Binance introduces semi-automatic reserve token management

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Das Unternehmen hat auf einen „halbautomatischen“ Prozess umgestellt, um die Reserven zu verwalten, die die von ihm ausgegebenen Token stützen. Ende Januar wurde entdeckt, dass Binance Token-Sicherheiten mit Benutzergeldern in derselben Brieftasche gespeichert hat. Bloomberg berichtete, dass das Unternehmen fälschlicherweise Sicherheiten für fast die Hälfte seiner 94 Binance-Peg-Token (B-Token) in einer einzigen 16-Milliarden-Dollar-Wallet gespeichert hat, die auch Kundengelder enthielt. Am 23. Februar gab Bloomberg bekannt, dass Binance nun einen teilweise automatisierten Prozess eingerichtet hat, der sicherstellt, dass die B-Token „immer transparent gesichert“ sind. Dies wird über ein System erreicht, das „das Prägen neuer Coins erst zulässt, nachdem Sicherheiten in die …
The company has switched to a "semi -automatic" process to manage the reserves that support the tokens he has issued. At the end of January it was discovered that Binance stored token security with user money in the same wallet. Bloomberg reported that the company incorrectly saved collateral for almost half of its 94 Binance Peg tokens (B-token) in a single 16 billion dollar wallet that also contained customer funds. On February 23, Bloomberg announced that Binance has now set up a partially automated process that ensures that the B-tokens are "always secured transparently". This is achieved through a system that only allows the shape of new coins after collateral in the ... (Symbolbild/KNAT)

The company has switched to a "semi -automatic" process to manage the reserves that support the tokens it has issued. At the end of January it was discovered that Binance stored token security with user funds in the same wallet.

Bloomberg reported that the company incorrectly saved security for almost half of its 94 Binance PEG token (B-token) in a single 16-billion dollar wallet that also contained customer funds.

On February 23, Bloomberg announced that Binance has now set up a partially automated process that ensures that the B-tokens are "always secured transparently". This is achieved through a system that "only permits the shape of new coins after collateral has been added to the corresponding wallet," she added.

binance switches to a "semi -automatic" system for monitoring the reserves after years of mismanagement, the tokens it issued https://t.co/vlk0hqdufg

- Bloomberg Crypto (@Crypto) 22. February 2023

Binance B-token transparency

A spokesman for Binance informed the sales point that the stock exchange had postponed the secured assets to dedicated wallets in recent weeks. There is one for each network that shows the 1: 1 support of each asset. They added:

"These security always secured the B-token assets of our users and were available for payment at any time. We now simply show it on-chain in dedicated wallets, where it remains."

The step could be a PR exercise to increase the reserve transparency in the middle of a regulatory approach to centralized stock exchanges.

The semi-automatic system could enable Binance to intervene if an incident should have an impact on the B-token reserves, speculated Bloomberg.

The research analyst of the blockchain data company Kaiko, Conor Ryder, said that there is still the opportunity to press the switch if it came to the worst before he added:

"But it is not an ideal fully automatic system, and we have seen beforehand that Binance has managed badly the type of embossing process that runs here."

he came to the conclusion that a fully automated process would be ideal to ensure that something like this does not happen again. "There may still be an element of trust that must be set in Binance and his administration of these reserves," he said.

implementation of ZK-Proofs

On February 10th, Binance improved its proof-of-reserves system by implementing zero-knowledge-proofs in the form of ZK-Snarks.

It enables users to check whether the total net balance is not negative. It also shows that all user wealth values ​​are part of the claimed total nettogue of Binance.

ZK-Proofs are a cryptographic method to prove the validity of a statement or data without revealing the data or statement yourself.

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