Binance is adding zk-SNARKs to its proof-of-reserves (PoR) system to increase transparency for users' funds.
Binance is deploying zk-SNARKs to its proof-of-reserves system to let users verify funds held on the platform.
Binance, the biggest centralized cryptocurrency exchange by volume, has added zk-SNARKs' zero-knowledge proof system to its proof-of-reserves verification system to attest that funds held on the platform are backed 1:1.The exchange made this addition in response to growing concerns from investors about the safety of their funds on cryptocurrency exchanges.
"Continuing the efforts in providing transparency on user funds, Binance is excited to introduce zk-SNARKs, a zero-knowledge verification method that keeps sensitive information private and more secure, to its proof-of-reserves verification system," the exchangeZk-SNARK is a cryptographic tool for verifying or proving certain information without actually showing or revealing what that information is.
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