Binance, the world’s largest cryptocurrency exchange, has announced the upgrade of its Proof of Reserves (PoR) Verification System to include zk-SNARKs (Zero-Knowledge Succinct Non-Interactive Argument of Knowledge). The new system will provide improved security, privacy, and efficiency to its users while maintaining transparency regarding Binance’s holdings of customer assets.
In addition to the upgrade, Binance has added four new tokens to the system: SHIB, DOT, CHZ, and SOL, bringing the total number of verifiable assets to 13 popular tokens on the platform. The code for the system will also be open-sourced, making it more transparent for the community and allowing for seamless adoption by other industry players.
Major Milestone in PoR Development
Binance CEO Changpeng Zhao stated, “We are always exploring new technologies to improve the user experience and increase transparency on our platform. Our implementation of zk-SNARKs is a major milestone in the development of Proof of Reserves and represents our commitment to maintaining the highest levels of security and privacy for our users.”
The move is a significant step forward for the cryptocurrency exchange and its efforts to promote transparency and accountability in the industry. By using zk-SNARKs, Binance can demonstrate that it holds a certain amount of assets without revealing any information about them, which enhances the privacy and security of user assets.
Blazing The Trail With zk-SNARK PoR Upgrade
This is just the first version of Binance’s zk-SNARKs implementation, and the exchange is looking forward to receiving community feedback to continue improving the system. Binance also plans to add more tokens to the PoR system in the coming weeks, making the verification function even more reliable, secure, and private.
Binance’s upgrade to zk-SNARKs is a major milestone in the development of Proof of Reserves and a testament to its commitment to user security and privacy. The new system will set a new standard for the industry and help to establish Binance as a leader in the cryptocurrency space.