From worldwide research on the countries interested in Proof of Reserves, carried out by the prominent cryptocurrency data aggregator CoinGecko, Singapore and Nigeria secured the first two positions in the ranking, with 20.5% and 14.1% respectively.
Notably, the other two countries on the top list are Hong Kong (11.4), Austria (7.8%), and the Netherlands (7.0%). The total share of all five countries constitutes 60.8% as of December 8.
Proof of Reserve (PoR) is a verifiable auditing procedure done by an automated third party to ensure the transparency of holdings. PoR was a consensus method adopted by many crypto exchanges as a means to beat the series of losses the crypto space confronted after the fall of the crypto exchange FTX. Such an adoption aimed at providing transparency on the activities to reassure the confused customers.
Singapore, being the crypto hub, became the top country interested in PoR, scoring the highest of 100 on ‘proof of reserves’, merkle tree’, and ‘merkle root’. The country scored a total of 300, which resulted in the top position among 25 countries.
Secondly, Nigeria secured a total of 2016 points, with a maximum of 100 for proof of reserve, as well as, “receiving relatively high points of 49 for ‘merkle root’, 35 for ‘merkle tree’ and 22 for ‘proof of reserves”.
The country to score the next position is Hong Kong with 167 scores, securing the second highest for proof of reserve at 92 points. Also, the country attained the third highest for ‘merkle root’, ‘merkle tree’, and ‘proof of reserves’ with 37, 21, and 17 points respectively.
With a total score of 115, Austria came to the fourth position, while the Netherlands with 102 points attained the fifth rank. Though both the countries showed strong interest in proof of reserve, and a moderate interest in ‘merkle tree’ and ‘proof of reserves’, they lacked sufficient data for ‘merkle root’.