Binance Today : FTX crash has wiped out billions of user funds in recent weeks which has once again gave the traditional investors a red flag about cryptocurrency market. To gain the trust within the community ,new investors and users ,many Exchange and blockchains have started to release PROOF OF RESERVES publicly to gain Trust.
Binance, The top cryptocurrency exchange in the market currently has released it Proof of Reserves (POR) system on their platform where they have updated the users with the current figures of BTC only .
Binance has taken this step towards the transparency on the users funds where it is been circulated ,how much they are holding by which the market potential gains the trust back again to invest over Recognized exchanges.
They have initially started the audit launch with BTC figures which they mentioned ,it will be updated with other tokens and networks in coming weeks who are performing on Binance.
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Check the Details below of Binance Proof of Reserves for BTC till 22nd November,2022 :
Binance Proof of reserves
| Asset Category BTC | Details |
|---|---|
| Reserve Ratio | 101% |
| On-chain Reserve | 582485.9302 BTC |
| Customer Net Balance | 575,742.4228 BTC |
| BLOCK HEIGHTS | |
| BTC | 764327 |
| ETH | 16028978 |
| BEP2 | 280017714 |
| BEP20 | 2023288794 |
Binance Team is working hard to provide the exact data on the POR system to the users and they have listed some other Upcoming plans in the coming weeks for Updating POR on the system as well.
Some of the project Binance Team is working on for upcoming weeks are :
- Implementing ZK-SNARKs for POR
- Involving third party auditers for auditing results
- Adding other tokens and assets over the POR over the upcoming weeks
Binance has explained the process in simple terms that how they are going to lead further with auditing as the binance also offers loan services too which will impact the net balance of the users in the auditing. However, Binance is going to implement ZK-SNARKs method for getting the results for the audit.
The Question still persists- Will there be another crash like FTX ? why networks are showing their PROOF OF RESERVES SO EASILY after many years in the market ?
These questions will be answered on DOLLAR STREET, keep following us to get latest updates.
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