Responsding to calls for transparency among digital assets exchanges, WOO Network has launched real-time reporting of its assets and liabilities – an industry first. WOO Network’s transparency dashboard, WOO X, includes live data reporting that updates every 15 minutes, detailing proof of assets and where they are held, information on liabilities, and additional information related to transparency.
In coming up with the dashboard, WOO Network also analysed other centralised exchanges (CEXs) to check for the transparency features that users are looking for. According to its study, not all the top 50 exchanges are confident to display their books.
Out of the exchanges surveyed, only 18 including Binance, OKX, and WOO X have proof of reserves statements that can be found either on their websites or Twitter posts. A few of those 18 exchanges have a dedicated page that talks about their proof of reserves while some posted the information directly on their Twitter pages.
Only five exchanges are currently providing live data. For example, WOO X updates its proof of reserves page every 15 minutes. Others such as Kraken, Korbit, and Phemex also update their page regularly at different times of the day. Out of 18 exchanges that have shown their proof of reserves, seven have also displayed their liabilities, including WOO X.
WOO Network says proof of reserves is the equivalent of a bank showing how much capital they have, but not showing how much they owe to clients and to others, and that audited records, while an important part of the push for greater transparency, also have limitations in isolation. WOO Network believes that the value of the auditors is greater when they can also verify methodologies and identify whether inputs are accurate.
To this end, WOO Network is working to implement Merkle Tree proof to verify all WOO X user assets are accounted for in liability calculations. Merkle Trees allow users to cryptographically verify that their balances are included in the complete snapshot of liabilities. Moreover, WOO Network aims to complete a financial audit by a reputable, independent third party to verify the data reported is accurate and complete.
Only five exchanges are currently providing live data. For example, WOO X updates its proof of reserves page every 15 minutes. Others such as Kraken, Korbit, and Phemex also update their page regularly at different times of the day. Out of 18 exchanges that have shown their proof of reserves, seven have also displayed their liabilities, including WOO X.
