After the collapse of FTX, trust in crypto and Bitcoin exchanges was shaken and there were serious money outflows from centralized exchanges.
Binance announced a proof-of-reserve system to restore this loss of confidence from investors.
Following this announcement, suggestions came from Ethereum Founder Vitalik Buterin that this could be further improved using zk-Snarks.
By listening to Buterin’s suggestion, Binance announced that it is further developing its proof-of-reserve system.
In a recent statement by Binance, the following statements were made:
“Users can now privately and securely check that the total net balance of each account is not negative and that all user assets are part of Binance’s total net user assets balance.
Binance has now enhanced the proof-of-reserve system by implementing the zero-knowledge proof-of-stake type zk-SNARKs.”
Cz, who made a statement on the subject, stated that they are working for more transparency and that they will make their new solutions open source and make them available to the entire industry.
You can find more information about the new reserve system and the related open source code from the link below.
3. Product and Service. Plus transparency.
the #Binance Proof of Reserve system has now integrated with zk-SNARK, a zero-knowledge verification method.
It will also be made open source. We hope this would help the entire industry benefit. https://t.co/ijVVeF8iFT
— CZ 🔶 Binance (@cz_binance) February 10, 2023
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