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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.
Binance’s proof-of-reserves system has been updated to allow verification of user assets for 11 new tokens: MASK, ENJ, WRX, GRT, CHR, CRV, 1INCH, CVP, HFT, SSV, and DOGE, now shows over 63B USD in reserves. https://t.co/kss1lpwkT5
— Wu Blockchain (@WuBlockchain) March 7, 2023
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.
"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.