Trust in an exchange is built in unglamorous moments, and early November is one of them for Binance.
After the security incident reported on 29 October, withdrawals were reopened in phases from 1 November. Binance also published a proof of reserves snapshot as of 31 October, built with Merkle trees and zk-SNARKs, and said the losses will not be passed on to users.
A proof of reserves is not a full audit, and it doesn't answer every question. But it is a verifiable step, and I think this is the direction the industry should go: less "trust us", more "check it yourself".
I'd like to see regular proofs, clear communication and a full account of what happened. @Yi He, as co-CEO you have a real chance to make transparency the default, not the exception.
Users will judge by actions over the coming months, and that's fair.
#Binance #ProofOfReserves #Transparency #Crypto $BNB
After the security incident reported on 29 October, withdrawals were reopened in phases from 1 November. Binance also published a proof of reserves snapshot as of 31 October, built with Merkle trees and zk-SNARKs, and said the losses will not be passed on to users.
A proof of reserves is not a full audit, and it doesn't answer every question. But it is a verifiable step, and I think this is the direction the industry should go: less "trust us", more "check it yourself".
I'd like to see regular proofs, clear communication and a full account of what happened. @Yi He, as co-CEO you have a real chance to make transparency the default, not the exception.
Users will judge by actions over the coming months, and that's fair.
#Binance #ProofOfReserves #Transparency #Crypto $BNB