🔥 Essential blockchain knowledge: Proof of Reserves
A Proof of Reserves only shows how reserves covered user balances at the time of the snapshot. It does not fully reflect the platform’s other liabilities or overall operating conditions.
When reading a reserve report, pay attention to the snapshot date and which currencies are covered. Don’t just look at the overall reserve ratio.
In Binance’s Proof of Reserves, users can independently verify whether assets such as $BNB in their accounts are included. Currently, 727.46.
Have you run into any pitfalls related to this? Share them to help others avoid taking the same detours.
A Proof of Reserves only shows how reserves covered user balances at the time of the snapshot. It does not fully reflect the platform’s other liabilities or overall operating conditions.
When reading a reserve report, pay attention to the snapshot date and which currencies are covered. Don’t just look at the overall reserve ratio.
In Binance’s Proof of Reserves, users can independently verify whether assets such as $BNB in their accounts are included. Currently, 727.46.
Have you run into any pitfalls related to this? Share them to help others avoid taking the same detours.