{"id":46395,"date":"2023-03-08T18:17:29","date_gmt":"2023-03-08T22:17:29","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=46395"},"modified":"2023-03-08T18:17:33","modified_gmt":"2023-03-08T22:17:33","slug":"binance-expands-proof-of-reserves-report-with-11-new-tokens","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/binance-expands-proof-of-reserves-report-with-11-new-tokens\/","title":{"rendered":"Binance Expands Proof Of Reserves Report With 11 New Tokens"},"content":{"rendered":"\n

By introducing 11 new digital currencies, Binance has boosted the number of assets supported by its proof-of-reserves <\/a>(PoR) mechanism.<\/p>\n\n\n\n

\"Binance
Binance Expands Proof Of Reserves Report With 11 New Tokens<\/figcaption><\/figure>\n\n\n\n

Among the new tokens are Dogecoin, Curve DAO Token, and 1inch<\/a>. According to the most recent update, the value of all cryptocurrencies in the PoR system exceeded $63 billion, according to the crypto trading site.<\/p>\n\n\n\n

\n

Our Proof-of-Reserves just got an update.

We have now increased the number of tokens we cover by 11, to a total of 24.

Find out more about our Proof-of-Reserves and this recent update with the blog below.https:\/\/t.co\/4kKWhkNK3q\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a><\/p>— Binance (@binance) March 7, 2023<\/use><\/svg><\/span><\/a><\/blockquote>

In February 2023, it was revealed that the exchange's PoR system had undergone a considerable upgrade that included the addition of ZK-SNARKs.<\/p>\n\n\n\n

This technology is zero-knowledge-proof<\/use><\/svg><\/span><\/a>. 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. <\/p>\n\n\n\n

How PoR On Binance Works<\/h2>\n\n\n\n

In addition to keeping additional reserves, Binance says it keeps a 1:1 reserve ratio for all user cash. One cryptocurrency exchange <\/a>claims that this provides users confidence that their money is secure.<\/p>\n\n\n\n

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. <\/p>\n\n\n\n

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.<\/p>\n","protected":false},"excerpt":{"rendered":"

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 […]<\/p>\n","protected":false},"author":43,"featured_media":46397,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[834],"tags":[326,12969],"class_list":["post-46395","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-binance","tag-binance","tag-proof-of-reserves-2"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/03\/croc_1678306876783.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/46395","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/43"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=46395"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/46395\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/46397"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=46395"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=46395"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=46395"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}