zk-SNARKs Explained - Binance’s Proof of Reserves System

Take a look under the hood of Binance’s new proof-of-reserves solution. Combining zk-SNARKs and Merkle tree information, it gives users a new and improved way of verifying the state of Binance’s reserves.

Main Takeaways

In November 2022, Binance released its Proof of Reserves system utilizing Merkle tree cryptography to allow users to verify their holdings.

Binance has now improved its solution by implementing zk-SNARKs, a form of zero-knowledge proof.

Users can now check that each account’s total net balance is non-negative and that all user assets are part of Binance’s claimed total net balance of user assets – in a private and secure manner.

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