Binance Unlocks New Feature For Bitcoin Holders – Crypto News – Crypto News
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Binance's Exec Plans To Continue Buying Bitcoin, But There's A Catch Binance's Exec Plans To Continue Buying Bitcoin, But There's A Catch

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Binance Unlocks New Feature For Bitcoin Holders – Crypto News

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3 years ago

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Top cryptocurrency exchange Binance, in a recent announcement, unveiled the Merkle tree Proof of Reserves (PoR) system. According to Binance, this feature will increase transparency for user’s funds.

Binance unveils Merkle tree Proof of Reserves

As per the recent tweet From WuBlockchain, the launch of this feature will start initially with BTC, then move to other tokens and networks being added in the next couple of weeks. In addition to this, Binance will also implement ZK-SNARKs for PoR later to improve privacy and robustness.

The top cryptocurrency The exchange recently announced the Proof of Reserves (PoR) system, which will be the next step in ensuring user funds are transparent. Notably, following the FTX collapse, which resulted from the now-bankrupt cryptocurrency exchange moving user funds to mitigate its own risks, crypto exchanges developed a transparency solution known as “proof-of-reserves.” In the next two weeks, the next batch of PoR will be released, including new assets.

As a matter of fact, previously, Ethereum co-founder and CEO Vitalik Buterin also discussed the use of the ZK-SNark feature to upgrade Ethereum’s scalability.

The content presented may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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