Prime Digital Currency Trading Platform In a recent blog post, Binance introduced the Merkle tree Proof of Reserves (PoR) protocol. Binance claims that this update would make their users’ cash more visible.
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Binance has released the Proof of Reserves using Merkle trees.
A recent tweet from WuBlockchain indicated that Bitcoin (BTC) would be the inaugural cryptocurrency supported by this feature, with more tokens and networks being added in the coming weeks. Binance plans to integrate ZK-SNARKs for PoR in the future to boost privacy and security.
Proof of Reserves (PoR)
The Proof of Reserves (PoR) mechanism, just introduced by the leading cryptocurrency exchange, will be the next step in assuring the openness of user funds. Binance also reveals its intention to launch a second batch of PoR, which will feature additional assets. In addition, Binance is working to have independent auditors check Proof of Reserves.
ZK-SNARKs will be used by the leading exchange for Proof of Reputation (PoR), improving privacy and resilience while proving that users’ aggregate net USD balances are positive. In addition, Binance will provide its customers the option to take out loans and employ margin trading.
Notably, crypto exchanges devised a transparency solution known as “proof-of-reserves” in the wake of the FTX collapse, which was caused by the now-defunct cryptocurrency exchange shifting customer cash to offset its own risks. New assets will be included in the next batch of PoR, due out in two weeks.
The founder of Ethereum discusses the ZK-SNark protocol.
Vitalik Buterin, co-founder and CEO of Ethereum, has previously mentioned the ZK-SNark feature as a potential means of increasing Ethereum’s scalability.
The Ethereum CEO noted in his recent talk that ZK-SNARK does more than only make shielded transactions faster and less memory intensive. The fact that the complexity of Ethereum’s on-chain abstractions are being examined can only be good news for the future of the platform, he added.
Source: Google Trend