Binance Included Zk-SNARK in Reserve Confirmation Mechanism

Binance Exchange
Binance Exchange

Binance has updated its Proof-of-Reserves (PoR) process to include zk-SNARK.

Currently available for verification are: BTC, ETH, BNB, USDT, BUSD, USDC, LTC, XRP, SOL, LINK, CHZ, DOT and SHIB.

Users can ensure that the total net balance of each account is non-negative and that all of their assets are part of Binance’s stated total net balance of client funds.

The team promised to expand the number of coins, the storage of which is verified using Proof-of-Reserves.

The PoR code is open for review. Binance explained the move as a desire to provide increased transparency for the community and create conditions for other industry players to implement the technology.

Representatives of the exchange are waiting for feedback for potential improvement of the procedure.

Previous proof-of-reserve initiatives have been implemented by Bitget, OKX, Gate.io And Huobi.

Recall that at the end of January, Binance announced the improvement of the Proof-of-Reserves concept launched at the end of 2022 based on zk-SNARK.

The use of technology was proposed by Ethereum co-founder Vitalik Buterin. The CEO of the exchange, Changpeng Zhao, promised to implement the algorithm.

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