Binance, a cryptocurrency exchange, announced a major upgrade to its proof-of-reserves verification system on February 10, which will now include zk-SNARKs, a zero-knowledge verification method. Binance CEO Changpeng Zhao stated that the upgrade, first proposed by Ethereum co-founder VitalikButerin, will provide “more privacy and security.” Binance’s open-source PoR system will give all users the confidence they require to feel SAFU.
Binance was among the first exchanges to adopt the system following the collapse of FTX in 2022, initially using traditional cryptography. Despite this, some retail crypto traders had a chance to gain 350.68% on BONK in four days.
Binance upgrades proof-of-reserves verification to include zk-SNARKs
