The world’s largest crypto exchange Binance has integrated zk-SNARKs into its Proof of Reserves (PoR) verification system, the crypto exchange announced on Friday.
In addition, Binance has added Shiba Inu (SHIB), Polkadot (DOT), Chiliz (CHZ), and Solana (SOL) crypto assets to the system, increasing the total verifiable assets on Binance to 13 popular tokens.
Binance integrates zk-SNARKs into its Proof-of-Reserves system
Binance CEO Changpeng “CZ” Zhao in a tweet on Feb. 10, Ethereum co-founder Vitalik Buterin previously said that crypto exchange should use zk-SNARKs technology, a zero-knowledge authentication method that keeps sensitive information private and more secure. Vitalik Buterin said that using ZK-SNARKs will improve the reliability of crypto exchanges.
“More privacy and security, this is an important step forward in PoR technology. Everyone in the industry can benefit from our open-source HbR system, so we can provide all users with the assurance they need to feel SAFE.”
According to the official announcement, Binance has introduced zk-SNARKs in its Verification system Proof of Reserves (HbR).. It is in line with Binance’s efforts to increase transparency on user funds.
In addition, the code for the PoR system has been made open source to increase transparency and help peers adopt the technology.
Furthermore, Binance has added Shiba Inu (SHIB), Polkadot (DOT), Chiliz (CHZ) and Solana (SOL) to the HbR system. It brings the total number of verifiable assets to 13 crypto tokens on Binance. The crypto exchange also plans to add more tokens to the PoR system and work on making the verification feature more reliable, secure and private.
In November, Binance released its Proof of Reserves system that uses Merkle tree cryptography technology that allows users to verify their holdings.
Binance is moving towards transparency
Binance CEO CZ wants to improve transparency in the crypto industry after the collapse of crypto exchange FTX last November. The Binance FUD also took over the industry, leading to a massive sell-off of crypto assets.
Recently, Binance revealed that the full asset and liability audit report will take more time. Binance’s CEO claims that accounting firms are hesitant to work with crypto exchanges, but Coinbase is regularly audited by leading accounting firm Deloitte.
Also Read: Coinbase Users Convert Over $5 Billion USDC To Fiat In 24 Hours, Here’s Why
Varinder is a technical writer and editor, technology enthusiast and analytical thinker. Fascinated by disruptive technologies, he has shared his knowledge about Blockchain, Cryptocurrencies, Artificial Intelligence and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for quite some time and is currently covering all the latest updates and developments in the crypto industry.
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This post Binance upgrades proof of reserves with Vitalik Buterin’s zk-SNARKs idea
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