Binance upgrades proof-of-reserves verification to incorporate zk-SNARKs

On Feb 10, cryptocurrency trade Binance introduced a significant improve to its proof-of-reserves verification system, saying it could now incorporate zk-SNARKs — a cutting-edge know-how Binance studies will enable it to confirm its reserves in a safer, clear method.

After the collapse of FTX in 2022, proof-of-reserves verification grew to become a vital side of the cryptocurrency trade, because it helps affirm that exchanges maintain the belongings they declare to have. Binance was among the many first exchanges to undertake the system, initially utilizing conventional cryptography. Nevertheless, its current improve to incorporate zk-SNARKs ought to considerably enhance the safety and transparency of the verification course of.

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