Binance Announces A Deployment With zk–SNARKs on Proof-of-reserves Systems
Key Points: Binance has integrated zk-SNARKs in its proof-ofreserve (PoR), mechanism to allow users to confirm funds on the platform.
Merkle Trees were only used in the PoR system Binance launched, which was less than desirable for user privacy.
Binance, the largest centralized cryptocurrency exchange, has added zk–SNARKs, a type of zero-knowledge verification, to its proof–of-reserves validation process. This serves as proof that the platform’s holdings are backed 1:1 while safeguarding the privacy of sensitive user information.Currently, 13 different crypto assets can be used to check the exchange’s reserves using this improved PoR system.
The upgrade was completed with four new tokens: SHIB (DOT), CHZ (CHZ) and SOL. This brings the total number verifiable assets up to 13 popular tokens on Binance.
This feature was added by Binance in response to investor concerns about the security and privacy of their funds on cryptocurrency exchanges. The Merkle Tree data structure is used in cryptography and can be used to verify. Binance’s previous PoR method was based on it. To address investor concerns about the security of their money on cryptocurrency exchanges, the exchange added support for zero-knowledge proofs.
Binance is pleased to introduce zk–SNARKs, a zero knowledge verification method that keeps sensitive data private and more secure to its Proof of Reserves Verification System (PoR).
The exchange stated that Zk-SNARK, a cryptographic tool, can be used to verify or prove certain information without revealing its contents. The exchange also made the zk–SNARK software open-source to allow anyone to examine it. The exchange has made the zk-SNARK software open-source so that anyone can examine it. We encourage you to do your research before investing.Join us to keep track of news: https://linktr.ee/coincuThanaCoincu NewsTags: Binancebinance chainBinance LabsBinance Smart ChainPoRProof-of-ReservesProof-Of-Reserves SystemZK-SNARKs