Nobitex, as the first Iranian cryptocurrency exchange platform with more than 7 million users, has unveiled the first Proof of Deposit protocol in Iran in an innovative move. The goal of Nobitex is to take an effective step towards transparency and maintaining the trust of Iranian users by publishing the proof of deposit report. The Nobitex Proof of Stake protocol is currently specific to the Ethereum digital currency and is called “Ethereum Private Proof of Stake”.
According to Iran digital economy annotation, This protocol was developed using the technology of zero-knowledge proofs and while preserving the privacy and security of users’ property, it provides them with the possibility of receiving a proof report of their Ethereum reserves from Nobitex.
One of the most important concerns of cryptocurrency users in Iran is to find a trusted and reliable platform. One of the ways to know a reliable platform, along with the age and number of users, is the action of that platform in the direction of publishing Proof of Reserves reports of its users. Proof-of-Deposit reports show that a financial platform has deposits equal to the assets that users have with it.
As a result of the publication of such reports, users who entrust their funds to these platforms will be sure of the security of their assets. Publish proof of reserve is a very common action in foreign crypto asset exchange platforms, but Iranian platforms are unable to publish proof of reserve or proof of reserve reports due to sanctions and considering the privacy and security of their users’ assets.
Nobitex Labs, the research arm of Nobitex
The research and development team of “Nobitex Labs” officially started its activity in the summer of 2023 with the aim of promoting the knowledge of cryptography and blockchain of Nobitex, and brilliant actions such as presenting and accepting the “Knowledge-hole wormhole proposal” to the Ethereum Foundation in its portfolio. has it. During its latest action, this team has developed the innovative “Proof of Private Ethereum” protocol using zero-knowledge proof technology, and this protocol will soon be available to users.
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