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Shiba Inu (SHIB) Added to Verifiable Assets on Binance: Details

Fri, 02/10/2023 - 11:35
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Tomiwabold Olajide
Shiba Inu (SHIB) holders can now verify assets on Binance
Shiba Inu (SHIB) Added to Verifiable Assets on Binance: Details
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Shiba Inu (SHIB) has now been added to the list of verifiable assets on Binance. SHIB was added to the Binance proof-of-reserves (PoR) system alongside three other tokens: Polkadot (DOT), Chiliz (CHZ) and Solana (SOL). 

This brings the total number of verifiable assets to 13 on Binance. The crypto exchange says it plans to add more tokens to the PoR system in the weeks ahead.

Simply defined, "proof of reserves (PoR)" refers to the assets Binance holds in custody for users. It is proof that Binance has the funds to cover its users' assets 1:1, as well as some reserves.

Aside from the addition of new assets, Binance has also announced an upgrade to its proof-of-reserves (PoR) verification system as it introduces the first version of zk-SNARKs implementation.

In November 2022, Binance launched its proof-of-reserves system, which utilizes Merkle tree cryptography to let users verify their holdings.

Binance has now upgraded its solution by implementing zk-SNARKs, a type of zero-knowledge proof to provide transparency on user funds. Accordingly, it states that the verification system's code will likewise be published as open source.

Users can now verify that the total net balance of each account is nonnegative and that all user assets are included in the total net balance of user assets stated by Binance.

SHIB, BONE, LEASH listed on crypto exchange aggregator

Swapzone, a noncustodial crypto exchange aggregator, now supports the Shiba Inu trifecta: Shiba Inu (SHIB), Bone ShibaSwap (BONE), and Doge Killer (LEASH).

Shiba Inu Trifecta Now Supported by This Noncustodial Wallet: Details

Huobi, a Seychelles-based exchange, listed BONE on its official cryptocurrency page this week, indicating that it intends to offer the asset.

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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.