Enhance the transparency of user assets! Binance PoR verification system introduces zk-SNARKs

by News Expert

Cryptocurrency exchange Binance (Binance) announced today (10) that in order to further enhance the transparency of user assets , the platform will upgrade the proof of asset reserve (PoR) verification system and introduce the zero-knowledge verification method zk-SNARK to protect Privacy and security of sensitive data.

In addition to upgrading the PoR verification system, Binance also stated that the system will add support for 4 new currencies, namely: Shiba Inucoin (SHIB), Polkadot (DOT), Chiliz (CHZ) and Solana (SOL). This brings the total number of verifiable token assets on the platform to 13.

Binance pointed out that the PoR verification system will open source the code to improve the transparency of the community and provide a reference for other industry players to adopt the technology.

In the next few weeks, Binance will gradually support more currencies in the PoR verification system, and will continue to work hard to improve the reliability, security and privacy of the verification function.

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