The world’s largest crypto exchange platform by volume is adding Shiba Inu (SHIB) and three other altcoins to its list of verifiable crypto assets.
In a new company blog post, Binance says its introducing zero-knowledge (zk) SNARKS, a verification method that keeps information secure, to its proof-of-reserves identification system.
Binance also says it’s adding four altcoins, including SHIB, Polkadot (DOT) and Ethereum (ETH) challenger Solana (SOL), as well as fan token-focused crypto project Chiliz (CHZ).
“Continuing the efforts in providing transparency on user funds, Binance is excited to introduce zk-SNARKs, a zero-knowledge verification method that keeps sensitive information private and more secure, to its proof of reserves (POR) verification system.
In addition to the upgrade, four new tokens have been added to the system: SHIB, DOT, CHZ and SOL, bringing the total number of verifiable assets to 13 popular tokens on Binance.”
According to Binance, investors can expect the firm to add more digital assets to its POR list in the coming weeks, as well as additional zk-SNARKs to bolster security.
“Binance plans to add more tokens to the POR system in the weeks ahead, and will continue to make the verification function more reliable, secure and private. This is the first version of our zk-SNARKs implementation and we are looking forward to receiving community feedback so we can continue to improve the system.”
Binance released its proof of reserves list last November as a means of proving it had a one-to-one ratio of reserves to investor assets.
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