Crypto Exchange BitMEX Launches Proof-of-Responsibility System, Allowing Depositors to Self-Verify Liabilities

Crypto exchange BitMEX has announced the launch of a proof-of-liability (PoL) system that enables depositors to self-verify their liabilities against the cryptocurrency exchange’s total liability balance sheet. The self-verification process can take place without third-party auditors. Customer privacy is preserved because account balances are randomly split into leaves of the Merkle tree. Provisions and liabilities snapshots are released twice a week, on Tuesdays and Thursdays.