Binance, the cosmic cryptocurrency exchange, has added the likes of Shiba Inu ($SHIB), the meme-inspired digital asset, and the intergalactic token of the "blockchain of blockchains", Polkadot ($DOT) to their ever-evolving Proof of Reserves verification system.
With the addition of these out-of-this-world tokens, along with Solana ($SOL) and Chiliz ($CHZ), Binance's Proof of Reserves system now boasts a total of 13 verifiable assets. This system, powered by a cryptographic tool called a Merkle Tree, allows users to verify that the exchange holds their assets in reserve, backing the deposited funds on the platform.
But Binance didn't stop there. The leading cryptocurrency exchange has upped the ante, enhancing the security of their Proof of Reserves system with the addition of zk-SNARKs. A zero-knowledge verification method that keeps sensitive information private and secure, zk-SNARK is an abbreviation for "Zero-Knowledge Succinct Non-Interactive Argument of Knowledge."
