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Binance Strengthens Security with 11 New Tokens Added to Prove-of-Stake Protocol

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Gherardo Fiorenzo
Gherardo Fiorenzo is an Italian author with a unique perspective shaped by his experiences in Italy and the US. His thought-provoking articles, short stories, and reviews explore the intersections of language, identity, and culture.

Binance increased the number of assets accepted to prove it-of- Reserves (PoR) system From 15 to 24 by adding 11 new digital currencies.

Dogecoin, Curve DAO Token, and 1 inch are among them added symbols. encryption trading platform has announced This is like of the most recent updatethe total value of All cryptocurrencies in PoR system exceeds $63 billion.

ZK-SNARKs now available on binance for PoR

the announcement of the important improvement to the exchange’s PoR systemwhich included the incorporation of ZK-SNARKs, was made in February 2023.

This is the zeroKnowledge proof technology. He. She allows Binance to verify that it owns a file assets It claims to possess without revealing detailed facts about those assets. throughout the verification process, using ZK-SNARKs improve privacy and security of User data.

How does Binance’s PoR work?

Binance claims to maintain the reserve ratio of 1:1 for all customer funds, in In addition to keeping other reserves. according to one Cryptocurrency exchange, this gives users peace of Mind that their money is protected.

reserve ratios for All supported cryptocurrencies are made public via PoR system. USDC has highest Reserve ratio 5490.54% of the last Updating data with Binance owns $3.55 billion worth of USDC and users hold net balance of $64.7 million. with a reserve ratio of 128.81%, Binance USD (BUSD) placed secondand Binance native tokenBNB, ranked third, behind Just bitcoin and ethereum.

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