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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Binance Upgrades Proof Of Reserves Verification For Better User Privacy

Dalmas Ngetich
Dalmas Ngetich
2 years ago
3 mins read
proof of reserves

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Binance, the world’s largest exchange by user count and trading volumes, has upgraded its proof-of-reserve (PoR) verification system, per an update on February 10.

Binance Integrates ZK-SNARK In Their PoR Verification System

The exchange has now integrated “Zero-Knowledge Succinct Non-Interactive Argument of Knowledge” or ZK-SNARK. By using this architecture in their proof-of-reserve verification system, the exchange said they would better protect sensitive user information, keeping them private from third parties.

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Vitalik Buterin, the co-founder of Ethereum, first suggested ZK-SNARK. It is a zero-knowledge cryptography method where a user can demonstrate that they own an item or asset without necessarily disclosing the knowledge or interacting with the prover or verifier. Beyond this implementation by Binance, ZCash relies on ZK-SNARK in its shielded transactions. 

Following this upgrade, Binance has revealed that it has added four new tokens to its PoR system, pushing the total number of coins supported to 13. Assets supported include Bitcoin, Tron, Tether, SHIB, Solana, Chainlink, and others. The exchange plans to add more coins in the days ahead. 

Bitcoin Price On February 10
Bitcoin Price On February 10| Source: BTCUSDT On Binance, TradingView

Besides adding more coins, the exchange is also open-sourcing the code behind its verification system. 

Accordingly, any other platform or exchange interested in this style can integrate as it is or with minor tweaks without seeking permission from any party, including the Changpeng Zhao-led exchange. 

By open sourcing, the technology, the objective, Binance explained, is to increase transparency and allow the broader community to benefit.

We are making the code for Binance’s PoR system open-source because we want to continue to provide more transparency for our users, so that industry peers and the community can benefit from this innovative technology.

The Fall Of FTX Is Why Users Demand More Transparency

In November 2022, crypto exchange FTX filed for bankruptcy. Further investigations revealed that Sam Bankman-Fried misused user funds through its trading wing, Alameda Research. 

This was a trigger for centralized exchanges to prove that user clients were safe. By issuing proof-of-reserve statements, several exchanges, including Binance, OKX, Bybit, and others, issued statements.

Still, this didn’t prevent users from moving coins from centralized exchanges to non-custodial wallets. Users moved over $12 billion of assets in two months between November and December 2022. 

While the push for asset transparency is positive and ensures that exchanges don’t commingle funds, there remain fine points on the best ways for exchanges to conduct proof-of-reserves and who exactly should do it. 

Proof of reserves using zero knowledge could have prevented this whole mess…

who’s building a solution to hold centralised actors in crypto accountable?

— Jamie Burke ⛺️ (@jamie247) November 12, 2022

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Specifically, there are questions about whether exchanges were issuing proof-of-assets rather than proof-of-reserves, detailing that every coin deposited by the user was sufficiently backed and available in every network. 

Binance was the first to publish its proof of reserves following the FTX collapse. But since then, multiple crypto exchanges have also moved to publish their proof of reserves in an effort to restore user confidence.

Feature image from Binance Academy, Chart from TradingView
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Dalmas Ngetich
Dalmas Ngetich

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

Read more

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.

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Reason to trust

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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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