Shiba Inu (SHIB) has now been added to the list of verifiable assets on Binance, along with three other altcoins. As Kriptokoin.com, we have compiled the details of the PoR (Proof of Reserve) news from Binance for you.
SHIB and these 3 altcoins have been added to the system
SHIB has been added to the Binance proof-of-reserve (PoR) system along with three other altcoins. Other altcoins are designated as Polkadot (DOT), Chiliz (CHZ), and Solana (SOL). This brings the total number of verifiable assets on Binance to 13. The crypto exchange says it plans to add more tokens to its PoR system in the coming weeks.
In simple terms, ‘proof of reserve (PoR)’ refers to the assets that Binance holds in custody for users. It is proof that Binance has the funds and some reserves to cover the assets of its users 1:1. Along with the addition of new assets, Binance has announced an upgrade to its proof-of-reserve (PoR) verification system while introducing the first version of its zk-SNARKs app.
Binance ntroduced zk-SNARKs to its Proof of Reserves (PoR) Verification System. Four new tokens have been added to the system: SHIB, DOT, CHZ and SOL, bringing the total number of verifiable assets to 13 popular tokens on Binance. https://t.co/E8IzfdwjuB
— Wu Blockchain (@WuBlockchain) February 10, 2023
In November 2022, Binance launched its proof-of-reserve system that leverages Merkle tree encryption to allow users to verify their holdings. Binance has now upgraded its solution by implementing zk-SNARKs, a kind of zero-knowledge proof, to provide transparency in user funds.
Users can now verify that the total net balance of each account is not negative and that all user assets are included in the total net balance of user assets specified by Binance. Swapzone, a non-custodial crypto exchange aggregator, now supports the Shiba Inu trio. These tokens are designated as Shiba Inu (SHIB), Bone ShibaSwap (BONE), and Doge Killer (LEASH).
Binance moves towards transparency
Binance CEO Changpeng ‘CZ’ Zhao said in a tweet on Feb. told. Vitalik Buterin said that using ZK-SNARKs will increase the credibility of crypto exchanges.
According to the official announcement, Binance has added zk-SNARKs to its Proof of Reserves (PoR) Verification System. It is in line with Binance’s efforts to increase transparency in user funds. Additionally, the code for the PoR system has been open-sourced to increase transparency and help peers adopt the technology.
Binance CEO CZ aims to increase transparency in the crypto industry following the collapse of crypto exchange FTX in November last year. Binance FUD has taken over the industry, causing massive sell-offs in crypto assets.
Recently, Binance announced that the full audit report on assets and liabilities will take more time. Binance CEO argues that audit firms are reluctant to work with crypto exchanges, but Coinbase is regularly audited by leading audit firm Deloitte.
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