Binance integrated zk-SNARK into its Proof-of-Reserves mechanism

The Binance exchange updated its proof-of-reserves (Proof-of-Reserves, PoR) verification procedure by including zk-SNARK.

Our team made some upgrades to the #Binance Proof of Reserves (PoR) verification system this week.

🧵 Here’s a thread to summarise the updates. pic.twitter.com/TGFg4Q5WMu

— Binance (@binance) February 10, 2023

Currently available for verification are: BTC, ETH, BNB, USDT, BUSD, USDC, LTC, XRP, SOL, LINK, CHZ, DOT and SHIB.

Users can verify that the aggregate net balance of each account is non-negative, and that all their assets are part of Binance’s declared total net balance of client funds.

The team pledged to expand the number of coins whose holdings are verified via Proof-of-Reserves.

The PoR code is open for inspection. Binance described the move as a bid to increase transparency for the community and to foster wider industry adoption of the technology.

The exchange’s representatives are seeking feedback for potential improvements to the procedure.

Earlier, initiatives in reserve verification were implemented by Bitget, OKX, Gate.io and Huobi.

Back in late January, Binance announced improvements to the Proof-of-Reserves concept launched in late 2022, based on zk-SNARK.

The use of the technology was proposed by Vitalik Buterin, Ethereum co-founder. Binance CEO Changpeng Zhao pledged to implement the algorithm.