Binance upgrades proof-of-reserves verification to include zk-SNARKs By Cointelegraph

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

Published Feb 10, 2023 01:30PM ET Updated Feb 11, 2023 03:00PM ET

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

On Feb 10, cryptocurrency exchange Binance announced a major upgrade to its proof-of-reserves verification system, saying it would now incorporate zk-SNARKs — a cutting-edge technology Binance reports will allow it to verify its reserves in a more secure, transparent manner.

After the collapse of FTX in 2022, proof-of-reserves verification became a crucial aspect of the cryptocurrency industry, as it helps confirm that exchanges hold the assets they claim to have. Binance was among the first exchanges to adopt the system, initially using traditional cryptography. However, its recent upgrade to include zk-SNARKs should significantly improve the security and transparency of the verification process.

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