Polkadot (DOT), Chiliz (CHZ) and Solana (SOL), Shiba Inu (SHIB) have now been added to the list of verifiable assets on Binance. This comes after these assets were added to the Binance proof-of-reserves (PoR) system.
“Proof of Reserves (PoR)” is a general term that refers to the funds that Binance is keeping in trust for its customers. It demonstrates that Binance has sufficient reserves and capital to cover the assets of each of its users in full.
As it launches the initial iteration of zk-SNARKs implementation, Binance has also announced an enhancement to its proof-of-reserves (PoR) verification system in addition to the release of additional assets.
Binance introduced its Merkle tree-based proof-of-reserves system in November 2022, allowing users to validate their holdings. In November 2022, Binance launched its proof-of-reserves system, which utilizes Merkle tree cryptography to let users verify their holdings.
To guarantee transparency on user funds, Binance has recently improved its solution by integrating zk-SNARKs, a sort of zero-knowledge proof. As a result, it declares that the code for the verification system will also be made available as open source.
Users can now confirm that all user assets are included in the total net balance of user assets reported by Binance and that the total net balance of each account is nonnegative.
Pentoshi, a cryptocurrency analyst and trader, believes the market gave enough warning signs before the current drop. The market dipped for the second consecutive day since February 8. at the time of writing, Bitcoin and several altcoins were trading in the red.
“Many blaming Fud for yesterdays move down. I do think the market gave plenty of warning signs of weakness. Failed breakouts. Lack of momentum. Distribution like structure on btc and many alts with complacency shoulders. For those who caught shorts well done. You deserve credit.” Pentoshi stated.
“Same to those who risked off or reduced exposure. equities fell at the same time. Successful traders take responsibility. No point in coping. You win some and lose some in trading. Good traders don’t blame. Otherwise you can’t grow. And how a market reacts to news anyways tells you all a lot of information. Lastly Nobody uses Kraken. So nobody cares,” he added.
Image Credit: Shutterstock
Keep in mind that we may receive commissions when you click our links and make purchases. However, this does not impact our reviews and comparisons. We try our best to keep things fair and balanced, in order to help you make the best choice for you.
