Binance CEO, Changpeng Zhao, stated on Twitter that the idea for a zk-SNARKs upgrade was initially suggested by Ethereum founder Vitalik Buterin.
After the FTX incident 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.
Binance CEO Changpeng Zhao stated that the zk-SNARKs upgrade, which was initially suggested by Ethereum founder Vitalik Buterin, will provide “more privacy and security.” According to him, “ this is an important step forward in PoR technology. Anyone in the industry can take advantage of our open-source PoR system so that we can provide all users with the assurance they need to feel SAFU.”
zk-SNARKs, short for"Zero-Knowledge Succinct Non-Interactive Argument of Knowledge," is a cryptographic technique that allows one party to prove to another that they have a certain amount of assets, without revealing any other information. This supposedly makes it a better solution for verifying Binance's reserves, as it allows the exchange to prove the existence of its assets while keeping sensitive information confidential.
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