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Binance has introduced tremendous updates to its proof-of-Reserves (PoR) machine today. It goals to improve security, privacy, and reliability for its users. The updates will make the PoR device more environment friendly and reasonable and add four new tokens to the current 13 supported tokens.
The imperative change in the PoR device is the implementation of zk-SNARK, a zero-knowledge-proof technological know-how that improves the system’s security. This marks the first time that Binance has tried this technology. The corporation has stated that it will work to make it even higher over time. Binance has partnered with Polyhedra Network to ensure the implementation of zk-SNARK.
Binance’s proof-of-reserve gadget is now open-source, meaning that any crypto alternate can benefit from the gadget and make certain its transparency. The supply code, licensing, documentation, and more are available on the Binance GitHub page.
With this trendy move, Binance is implementing a new wellknown for transparency. Exchanges will no longer need to spend money growing their solutions or paying for third-party offerings like the zero-knowledge PoR gadget launched through Hacken in 2022
In the official weblog post, Binance delves into the implementation of zk-SNARK and how it improves the present day PoR system. The article additionally explains the notion of zero-knowledge proofs and how they improve proof of reserve systems. An Academy article with a extra in-depth explanation will additionally be made available.