Shiba Inu (SHIB) Added to Verifiable Assets on Binance: Details

Shiba Inu (SHIB) added to Binance proof-of-reserves system SHIB $SHIB Shibainu ShibArmy SHIBCommunity

Simply defined,"proof of reserves " refers to the assets Binance holds in custody for users. It is proof that Binance has the funds to cover its users' assets 1:1, as well as some reserves.

Aside from the addition of new assets, Binance has also announced an upgrade to its proof-of-reserves verification system as it introduces the first version of zk-SNARKs implementation.In November 2022, Binance launched its proof-of-reserves system, which utilizes Merkle tree cryptography to let users verify their holdings.

Binance has now upgraded its solution by implementing zk-SNARKs, a type of zero-knowledge proof to provide transparency on user funds. Accordingly, it states that the verification system's code will likewise be published as open source. Users can now verify that the total net balance of each account is nonnegative and that all user assets are included in the total net balance of user assets stated by Binance.

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