By introducing 11 new digital currencies, Binance has boosted the number of assets supported by its proof-of-reserves (PoR) mechanism.
Among the new tokens are Dogecoin, Curve DAO Token, and 1inch. According to the most recent update, the value of all cryptocurrencies in the PoR system exceeded $63 billion, according to the crypto trading site.
In February 2023, it was revealed that the exchange’s PoR system had undergone a considerable upgrade that included the addition of ZK-SNARKs.
This technology is zero-knowledge-proof. It enables the crypto exchange to confirm that it has the assets it says it does without divulging specific information about those assets. Throughout the verification process, utilizing ZK-SNARKs improves the privacy and security of user data.
How PoR On Binance Works
In addition to keeping additional reserves, Binance says it keeps a 1:1 reserve ratio for all user cash. One cryptocurrency exchange claims that this provides users confidence that their money is secure.
The PoR system publishes reserve ratios for all supported coins. USDC has the greatest reserve ratio at 5490.54% as of the last data refresh, with the crypto exchange holding $3.55 billion worth of USDC and users maintaining a net balance of $64.7 million.
Binance Dollar (BUSD) came in second place with a reserve ratio of 128.81%, and Binance’s native token, BNB, came in third position, trailing only bitcoin and ethereum.
