Continuing the efforts in providing transparency on user funds, Binance is excited to introduce zk-SNARKs, a zero-knowledge verification method that keeps sensitive information private and more secure, to its Proof of Reserves (PoR) Verification System.
In addition to the upgrade, four new tokens have been added to the system: SHIB, DOT, CHZ and SOL, bringing the total number of verifiable assets to 13 popular tokens on Binance.
The code for the system will also be made open-source to provide enhanced transparency with the community and create a seamless process for other industry players to adopt the technology.
Binance plans to add more tokens to the PoR system in the weeks ahead, and will continue to make the verification function more reliable, secure and private.
This is the first version of our zk-SNARKs implementation and we are looking forward to receiving community feedback so we can continue to improve the system.
For More Information:
- What Is Proof of Reserves
- How zk-SNARKs Improve Binance’s Proof of Reserves System
- What Is Merkle Tree
- Improving Crypto Transparency With Zero-Knowledge Proof
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Binance reserves the right in its sole discretion to amend or change or cancel this announcement at any time and for any reasons without prior notice.