CZ responds to V Code: Binance is already working on a “jail-free mechanism for exchange assets”, and will be open source for the entire industry to use|

Vitalik Buterin, the co-founder of Ethereum, published a post this morning advocating that future exchanges should be jail-free.. Binance CEO Changpeng Zhao (CZ) expressed his approval and later responded, saying that the Binance engineering team has been working on Deploy, and open source the program for use by the digital currency industry.
(Review:God’s V proposed “secure CEX: proof of solvency”: hopefully the exchange will become “jail free” to prevent misuse of customers’ money )
(background attachment:FTX Lessons: The Exchange Moved User Assets? CZ: Binance will launch “PoR Reserve Proof” …. Why can it be solved? )

exist On the 19th, V God released a technical tips article, hoping that the ideal CEX in the future can become a more secure “jail-free state”, allowing users to have ultimate control and prevent the exchange from being protected and’ to steal Binance CEO Changpeng Zhao (CZ) also tweeted his support.

CZ: The Binance team is already building

After publishing God’s V article, CZ immediately posted on his personal Twitterto express:

New concept from Vitalik, reading this post. Don’t read the title out loud next to someone, it’s written in Vitalik. (Editor’s Note: The English title is Having a safe CEX)

Many netizens in the community also read the article, but they said that they did not understand the part of the ZK-SNARKs zero-knowledge test. CZ replied, “I don’t understand all the calculations, but our team (Binance) said that this mechanism will be implemented”:

“And for the sake of the entire cryptocurrency industry, this proof-of-repudiation mechanism will be open source.”

This statement from CZ echoes his previous statement in the AMA on the 14th that Binance will cooperate with V God to launch a new mechanism for proof of reserves.

CZ: BUSD is issued by Paxos, not Binance

Back on the 17th, when CZ participated in the Middle East and Africa summit held by the Milken Foundation, in view of the interview with the CNBC anchor, he reiterated that BUSD is not issued by Binance, but by the cryptocurrency financial service provider Paxos :

Even if all users withdraw at the same time, it will not affect the normal operation of Binance. All Binance cryptocurrencies are backed by reserves. A fully independent proof of reserve audit will be published in a few weeks.

Both Paxos and BUSD are currently regulated by the New York Department of Financial Services (NYDFS) According to a 6 reserve report released by Paxos in August, as of June 30, BUSD had $738 million in reserves , accounting for 4.21% of the reserve. total reserves, and The $10.6 billion in 90-day US Treasuries make up 60.5% of total reserves, while the remaining 35% are redemption reserves.

According to the Nansen.ai exchange reserve dashboard, at the time of writing, Binance’s total reserve assets are about 65 billion US dollars, of which BUSD accounts for 32.29%, USDT accounts for 21.16%, Bitcoin accounted for 13.88%, and Ethereum accounts for 9.00% %, BNB accounted for 9%. The value of BUSD and BNB is more than 40%.

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