Verification of any crypto assets holdings is a post mainnet activity that every user of the CoreDAO project should be aware of. KuCoin has already listed CORE for spot trading and in no distance time users will start depositing their mined CORE token to the platform.
Proof of Reserves is an open declaration that the assets of clients are fully held in reserve on the platform by cryptocurrency exchanges or custodians.
To demonstrate to the public that its assets correspond with user deposits, KuCoin uses cryptographic proofs and public wallet address ownership verifications.
A Merkle Tree is basically created by taking an anonymous picture of every customer’s balance and applying it to a Proof of Reserves assessment on KuCoin. The user doing the examination then gets a Merkle Root, which is a key that identifies every balance at the time the snapshot was created.
There are three steps involve in CORE or other assets verification on the KuCoin platform:
1. Accessing the Proof of Reserves page on the KuCoin: Go to the Proof of Reserves page from the page’s footer once you are on the KuCoin homepage.
2. Choosing the Time of Your Ideal PoR Snapshot: Scroll down to the “Verify Account Assets” section once you’re on the page. The Period Proof of Reserves banner contains a “Verify Now” button that you can click to check your $CORE using the system at the time of your choosing.
3. Obtaining identification and confirming funds: You can then proceed with getting your ID by choosing the picture you want. When you have your ID in view, click the “View Verification Details” option to continue. You will then be taken to your own Proof of Reserves page.
Your KuCoin asset portfolio during the specified snapshot will be displayed on your personal Proof of Reserves page, along with information about how those assets are backed. Additionally, it will give you the choice to download your wallet’s address information or copy the Merkle Tree data.
With KuCoin’s Proof of Reserves, cryptocurrency investors can now more easily verify the security of their assets on the platform. The step-by-step instructions guarantee that customers may self-verify their KuCoin balance using an intuitive approach without the need for technical knowledge.
Finally, the PoR verification supports varied assets, giving customers confident that their funds are completely backed and held securely on KuCoin across a variety of crypto assets, including $CORE.