BNB

CZ Takes Cue From Vitalik, Binance Improves PoR With zk-SNARKs

by BSC News

February 10, 2023

chain

Binance has upgraded its PoR reporting by implementing zk-SNARKs to protect individual user privacy. The idea was introduced to CZ by Vitalik Buterin.

CEX Transparency With User Privacy

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.

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.

Binance also posted a video explaining how zk-SNARKs work.

For more information, read this post on Binance Blog.

What is Binance:

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.

Where to find Binance:

Website | Twitter | Discord | Telegram |

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