world’s largest cryptocurrency stock market Binance, FTXafter the sudden bankruptcy of bitcoin had announced a proof-of-reserve system to restore waning confidence in its stock markets.
reserve evidence making a comment on the development of the system Ethereum founder Vitalik Buterinsuggested using zk-Snarks.
Evaluating this suggestion of Vitalik Buterin, Binance stated in its statement today that it has developed the reserve proof system.
Binance noted that zk-SNARKs, a verification method, are also included in the Proof of Reserve (PoR) Verification System.
Additionally, Binance announced the addition of four new altcoins to its proof-of-reserve system.
These altcoins are: Shiba Inu (SHIB), Polkadot (DOT), Chiliz (CHZ), and Solana (SOL).”
these four altcoin With this, the number of cryptocurrencies included in the system increased to 13.
Binance made the following statements in its statement:
“Continuing its efforts towards transparency in user funds, Binance is excited to include zk-SNARKs in its Proof of Reserve (PoR) Verification System, a zero-knowledge verification method that keeps sensitive information private and more secure.
In addition to the upgrade, four new tokens have been added to the system: ‘SHIB , DOT , CHZ and SOL , increasing the total number of verifiable assets to 13 popular tokens on Binance.’
The code of the system will also be open sourced to provide enhanced transparency with the community and create a seamless process for other industry players to adopt the technology.”
Commenting on the inclusion of zk-SNARKs in the reserve evidence system Binance CEO CZ He also stated that they are working for more transparency and will make their new solutions open source and make them available to the entire industry.
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