{"id":550521,"date":"2023-02-10T21:30:00","date_gmt":"2023-02-10T18:30:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/binance-upgrades-proof-of-reserves-verification-to-include-zk-snarks\/"},"modified":"2023-02-10T21:30:00","modified_gmt":"2023-02-10T18:30:00","slug":"binance-upgrades-proof-of-reserves-verification-to-include-zk-snarks","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/binance-upgrades-proof-of-reserves-verification-to-include-zk-snarks\/","title":{"rendered":"# Binance upgrades proof-of-reserves verification to include zk-SNARKs"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a26ebd5a0a0d\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a26ebd5a0a0d\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/binance-upgrades-proof-of-reserves-verification-to-include-zk-snarks\/#%E2%80%9D_Binance_upgrades_proof-of-reserves_verification_to_include_zk-SNARKs_%E2%80%9C\" >&#8221; Binance upgrades proof-of-reserves verification to include zk-SNARKs &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Binance_upgrades_proof-of-reserves_verification_to_include_zk-SNARKs_%E2%80%9C\"><\/span>&#8221; Binance upgrades proof-of-reserves verification to include zk-SNARKs &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjMtMDIvOWE1YmNkMDktMzc0Yi00MGU2LTg5MWUtMDQ5MjIxN2FjM2EyLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-4bbf85c5>On Feb 10, cryptocurrency exchange Binance\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.binance.com\/en\/support\/announcement\/binance-proof-of-reserves-verification-system-upgrade-introducing-zk-snarks-d8e1e2ed54d343c1b40bf812f0914236\" data-amp=\"https:\/\/www-binance-com.cdn.ampproject.org\/c\/s\/www.binance.com\/en\/amp\/support\/announcement\/d8e1e2ed54d343c1b40bf812f0914236\">announced<\/a> a major upgrade to its proof-of-reserves verification system, saying it would now incorporate zk-SNARKs \u2014 a cutting-edge <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">technology<\/a> Binance reports will allow it to verify its reserves in a more secure, transparent manner.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">3. Product and Service. Plus transparency.<\/p>\n<p>The <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/Binance?src=hash&amp;ref_src=twsrc%5Etfw\">#Binance<\/a> Proof of Reserve system has now integrated with zk-SNARK, a zero-knowledge verification method.<\/p>\n<p>It will also be made open source. We hope this would help the entire industry benefit. <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/ijVVeF8iFT\">https:\/\/t.co\/ijVVeF8iFT<\/a><\/p>\n<p>\u2014 CZ  Binance (@cz_binance) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/cz_binance\/status\/1623971104930041856?ref_src=twsrc%5Etfw\">February 10, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>After the collapse of FTX in 2022, proof-of-reserves verification became a crucial aspect of the cryptocurrency industry, as it helps confirm that exchanges hold the assets they claim to have. Binance was among the first exchanges to adopt the system, initially using traditional cryptography. However, its recent upgrade to include zk-SNARKs should significantly improve the security and transparency of the verification process.<\/p>\n<p>Binance CEO Changpeng Zhao stated that the zk-SNARKs upgrade, which was initially suggested by Ethereum founder Vitalik Buterin, will provide \u201cmore privacy and security.\u201d According to him, \u201cThis is an important step forward in PoR technology. Anyone in the industry can take advantage of our open-source PoR system so that we can provide all users with the assurance they need to feel SAFU.\u201d\u00a0<\/p>\n<p>Zk-SNARKs, short for \u201czero-knowledge Succinct non-interactive argument of knowledge,\u201d is a cryptographic technique that allows one party to prove to another that they have a certain amount of assets, without revealing any other information. This supposedly makes it a better solution for verifying Binance\u2019s reserves, as it allows the exchange to prove the existence of its assets while keeping sensitive information confidential.<\/p>\n<p><strong><em>Related:\u00a0<\/em><\/strong><strong><em>Binance holds token collateral and user funds on same wallet by \u2018mistake\u2019<\/em><\/strong><\/p>\n<p>Binance \u2014 along with other prominent exchanges such as\u00a0Crypto.com, Bybit\u00a0and OKX\u00a0\u2014\u00a0implemented a Merkle-tree-based proof-of-reserves system to increase transparency in the aftermath of the FTX crisis. Despite this effort, some experts remain skeptical about the system\u2019s effectiveness.<\/p>\n<p>In an interview with The Wall Street Journal, the acting chief accountant of the Securities and Exchange Commission, Paul Munter, expressed concerns that proof-of-reserve reports do not provide sufficient evidence\u00a0for stakeholders to determine a company\u2019s financial stability. Despite these criticisms, Binance and other exchanges continue to push forward with their commitment to improving transparency in the crypto industry.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"defi_newsletter\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/binance-upgrades-proof-of-reserves-verification-to-include-zk-snarks\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Binance upgrades proof-of-reserves verification to include zk-SNARKs &#8220; On Feb 10, cryptocurrency exchange Binance\u00a0announced a major upgrade to its proof-of-reserves verification system, saying it would now incorporate zk-SNARKs \u2014 a cutting-edge technology Binance reports will allow it to verify its reserves in a more secure, transparent manner. 3. Product and Service. Plus transparency. The&#8230;<\/p>\n","protected":false},"author":1,"featured_media":550522,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/s3.cointelegraph.com\/uploads\/2023-02\/9a5bcd09-374b-40e6-891e-0492217ac3a2.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74894,74863,74860,93542,117,72287,4965],"class_list":["post-550521","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-blockchain","tag-cryptocurrencies","tag-cryptocurrency-exchange","tag-web3","tag-business","tag-security","tag-technology"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/550521","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=550521"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/550521\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/550522"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=550521"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=550521"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=550521"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}