Binance has upgraded its PoR reporting by implementing zk-SNARKs to protect individual user privacy. The idea was introduced to CZ by Vitalik Buterin.
CEX Transparency With User Privacy
Binance has upgraded its Proof of Reserves (PoR) reporting by implementing zk-SNARKs with its Merkle tree cryptography. With the goal of improving the transparency of the Centralized Exchange (CEX) while ensuring the privacy of individual users, the idea was introduced to Binance CEO Changpeng Zhao (CZ) by Ethereum Co-Founder Vitalik Buterin last November.
In mid-November while Binance was working on the first iteration of its public PoR report, CZ said in an AMA he had spoken to Buterin about the potential improvements and wanted Binance to be the “guinea pig,” as BSC News previously reported.
Crypto research analysis firm Baserank discussed combining Merkle tree cryptography with zk-SNARKs (zero-knowledge Succinct Non-interative Arguments of Knowledge) in a commentary published recently on BSC News.
Binance published a Twitter thread summarizing the updates to their PoR, including the addition of four tokens to the system.
Binance also posted a video explaining how zk-SNARKs work.
For more information, read this post on Binance Blog.
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