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Dogecoin (DOGE) Added to Verifiable Assets on Binance: Details

Tue, 03/07/2023 - 16:00
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Tomiwabold Olajide
Binance adds Dogecoin (DOGE) to proof of reserves for added transparency
Dogecoin (DOGE) Added to Verifiable Assets on Binance: Details
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Dogecoin (DOGE) has now been added to the list of verifiable assets on Binance. According to an announcement on its official blog post, Binance's proof-of-reserves system has been updated to allow verification of user assets for Dogecoin and 10 new crypto assets: MASK, ENJ, WRX, GRT, CHR, CRV, 1INCH, CVP, HFT and SSV. 

According to it, with the addition of the 11 crypto assets, the overall amount of funds now verifiable via Binance's proof-of-reserves (PoR) system now exceeds $63 billion. The total of verifiable assets on Binance is now 24. 

It further ensures that user funds are always collateralized at a 1:1 ratio on the crypto exchange, plus additional reserves.

Binance's proof-of-reserves system was unveiled in late 2022 as part of a larger initiative to give customers more transparency and employ Merkle trees to add up on-chain data.

Last month, Binance implemented zk-SNARKs, zero-knowledge algorithms that improve the privacy and security of user data throughout the verification process, as part of a significant update to its PoR system.

Dogecoin "proof of assets"

In the early part of 2022, before the high-profile collapses of Terra Luna and the FTX exchange, the Dogecoin community made a push for Binance to create "proof of assets" for Dogecoin.

Dogecoin "Proof of Assets" to Arrive on Binance: Details

"Proof of Assets" is a wallet that contains an equal number of real Dogecoins, matching the BSC-Doge supply.

After some pressure from the community, Binance added a link to a Dogecoin wallet containing proof of assets for its BSC-Doge in June 2022.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.