Binance just updated its October Proof of Reserves. I opened the report, and the first thing I checked wasn’t the ratios—it was the audit block height: 969369.
Here are a few of the figures published this time (from the Proof of Reserves page on the official website, snapshot taken at 00:00 UTC on October 1): BTC 100.35%, USDT 103.88%, USDC 108.26%, BNB 100.47%; ETH and SOL are both shown as 100.00% on the page. The verification mechanism is zk-SNARKs. The page also provides the Merkle tree root hash, and all addresses can be downloaded for independent verification.
Yi Jie reposted it soon after, with just one sentence: verify rather than blindly follow. Verify for yourself; don’t follow blindly.
In my view, the value of Proof of Reserves isn’t in those percentages, but in changing the question from “Should I trust this?” to “Can I check it?” The ratios are calculated separately for each asset. I’m copying the figures as shown on the page, without interpreting the methodology or treating them as a reason to make market predictions.
Here’s what I’ll do: I won’t record “reserves are sufficient” as a conclusion; I’ll keep track of the figures. The report is updated monthly, and I’ll take three steps. First, check whether the audit block height has moved forward. Second, check the ratios for the assets I hold. Third, compare the on-chain wallet balances against my account’s net balance. If you don’t understand the first step, you can skip it. The second and third are things I can check myself.
The whole process takes less than ten minutes. I’ll check again when next month’s update comes out, and write about any changes.
#中本聪国际社区Baoluo币商资本 #币安推出BinanceIntelligence #Binance
Here are a few of the figures published this time (from the Proof of Reserves page on the official website, snapshot taken at 00:00 UTC on October 1): BTC 100.35%, USDT 103.88%, USDC 108.26%, BNB 100.47%; ETH and SOL are both shown as 100.00% on the page. The verification mechanism is zk-SNARKs. The page also provides the Merkle tree root hash, and all addresses can be downloaded for independent verification.
Yi Jie reposted it soon after, with just one sentence: verify rather than blindly follow. Verify for yourself; don’t follow blindly.
In my view, the value of Proof of Reserves isn’t in those percentages, but in changing the question from “Should I trust this?” to “Can I check it?” The ratios are calculated separately for each asset. I’m copying the figures as shown on the page, without interpreting the methodology or treating them as a reason to make market predictions.
Here’s what I’ll do: I won’t record “reserves are sufficient” as a conclusion; I’ll keep track of the figures. The report is updated monthly, and I’ll take three steps. First, check whether the audit block height has moved forward. Second, check the ratios for the assets I hold. Third, compare the on-chain wallet balances against my account’s net balance. If you don’t understand the first step, you can skip it. The second and third are things I can check myself.
The whole process takes less than ten minutes. I’ll check again when next month’s update comes out, and write about any changes.
#中本聪国际社区Baoluo币商资本 #币安推出BinanceIntelligence #Binance