BNB
by BSCN
February 10, 2023
Binance has upgraded its PoR reporting by implementing zk-SNARKs to protect individual user privacy. The idea was introduced to CZ by Vitalik Buterin.
Binance has upgraded its Proof of Reserves (PoR) reporting by implementing zk-SNARKs with its Merkle tree cryptography. With the goal of improving the transparency of the Centralized Exchange (CEX) while ensuring the privacy of individual users, the idea was introduced to Binance CEO Changpeng Zhao (CZ) by Ethereum Co-Founder Vitalik Buterin last November.
Vitalik's new ideas. Working on this.
— CZ 🔶 Binance (@cz_binance) November 19, 2022
Just don't read the title aloud around people (Vitalik wrote it).https://t.co/AtR6KiSx5B
In mid-November while Binance was working on the first iteration of its public PoR report, CZ said in an AMA he had spoken to Buterin about the potential improvements and wanted Binance to be the “guinea pig,” as BSC News previously reported.
Crypto research analysis firm Baserank discussed combining Merkle tree cryptography with zk-SNARKs (zero-knowledge Succinct Non-interative Arguments of Knowledge) in a commentary published recently on BSC News.
Binance published a Twitter thread summarizing the updates to their PoR, including the addition of four tokens to the system.
Our team made some upgrades to the #Binance Proof of Reserves (PoR) verification system this week.
— Binance (@binance) February 10, 2023
🧵 Here’s a thread to summarise the updates. pic.twitter.com/TGFg4Q5WMu
Binance also posted a video explaining how zk-SNARKs work.
We announced earlier today that we would be upgrading our Proof of Reserves system with zk-SNARKs.
— Binance (@binance) February 10, 2023
But what exactly is zk-SNARKs?
Find out in this video as we cover the basics of this new innovation and how it has the potential to power the Web3 industry. pic.twitter.com/b8sMTrMqBB
For more information, read this post on Binance Blog.
Binance positions itself as the world’s leading blockchain ecosystem and crypto-asset infrastructure provider with a financial product suite that includes the largest digital asset exchange by volume. The Binance platform aims to increase the freedom of money for users and features a comprehensive portfolio of crypto-asset products and offerings, including trading and finance, education, data and research, social good, investment and incubation, decentralization, and infrastructure solutions.
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