Binance is committed to ensuring each user has complete transparency on the safety and security of their assets. You can now use zk-SNARKs and Merkle Tree to accurately verify Binance’s
Proof of Reserves and your account balance.
How to verify your account balance using zk-SNARKs and Merkle Tree?
1. Visit the official GitHub website and download the verifier tool from the repository.
| Verifier Tool Version | POR Verification Cycle |
| 1.0.2 | Nov 1, 2023 to Current |
| 1.0.1 | Mar 1, 2023 to Oct 1, 2023 |
| 1.0.0 | Feb 1, 2023 to Feb 1, 2023 |
| Merkle Tree Verification | Nov 22, 2022 to Dec 22, 2022 |
2. Go to Binance.com and log in to your account. Click [Profile] - [Wallet] - [Verification]. Then, click the arrow to expand the verification data.
3. Look for self-verifying Merkle Tree entries and make sure that the [Verification Type] is “Merkle Tree + Zksnarks”. You will see the data for your account. Click [Download Merkle Tree] to save it to your computer.
Please note that the report is a snapshot and not a display of real-time assets. It may not match your current asset count.
4. Go to the verifier tool folder. To verify the root hash, run “./verifier_darwin_amd64” on MacOS, “./verifier_linux_amd64” on Linux, or “./verifier_windows_amd64.exe” on Windows.
Prerequisite:
Set up “config.json”,“proof.csv” and “zkpor864.vk.save” within the zip file and place them in the “PathToVerifierTool/config” folder.
Configuration:
- Set up the “ProofTable” to refer to the zk-SNARKs proof data file generated by the proofer;
- Set up the “ZkKeyName” to point to the verifying key downloaded within the package;
- “CexAssetInfo'' refers to the total customer balance of all the tokens listed within Binance (including all verifiable and non-verifiable assets). It can be verified using the listed zk-SNARKs proof. You may cross-check with the verifiable asset at Binance’s Proof of Reserves. All balances and prices are 10^8 except for BTTC, SHIB, LUNC, XEC, WIN, BIDR, SPELL, HOT, and DOGE (10^2).
5. To verify your account information, use “./verifier_darwin_amd64 -user” on MacOS or “./verifier_linux_amd64 -user” on Linux, “./verifier_windows_amd64.exe -user” on Windows.
Prerequisite:
Download/Set up “user_config.json”. It is specifically generated based on a user’s account data during the snapshot. You can find it in the zip file you downloaded. Place it in the “PathToVerifierTool/config” folder.
Configuration:
- “AccountIndex”: Location of the Merkle Leaf within the Merkle Tree;
- “AccountIdHash” - “Record ID”: Identify each user’s account within Binance. You can find the information for your account on the [Verification] page.
- “TotalEquity”: The total value of the user’s holding (in USD); Values is in 10^16
- “TotalDebt”: The total value of the user’s borrowing (in USD); Values is in 10^16
- “Assets”: The user’s assets in the snapshot. You can refer to the assets equivalent to the indexes within the asset template list download in step 2 (refer to the “Asset_List.csv” to identify the token by the index). Asset balances are 10^8 except for BTTC, SHIB, LUNC, XEC, WIN, BIDR, SPELL, HOT, and DOGE (10^2);
- “Root”: Merkle root hash of the verification exercise. It is used to check the user’s information with Merkle path information from the same root hashes.
- “Proof”: The Merkle path that belongs to the user.
For more information on how zk-SNARKs works, please refer to:
- Improving Crypto Transparency With Zero-Knowledge Proof
- How zk-SNARKs Improve Binance’s Proof-of-Reserves System
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The article discusses Binance's commitment to transparency and security for its users by implementing zk-SNARKs (zero-knowledge succinct non-interactive arguments of knowledge) and Merkle Tree for accurate verification of Proof of Reserves and account balances.
1. zk-SNARKs and Merkle Tree:
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zk-SNARKs (Zero-Knowledge Succinct Non-Interactive Arguments of Knowledge):
- These cryptographic proofs allow Binance to prove possession of certain information without revealing that information. It ensures privacy while maintaining the integrity of the verification process.
- The article suggests using zk-SNARKs to enhance Binance's Proof of Reserves System, providing a secure and private way to verify the authenticity of asset holdings.
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Merkle Tree:
- A data structure used for efficiently verifying large sets of data. In this context, it helps in proving the integrity of the user's account balance data.
- Users are instructed to download the Merkle Tree from Binance's official website and use it in conjunction with zk-SNARKs for verification.
2. Verification Process:
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Verifier Tool:
- Users are directed to the official GitHub repository to download the Verifier Tool. The article specifies different versions corresponding to different verification cycles.
- The tool is utilized to verify the Merkle root hash, ensuring the integrity of the data.
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POR Verification Cycle:
- Outlines different versions of the verification tool and the corresponding time frames for verification.
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Merkle Tree Verification:
- Provides a time frame for Merkle Tree verification and instructions on how to download and use it for personal verification.
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Account Verification on Binance:
- Users are guided to log in to their Binance accounts, access the verification section, and download the Merkle Tree data for their accounts.
3. Configuration and Usage:
-
Setup of Verifier Tool:
- Users need to set up configuration files, including "config.json," "proof.csv," and "zkpor864.vk.save" within the Verifier Tool folder.
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CexAssetInfo:
- Refers to the total customer balance of all tokens on Binance, including both verifiable and non-verifiable assets. It is cross-verified using zk-SNARKs proof.
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User Verification:
- Users are instructed to verify their account information using the Verifier Tool and a user-specific configuration file.
4. Additional Information:
- The article provides information on specific parameters such as "TotalEquity," "TotalDebt," "Assets," "Root," and "Proof" within the user configuration file used for verification.
5. Further Reading:
- The article suggests further reading on how zk-SNARKs improve Binance’s Proof-of-Reserves system and provides a link for more information on zk-SNARKs.
In conclusion, Binance is employing advanced cryptographic techniques like zk-SNARKs and Merkle Trees to enhance the transparency and security of user assets, providing a detailed step-by-step guide for users to independently verify their account balances. The implementation of these technologies showcases Binance's commitment to maintaining a secure and transparent financial ecosystem for its users.
