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Binance unveiled Proof -of- Reserves System to provide transparency on user’s assets

Binance is unveiling its Proof of Reserves (PoR) System, which is the next stage in their endeavor to provide transparency on user money, in response to the recent announcement emphasizing their commitment to transparency.

In the coming weeks, additional networks and tokens will be introduced after the first BTC launch of this service.

  • In the following two weeks, Binance will release the subsequent batch of PoR, which includes new assets.
  • Invite outside auditors to check the outcomes of the PoR.
  • Implement ZK-SNARKs for PoR to increase privacy, robustness, and the ability to demonstrate that each user’s overall net balance (in USD) is not negative.

Because Binance provides services for loans and margin, the audit findings will display each user’s equity, debt, and net balance, where net balance equals equity minus debt.

As a result, some customers will have negative asset balances. Therefore, we are also putting ZK-SNARKs into practice to demonstrate that those users have enough other assets to cover the payments with collateral. This will demonstrate that each user’s overall net balance (in USD) is not negative.

Written by Newsway

NewsWay reporters are Media employees of the newsway.com.ng vested with the responsibilities of getting informative data from verifiable sources and publishing same undistorted on behalf of the NEWS WAY INFO-TECH which is a parent company that birthed the NewsWay blog.

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