Binance Releases Proof of Reserves System

Fellow Binancians,

Following our recent announcement outlining our commitment to transparency, Binance is releasing its Proof of Reserves (PoR) System, which is the next step in our effort to provide transparency on user funds.

The launch of this feature will start initially with BTC, with other tokens and networks being added in the next couple of weeks.

Please find the first batch of audit results below:

Snapshot Time: 2022-11-22 at 23:59 (UTC)

Block Heights: BTC 764,327, ETH 16,028,978, BEP2 280,017,714, BEP20 23,288,794

Asset	Reserve Ratio	On-Chain Reserve	Customer Net Balance
BTC	101%	582,485.9302 BTC	575,742.4228 BTC

[Click to Verify Your BTC Assets on Binance]

For More Information:

What Is Proof of Reserves
What Is Merkle Tree
How to Check Your Merkle Leaf/Hashes
How to Verify Your Merkle Leaf/Hashes
How to Verify the Merkle Tree & Your Leaf/Hashes Using NodeJS

Upcoming Plans:

Launch the next batch of PoR in the next two weeks, including additional assets
Involve third-party auditors to audit PoR results
Implement ZK-SNARKs for PoR, improving privacy and robustness, and proving the total net balance (USD) of each user is non-negative

Because Binance offers Margin and Loans services, the audit results will show the Net Balance, Equity and Debt of each user, where the Net Balance = Equity - Debt.

As such, there will be individual users having negative asset balances. We are hence also working to implement ZK-SNARKs, which will be used to prove those users have enough other assets to cover the funds with collateral. This will prove that the total net balances (USD) of each user is non-negative.

Thanks for your support!

Binance Team

2022-11-25

Trade on-the-go with Binance’s crypto trading app (iOS/Android)

Find us on

Telegram: https://t.me/binanceexchange

Twitter: https://twitter.com/binance

Facebook: https://www.facebook.com/binance

Instagram: https://www.instagram.com/binance

Binance reserves the right in its sole discretion to amend or change or cancel this announcement at any time and for any reasons without prior notice.

Risk Warning: Digital asset prices are subject to high market risk and price volatility. The value of your investment may go down or up, and you may not get back the amount invested. You are solely responsible for your investment decisions and Binance is not liable for any losses you may incur. Past performance is not a reliable predictor of future performance. You should only invest in products you are familiar with and where you understand the risks. You should carefully consider your investment experience, financial situation, investment objectives and risk tolerance and consult an independent financial adviser prior to making any investment. This material should not be construed as financial advice. For more information, see our Terms of Use and Risk Warning.

Read the original article at binance

Stay tuned to CoinCarp Social Media and Discuss with Us:

X (Twitter) | Telegram | Discord | Reddit

Download CoinCarp App Now: https://www.coincarp.com/app/

Up to $6,045 Bonuses