Crypto Exchange Binance Adds Shiba Inu (SHIB) and Three Other Altcoins as Verifiable Digital Assets
The world’s largest crypto exchange platform by volume adds Shiba Inu (SHIB) and three other altcoins to its list of verifiable crypto assets.
In a new company blog post, Binance says it is introducing zero-knowledge (zk) SNARKS, a verification method that keeps information secure, to its proof-of-reserve identification system.
Binance also says it is adding four altcoins, including SHIB, Polkadot (DOT) and Ethereum (ETH) challenger Solana (SOL), as well as fan-token-focused crypto project Chiliz (CHZ).
“To continue its efforts to provide transparency of user funds, Binance is pleased to introduce zk-SNARKs, a zero-knowledge verification method that keeps sensitive information private and more secure, to the proof of reserves (POR) verification system.
In addition to the upgrade, four new tokens have been added to the system: SHIB, DOT, CHZ and SOL, bringing the total number of verifiable assets to 13 popular tokens on Binance.”
According to Binance, investors can expect the firm to add more digital assets to the POR list in the coming weeks, as well as additional zk-SNARKs to strengthen security.
“Binance plans to add more tokens to the POR system in the coming weeks and will continue to make the verification feature more reliable, secure and private. This is the first version of the implementation of zk-SNARKs and we look forward to receiving feedback from society so that we can continue to improve the system.”
Binance released its Reserve Proof List last November as a means of proving that it had a one-to-one ratio of reserves to investor assets.
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