The Merkle Tree adopted by Huobi is an important data structure in blockchain, which is used to quickly summarize and verify the existence and integrity of block data.
According to the latest official announcement, Huobi has updated the Merkle Tree asset proof data for August. In addition to previously disclosed assets, this update includes ETH, stETH, USDT, stUSDT, and T-Bills assets that still exist independently off-chain.
Users can view the reserve situation through the asset audit page on the official Huobi platform, including asset reserve ratio, Huobi wallet assets, and user assets. Huobi has stated that it will conduct regular asset audits and use this page and function to publicly demonstrate that Huobi has sufficient reserve funds to safeguard user assets.
Image from the official Huobi platform, showing the reserve view page
The specific reserve ratios for this update are: USDT 102% (Huobi assets 662,404,586), BTC 101% (Huobi assets 25,410), ETH 104% (Huobi assets 139,523), HT 103% (Huobi assets 191,815,856), TRX 103% (Huobi assets 9,702,620,024). The data for USDT and ETH already includes stUSDT and stETH.
It is reported that the Merkle Tree adopted by Huobi is an important data structure in blockchain, which is used to quickly summarize and verify the existence and integrity of block data. It typically includes the underlying (transaction) database of the block body, the root hash value of the block header (i.e., the Merkle root), and all branches from the underlying block data to the root hash. The process of computing the Merkle Tree usually involves hashing the data of the block body in groups and recursively inserting the generated new hash values into the Merkle tree until only the final root hash value remains, which is then recorded as the Merkle root of the block header.
According to information on the Huobi official website regarding the "principle of reserve proof," reserve proof is a common way of auditing assets, used to prove that the on-chain reserves are sufficient to redeem all the assets on the exchange's books. Huobi uses the Merkle Tree mechanism to make its 100% proof, which involves building a Merkle tree from an anonymous snapshot of all balances, containing secure encrypted data of all assets held by users on the exchange. From this, the Merkle root is obtained, which directly provides the total number and hash of all assets in the snapshot. Then, the digital signature of the on-chain wallet addresses is verified to prove ownership of the addresses and obtain the publicly verifiable total assets. Finally, by comparing and verifying whether the total assets of the on-chain wallet addresses exceed the total assets provided by the Merkle root, it is proven that the user's assets are supported by 100% reserve funds.
The Huobi team stated: "To ensure the transparency and accuracy of the data, the relevant reserve data on the asset audit page is currently updated once a month, with the snapshot date generally being at the beginning of each month, and the Merkle tree data update is usually completed in the first week of each month. We will continue to optimize related technical modules and integrate with more technical service providers, with a focus on technology to provide a more secure and transparent exchange service. We are continuously implementing the 'Global Compliance' development strategy of Huobi, promoting the healthy development of the cryptocurrency industry."
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