

CZ Takes Cue From Vitalik, Binance Improves PoR With zk-SNARKs



Binance has upgraded its PoR reporting by implementing zk-SNARKs to protect individual user privacy. The idea was introduced to CZ by Vitalik Buterin.
CEX Transparency With User Privacy
Binance has upgraded its Proof of Reserves (PoR) reporting by implementing zk-SNARKs with its Merkle tree cryptography. With the goal of improving the transparency of the Centralized Exchange (CEX) while ensuring the privacy of individual users, the idea was introduced to Binance CEO Changpeng Zhao (CZ) by Ethereum Co-Founder Vitalik Buterin last November.
Vitalik's new ideas. Working on this.
— CZ 🔶 Binance (@cz_binance) November 19, 2022
Just don't read the title aloud around people (Vitalik wrote it).https://t.co/AtR6KiSx5B
In mid-November while Binance was working on the first iteration of its public PoR report, CZ said in an AMA he had spoken to Buterin about the potential improvements and wanted Binance to be the “guinea pig,” as BSC News previously reported.
Crypto research analysis firm Baserank discussed combining Merkle tree cryptography with zk-SNARKs (zero-knowledge Succinct Non-interative Arguments of Knowledge) in a commentary published recently on BSC News.
Binance published a Twitter thread summarizing the updates to their PoR, including the addition of four tokens to the system.
Our team made some upgrades to the #Binance Proof of Reserves (PoR) verification system this week.
— Binance (@binance) February 10, 2023
🧵 Here’s a thread to summarise the updates. pic.twitter.com/TGFg4Q5WMu
Binance also posted a video explaining how zk-SNARKs work.
We announced earlier today that we would be upgrading our Proof of Reserves system with zk-SNARKs.
— Binance (@binance) February 10, 2023
But what exactly is zk-SNARKs?
Find out in this video as we cover the basics of this new innovation and how it has the potential to power the Web3 industry. pic.twitter.com/b8sMTrMqBB
For more information, read this post on Binance Blog.
What is Binance:
Binance positions itself as the world’s leading blockchain ecosystem and crypto-asset infrastructure provider with a financial product suite that includes the largest digital asset exchange by volume. The Binance platform aims to increase the freedom of money for users and features a comprehensive portfolio of crypto-asset products and offerings, including trading and finance, education, data and research, social good, investment and incubation, decentralization, and infrastructure solutions.
Where to find Binance:
Website | Twitter | Discord | Telegram |
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This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
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Related News


Swift and Chainlink Trials Pave the Way for the $10 Trillion Crypto Market

With the goal of expanding the crypto market from $1 trillion to $10 trillion, this partnership aims to seamlessly connect financial institutions' systems with various blockchain networks using Chainlink's Cross-Chain Interoperability Protocol (CCIP).
Chainlink and Swift Envision Blockchain Interoperability for Financial Institutions
The Society for Worldwide Interbank Financial Telecommunication (SWIFT) has partnered with Chainlink to explore the integration of blockchain networks into the financial industry. The collaboration aims to leverage Chainlink's Cross-Chain Interoperability Protocol (CCIP) to connect financial institutions' systems with various blockchain networks seamlessly.
We’re collaborating with our community to test how institutions can use their #Swift connection to seamlessly interoperate with the many #blockchain networks emerging around the world.
— Swift (@swiftcommunity) June 6, 2023
Building on successful trials in 2022, our new experiments aim to show how the Swift… pic.twitter.com/izS8HDNnj8
Several major financial institutions, including ANZ, BNP Paribas, Citi, and Lloyds Banking Group, will participate in trials to test the transfer of tokenized value over public and private blockchain networks.
During the trials, SWIFT's infrastructure will demonstrate how it facilitates interoperability by allowing tokenized assets to be transferred within public blockchain wallets, between public and permissioned blockchains, and from Ethereum to other public blockchains. Chainlink will act as an enterprise abstraction layer, connecting the SWIFT network to the Ethereum Sepolia network, while Chainlink's Cross-Chain Interoperability Protocol ensures interoperability between source and destination blockchains.
“Having a single interface for accessing the various blockchains that banks will have to transact on is both more secure and more efficient for their interaction with this new way of transacting among themselves and their clients. The connectivity between banks and blockchains created by CCIP can also enable the growth of DeFi, as banks will find it increasingly easy to interact with public blockchains and move value to and from them using their existing systems,” Sergey Nazarov, Co-Founder of Chainlink, told BSC News.
Connecting Banks and Blockchains
By successfully integrating major banks and clearing and settlement systems into web3, the collaboration aims to expand the crypto market from its current valuation of $1 trillion to $10 trillion.
“If even a small portion of the quadrillions of dollars in value flowing through the Swift network and its over 11,000 member banks makes its way onto blockchains, the entire blockchain industry could grow multiple times larger very quickly,” stated Nazarov.
As part of this collaboration, Swift and Chainlink will build upon previous SWIFT trials that were conducted in 2022, focusing on incorporating digital currencies and tokenized assets into the traditional financial ecosystem. The new experiments will address technical, operational, and regulatory challenges associated with operating in a blockchain environment., such as confidentiality and privacy of data, liability, and recourse when transacting with public blockchains.
SWIFT aims to establish an interoperable system that connects different blockchain networks, enabling financial institutions to seamlessly interact with multiple blockchain-based networks similar to traditional asset trading. The partnership recognizes the impracticality of building new infrastructure from scratch and instead seeks to help institutions leverage their existing infrastructure securely and compliantly.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $1500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
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