Binance Releases Proof of Reserves System


Fellow Binancians,

Following our current announcement outlining our dedication to transparency, Binance is releasing its Proof of Reserves (PoR) System, ​which is the following step in our effort to supply transparency on consumer funds.

The launch of this characteristic will begin initially with BTC, with different tokens and networks being added within the subsequent couple of weeks.

Please discover the primary batch of audit outcomes under:

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

[Click to Verify Your BTC Assets on Binance]

For Extra Data:

  • What Is Proof of Reserves
  • What Is Merkle Tree
  • The best way to Verify Your Merkle Leaf/Hashes
  • The best way to Confirm Your Merkle Leaf/Hashes
  • The best way to Confirm the Merkle Tree & Your Leaf/Hashes Utilizing NodeJS

Upcoming Plans:

  • Launch the following batch of PoR within the subsequent two weeks, together with further property
  • Contain third-party auditors to audit PoR outcomes
  • Implement ZK-SNARKs for PoR, enhancing privateness and robustness, and proving the full internet steadiness (USD) of every consumer is non-negative

As a result of Binance gives Margin and Loans companies, the audit outcomes will present the Internet Stability, Fairness and Debt of every consumer, the place the Internet Stability = Fairness – Debt.

As such, there will probably be particular person customers having adverse asset balances. We’re therefore additionally working to implement ZK-SNARKs, which will probably be used to show these customers have sufficient different property to cowl the funds with collateral. This may show that the full internet balances (USD) of every consumer is non-negative.

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