Breaking: Binance Upgrades Proof of Reserves System, Adds Shiba Inu and Solana
Binance, the world’s largest cryptocurrency exchange, has integrated zk SNARKs into its Proof of Reserves Verification System (PoR), as the crypto exchange revealed on Friday.
Binance also added Shiba Inu, Polkadot, Chiliz (CHZ), Polkadot and Solana crypto assets to its system. This brings the total verifiable assets up to 13 popular tokens on Binance.
Binance integrates zk-SNARKs into its Proof-of-Reserves system
Changpeng Zhao, Binance CEO, stated in a tweet that Vitalik Buterin had earlier suggested that crypto exchanges should use zk SNARKs technology. This zero-knowledge verification method keeps sensitive information private and secures it. Vitalik Buterin stated that crypto exchanges will be more trustworthy if they use ZK-SNARKs.
This is a significant step forward in PoR technology. Anybody in the industry can use our open-source PoR system to provide the security and assurance they require to feel SAFU.
Officially, Binance has added zk-SNARKs into its Proof of Reserves Verification System. It is in line with Binance’s efforts to increase transparency regarding user funds.
The code for the PoR system has been made publicly available to increase transparency and encourage peers to adopt it.
Binance also added Shiba Inu, Polkadot and Chiliz to its PoR system. The total number of verifiable assets on Binance now stands at 13 crypto tokens. The crypto exchange plans to add tokens to the PoR and work to make the verification function more reliable and secure.
Binance’s Proof of Reserves system, which uses Merkle tree cryptography technology, was released in November. It allows users to verify their holdings.
Binance moves towards transparency
CZ, Binance CEO, aims to increase transparency in the crypto market following the November 2017 collapse of FTX. The industry was also overthrown by the Binance FUD, which caused massive selloffs of crypto assets.
Binance recently revealed that it will take longer to complete its audit report on assets and liabilities. Binance CEO claims that audit firms are reluctant work with crypto exchanges. However, Coinbase is regularly audited and certified by Deloitte.
Also read: Coinbase Users Convert Over $5 Bn USDC to Fiat in 24 Hours. Here’s why
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