughout the process. After the 2022 FTX incident shocked the entire industry, Gate simply open-sourced this solution. And what was the result? This approach gradually became the standard across the industry. From this perspective, Gate has indeed contributed a lot to promoting early industry self-discipline and transparency. The decision at that time and the subsequent open-source move played a significant role in the standardized development of the entire ecosystem.