Websea launches Proof of Reserves (PoR) mechanism: Reserve data is public, allowing users to independently verify assets

Websea officially announced the launch of the Proof of Reserves (PoR) mechanism on August 18, using a Merkle tree scheme to publicly disclose platform reserve data, while also opening up open-source verification tools. Users can view verification dates, covered currencies, user asset balances, on-chain wallet balances, wallet address files, and historical reports, as well as download personal verification data to locally verify whether their assets are fully accounted for in the platform reserves.
According to the introduction, the reserve ratio is the ratio of the platform's on-chain assets to the total user assets, and a reserve ratio of no less than 100% means that the assets held on-chain by the platform are not less than the total amount of user assets. Websea stated that it will continue to update reserve data periodically, promoting asset transparency and the construction of a user self-verification mechanism.