Post by account_disabled on Mar 6, 2024 22:34:06 GMT -5
When making decisions about what to do with their assets, users should have access to as much information as possible.
Thanks to our Proof of Reserves system , everyone trading on Binance can verify that all user assets are held at a 1:1 ratio, plus reserves. In February 2023, we further improved this system with the integration of zk-SNARKs, a type of zero-knowledge proof.
Our B-token collateral test page shows the collateral we have for different digital assets that have been “wrapped” for use on different chains.
Our airdrop portal offers users a simple tool to stay on top of all the airdrop opportunities emerging on Binance and how to take advantage of them.
We also offer a fully transparent breakdown of all fees charged to you when depositing, withdrawing or trading your assets. On Binance you will not encounter hidden fees.
Last year we witnessed several serious breaches of trust in the digital asset sector. As a result, regaining trust and improving transparency of user funds has become one of our main goals.
We must never forget why we are here: to serve our users to the best of our ability and help promote financial freedom. Users need, and deserve, access to as much information as possible when making decisions about what to do with their assets.
In this article we will look at four areas where we are making progress when it comes to access to information. Whether simple or complex, from proof of reserves and proof of collateral to airdrop portals and commission dashboards, we want everyone in the Binance ecosystem to be able to make their own informed decisions. relevant at your disposal as possible.
Proof of reservations
At Binance we are committed to guaranteeing transparency in terms of security and protection of assets deposited by users. Thanks to our proof of reserves system , anyone can verify that Binance holds all users' assets in a 1:1 ratio, plus reserves.
For example, when a user deposits one bitcoin, Binance reserves increase by at least one bitcoin to ensure that customer funds are always fully backed up. In November 2022, we launched our first attempt at a proof-of-reserve system, which published the addresses of wallets containing users' assets and employed Merkle tree cryptography so that users could verify that their assets were included in the statement. A Merkle tree, also known as a hash tree, is a data structure that effectively verifies the integrity and consistency of large amounts of data. In February 2023, we further improved the system with the integration of zk-SNARKs, a type of zero-knowledge proof, thanks to which all users can reliably verify that their account balance is included in the liability declaration , while ensuring that all your sensitive data is protected.
Having this information is important Ecuador Mobile Number List for users, whether they are veterans or beginners, since every user wants to be sure that the assets they have on an exchange will always be available. Binance's commitment to providing customers with complete transparency regarding their funds gives users the peace of mind they need to engage in transactions freely without having to worry about whether their digital assets are being funneled elsewhere.
B-Token Collateral Proof
Another important area where making relevant information public can reassure users is in the issuance and collateralization of wrapped tokens issued by Binance (Binance B-tokens). Users just need to visit our B-token collateral test page to see all the detailed information.
Not familiar with the concept of wrapped tokens? Simply put, these tokens are digital assets that represent the locked collateral of the original asset on a different blockchain. Thanks to this mechanism, it is possible to transfer the value and utility of a token to non-native networks.
The practice of “wrapping” tokens, or “wrapping,” arose from the need to increase the interoperability of digital assets and expand their usefulness to diverse networks. B-tokens are simply wrapped tokens that Binance offers to extend the functionality of popular assets.
For example, we have BTC as collateral for “wrapped” BTC, allowing the asset to be used on non-native chains such as Ethereum and BNB Chain. Our B-token collateral test page shows the collateral we have for the different digital assets that Binance has issued so that they can be used on different chains. Users can view updated e-wallet addresses, ensuring that all assets are fully backed up and properly managed.
airdrops landing page
In the world of cryptocurrencies and blockchain, the term airdrop refers to the free distribution of digital assets among the public, who are rewarded for possessing a certain token or maintaining an active wallet address on a specific blockchain.
Sometimes, airdrops are used as a marketing tool to publicize the coin or token being distributed, but they can also serve as a method to increase the number of holders of that asset. Additionally, they can be used to reward people who already own the token or incentivize users to participate in certain activities, such as answering surveys or inviting their friends to the platform.
Airdrops generally work so that in order to get the rewards, a user must have a certain amount of the asset in a public wallet at the time the blockchain state is captured at a given time.
Our airdrop portal offers users an easy way to check Binance's planned airdrops, as well as the progress of those already in progress. The objective is to provide a transparent portal thanks to which traders can be aware of the opportunities to participate in airdrops and how to take advantage of them.
Deposit and Withdrawal Fees Dashboard
Before using a cryptocurrency exchange, you should be well informed about all the costs you may incur, because if you are not familiar with the fees that apply, how will you be able to make good decisions?
Thanks to our Proof of Reserves system , everyone trading on Binance can verify that all user assets are held at a 1:1 ratio, plus reserves. In February 2023, we further improved this system with the integration of zk-SNARKs, a type of zero-knowledge proof.
Our B-token collateral test page shows the collateral we have for different digital assets that have been “wrapped” for use on different chains.
Our airdrop portal offers users a simple tool to stay on top of all the airdrop opportunities emerging on Binance and how to take advantage of them.
We also offer a fully transparent breakdown of all fees charged to you when depositing, withdrawing or trading your assets. On Binance you will not encounter hidden fees.
Last year we witnessed several serious breaches of trust in the digital asset sector. As a result, regaining trust and improving transparency of user funds has become one of our main goals.
We must never forget why we are here: to serve our users to the best of our ability and help promote financial freedom. Users need, and deserve, access to as much information as possible when making decisions about what to do with their assets.
In this article we will look at four areas where we are making progress when it comes to access to information. Whether simple or complex, from proof of reserves and proof of collateral to airdrop portals and commission dashboards, we want everyone in the Binance ecosystem to be able to make their own informed decisions. relevant at your disposal as possible.
Proof of reservations
At Binance we are committed to guaranteeing transparency in terms of security and protection of assets deposited by users. Thanks to our proof of reserves system , anyone can verify that Binance holds all users' assets in a 1:1 ratio, plus reserves.
For example, when a user deposits one bitcoin, Binance reserves increase by at least one bitcoin to ensure that customer funds are always fully backed up. In November 2022, we launched our first attempt at a proof-of-reserve system, which published the addresses of wallets containing users' assets and employed Merkle tree cryptography so that users could verify that their assets were included in the statement. A Merkle tree, also known as a hash tree, is a data structure that effectively verifies the integrity and consistency of large amounts of data. In February 2023, we further improved the system with the integration of zk-SNARKs, a type of zero-knowledge proof, thanks to which all users can reliably verify that their account balance is included in the liability declaration , while ensuring that all your sensitive data is protected.
Having this information is important Ecuador Mobile Number List for users, whether they are veterans or beginners, since every user wants to be sure that the assets they have on an exchange will always be available. Binance's commitment to providing customers with complete transparency regarding their funds gives users the peace of mind they need to engage in transactions freely without having to worry about whether their digital assets are being funneled elsewhere.
B-Token Collateral Proof
Another important area where making relevant information public can reassure users is in the issuance and collateralization of wrapped tokens issued by Binance (Binance B-tokens). Users just need to visit our B-token collateral test page to see all the detailed information.
Not familiar with the concept of wrapped tokens? Simply put, these tokens are digital assets that represent the locked collateral of the original asset on a different blockchain. Thanks to this mechanism, it is possible to transfer the value and utility of a token to non-native networks.
The practice of “wrapping” tokens, or “wrapping,” arose from the need to increase the interoperability of digital assets and expand their usefulness to diverse networks. B-tokens are simply wrapped tokens that Binance offers to extend the functionality of popular assets.
For example, we have BTC as collateral for “wrapped” BTC, allowing the asset to be used on non-native chains such as Ethereum and BNB Chain. Our B-token collateral test page shows the collateral we have for the different digital assets that Binance has issued so that they can be used on different chains. Users can view updated e-wallet addresses, ensuring that all assets are fully backed up and properly managed.
airdrops landing page
In the world of cryptocurrencies and blockchain, the term airdrop refers to the free distribution of digital assets among the public, who are rewarded for possessing a certain token or maintaining an active wallet address on a specific blockchain.
Sometimes, airdrops are used as a marketing tool to publicize the coin or token being distributed, but they can also serve as a method to increase the number of holders of that asset. Additionally, they can be used to reward people who already own the token or incentivize users to participate in certain activities, such as answering surveys or inviting their friends to the platform.
Airdrops generally work so that in order to get the rewards, a user must have a certain amount of the asset in a public wallet at the time the blockchain state is captured at a given time.
Our airdrop portal offers users an easy way to check Binance's planned airdrops, as well as the progress of those already in progress. The objective is to provide a transparent portal thanks to which traders can be aware of the opportunities to participate in airdrops and how to take advantage of them.
Deposit and Withdrawal Fees Dashboard
Before using a cryptocurrency exchange, you should be well informed about all the costs you may incur, because if you are not familiar with the fees that apply, how will you be able to make good decisions?