Binance to implement ‘Proof-of-Reserve’ system

Binance CEO Changpeng “CZ” Zhao said his exchange will soon start a Proof-of-Reserves audit system to allow verification of its digital asset holdings.

Zhao pledged to implement a Proof-of-Reserve mechanism at Binance to provide “full transparency” through the use of Merkle Trees — a data structure used to encode blockchain data more efficiently and securely.

[ Via]

Download NBW: Short news app created for busy professionals like you

Get NBW App - a reimagined fluid short news experience that delivers you clarity and all the important news and trends from your industry. No signup needed !

Download NBW App (Android, iOS)

Sign Up for NextBigWhat Newsletter

Daily.