- Binance CEO Chanpeng Zhao announces that Binance Proof-of-Reserve system has integrated with zk-SNARK.
- The integration will be made open source, in the hopes of helping all of the crypto industry.
- Upgraded PoR system supports 13 popular tokens.
The CEO of Binance Changpeng Zhao announced that the Binance Proof-of-Reserve (PoR) system has now been integrated with zk-SNARK, a zero-knowledge verification method, over a tweet.
Hoping that it would benefit the entire crypto community, Zhao adds that this integrated PoR system will also be made open source. He goes on to explain the upgrades made to the Binance PoR verification system over a Twitter thread.
Binance released its PoR system utilizing Merkle tree cryptography in November 2022, to allow users to verify their holdings. Zhao explains that they have upgraded their PoR system with zk-SNARK, a zero-knowledge verification method to keep users’ sensitive information more private and secure.
Commending this upgrade, Polyhedra Network states:
Breaking the security of modern zero-knowledge proof systems is not feasible within today’s computational power.
Zhao also announced the addition of four new tokens to the PoR system as part of this upgrade. The PoR system now supports a total of 13 popular tokens like Tether (USDT), Binance (BUSD), Bitcoin (BTC), Ethereum (ETH), XRP, Coinbase (USDC), Shiba Inu (SHIB), Polkadot (DOT), Litecoin (LTC), Solana (SOL-USD), Chiliz (CHZ), and Chain link (LINK).
Zhao assures everyone that users of these 13 coins can verify their holdings in their own custody in the upgraded Binance PoR system. Additionally, they intend to continue to add more tokens to the Binance PoR system in the future.
Providing more transparency for their users has been the main aim for Zhao and his team. In order to make this a reality they are making the code for Binance’s PoR system open-source, so that industry peers and the crypto community can benefit from this innovative technology.
The Binance CEO says that they have plans to continue investing in technology that will make the verification function more reliable, secure, and private. His thread ended on a warm note welcoming the community’s feedback to improve the system.
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