As part of our ongoing effort to improve transparency in the industry, Binance recently upgraded its Proof of Reserves system with zk-SNARKS. In this blog we cover: 🔸 Zero-Knowledge Proof 🔸 Why we use it 🔸 zk-SNARKS And more ⤵️
In each instance of proving our reserves, we will publish:of the circuit for all users.
The security of this solution relies heavily on the setup of the proving key and verification key. We are working on a decentralized setup of the keys. When it comes to existing decentralized trusted setup ceremonies, the Ethereum ceremony offers a good example. We are very close to having an MPC solution to make the setup trustless.
Binance will start 1000 provers at the same time so as to generate proof for all accounts in 2 hours. The cost of this prover server for one hour is about 0.56 USD, so the total cost of generating all zk proofs covering all users would be about 1000 USD.We will provide the first iteration of proof for users generated by this new solution in a subsequent proof-of-reserves announcement.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Binance deploys zk-SNARKs on proof-of-reserves systemBinance is adding zk-SNARKs to its proof-of-reserves (PoR) system to increase transparency for users' funds.
Read more »
Binance upgrades Proof of Reserves verification to include zk-SNARKsBinance CEO, Changpeng Zhao, stated on Twitter that the idea for a zk-SNARKs upgrade was initially suggested by Ethereum founder Vitalik Buterin.
Read more »
How Binance Ledger Powers Your Binance Experience | Binance BlogBinance Ledger is the powerful technology behind our platform. Providing the best user experience requires our ledger to have: 🔸High throughput 🔸24/7 availability 🔸Bit-level data accuracy For more technical details, read our blog below ⤵️
Read more »
Binance Will Adjust the TRON (TRX) Network Withdrawal Fees | Binance SupportBinance will adjust the TRON Network Withdrawal Fees. This adjustment is in line with the latest proposal passed by the TRX community to change the energy charging mechanism to a dynamic energy model. More info here ⤵️
Read more »
Binance Build – Feb 10, 2023 | Binance BlogOur second BinanceBuild blog is now live! Catch up on all the latest Binance product updates, including: 🔸 Our PoR system update: zk-SNARKs 🔸 Built-in tax calculator: Binance Tax 🔸 Feature Request and Feedback Board
Read more »