Breaking: Binance Has Finally Upgraded Their PoR System, Shiba Inu And Solana Are On The List!
The world's largest crypto exchange Binance has integrated zk-SNARK into its Proof of Reserve (PoR) Verification System. In addition, Binance has added the cryptoassets Shiba Inu (SHIB), Polkadot (DOT), Chiliz (CHZ), and Solana (SOL) to the system, increasing the number of verifiable assets to 13 popular tokens on Binance.Binance CEO Changpeng "CZ" Zhao in his tweet on February 10 said that Ethereum co-founder Vitalik Buterin had previously suggested that crypto exchanges should use zk-SNARKs technology, a zero-knowledge verification method that ensures personal sensitive information is more secure. Vitalik Buterin said that using ZK- SNARK will increase the reliability of crypto exchanges.“More privacy and security, this is an important step forward in PoR technology. Anyone in the industry can take advantage of our open source PoR system so we can give all users the assurance they need to experience SAFU.”According to the official announcement, Binance has introduced zk-SNARKs to the Proof of Reserve (PoR) Verification System. It aligns with Binance's efforts to increase transparency on user funds. Additionally, the code for the PoR system is made open source to increase transparency and help others to adopt the technology.Additionally, Binance has added Shiba Inu (SHIB), Polkadot (DOT), Chiliz (CHZ), and Solana (SOL) to the PoR system. It brings the total verifiable assets to 13 crypto tokens on Binance. The Binance exchange also plans to add more tokens to the PoR system and work to make the authentication function more reliable, secure and private.Binance CEO CZ aims to increase transparency in the crypto industry following the collapse of crypto exchange FTX in November last year. Binance FUD also took over the industry, causing a massive selloff in cryptoassets.Recently, Binance has revealed that a full audit report of its assets and liabilities will take more time. Binance CEO argues audit firms are reluctant to work with crypto exchanges, but Coinbase is regularly audited by leading audit firm Deloitte.
The world's largest crypto exchange Binance has integrated zk-SNARK into its Proof of Reserve (PoR) Verification System. In addition, Binance has added the cryptoassets Shiba Inu (SHIB), Polkadot (DOT), Chiliz (CHZ), and Solana (SOL) to the system, increasing the number of verifiable assets to 13 popular tokens on Binance.
Binance CEO Changpeng "CZ" Zhao in his tweet on February 10 said that Ethereum co-founder Vitalik Buterin had previously suggested that crypto exchanges should use zk-SNARKs technology, a zero-knowledge verification method that ensures personal sensitive information is more secure. Vitalik Buterin said that using ZK- SNARK will increase the reliability of crypto exchanges.
“More privacy and security, this is an important step forward in PoR technology. Anyone in the industry can take advantage of our open source PoR system so we can give all users the assurance they need to experience SAFU.”
According to the official announcement, Binance has introduced zk-SNARKs to the Proof of Reserve (PoR) Verification System. It aligns with Binance's efforts to increase transparency on user funds. Additionally, the code for the PoR system is made open source to increase transparency and help others to adopt the technology.
Additionally, Binance has added Shiba Inu (SHIB), Polkadot (DOT), Chiliz (CHZ), and Solana (SOL) to the PoR system. It brings the total verifiable assets to 13 crypto tokens on Binance. The Binance exchange also plans to add more tokens to the PoR system and work to make the authentication function more reliable, secure and private.
Binance CEO CZ aims to increase transparency in the crypto industry following the collapse of crypto exchange FTX in November last year. Binance FUD also took over the industry, causing a massive selloff in cryptoassets.
Recently, Binance has revealed that a full audit report of its assets and liabilities will take more time. Binance CEO argues audit firms are reluctant to work with crypto exchanges, but Coinbase is regularly audited by leading audit firm Deloitte.
