{"proof-whatsProof-desc2":"Our commitment to our community remains the same as it has always been","proof-whatsProof-protected-desc":"Your funds are protected","proof-whatsProof-transparent-desc":"We will always be transparent with our users","proof-whatsProof-protected":"Protected","proof-title":"Proof of Reserves","proof-whatsProof-transparent":"Transparency","proof-whatsProof-title":"What is Proof of Reserves (PoR)?","proof-whatsProof-safety-desc":"The safety of our users funds is a priority for us","proof-whatsProof-safety":"Safety","proof-merkleTree-desc1":"In order to show that Binance has all user assets backed 1:1, we have built and implemented a Merkle Tree (shown below) to allow users to verify their assets are included in the aggregate net account balance. Our goal is that every user will be able to verify the 1:1 backing of their asset holdings using their own generated Merkle hash/record ID.","proof-merkleTree-desc2":"A Merkle Tree is a cryptographic tool that enables the consolidation of large amounts of data into a single hash. This single hash, called a Merkle Root, which acts as a cryptographic seal that “summarizes” all of the inputted data. Additionally, Merkle Trees give users the ability to verify that specific contents were included within a particular set of “sealed” data. We use these properties of Merkle Trees during our Proof of Reserves assessments to verify individual accounts are included within the liabilities report, validated by our zk-SNARKs mechanism.","proof-merkleTree-title1":"What have we built?","proof-merkleTree-title":"Merkle Tree","proof-whatsProof-desc":"When we say Proof of Reserves, we are specifically referring to those assets that we hold in custody for users. This means that we are showing evidence and proof that Binance has funds that cover all of our users assets 1:1, as well as some reserves.","proof-whatsProof-desc1":"When a user deposits one Bitcoin, Binance's reserves increase by one Bitcoin to ensure client funds are fully backed.","proof-merkleTree-title2":"What is a Merkle Tree?","proof-howToWork-title":"How it works","proof-howToWork-title1":"How can I verify my own transactions?","proof-howToWork-desc":"Log in to the Binance Website  -> Click on “Wallet”  -> Click on “Audit”.  You will be able to find your Merkle Leaf and Record ID within the page.  Select the audit date you want to verify. You will then find confirmation of the audit type, your Record ID (specific to your account and this particular audit), the assets that were covered, and your asset balances at the time of the audit.   The Record ID enables you to independently verify that your account balance was included by the third-party auditor.and would be available shortly.","proof-proofOfReserves-roothash":"Merkle Root Hash:","proof-proofOfReserves-title":"Proof of Reserves","proof-proofOfReserves-coin":"Coin","proof-proofOfReserves-academy":"here","proof-proofOfReserves-reserveRadio":"Ratio","proof-proofOfReserves-customerLiability":"Net Account Balances","proof-proofOfReserves-knowMore":"You can find out more about how this works","proof-audit-desc4":"Verified by an independent auditor.","proof-selfVertifcation-title":"Self Verify Merkle Leaf","proof-audit-title":"Verification Process","proof-audit-title4":"Verified by a Third-Party Audit Agency","proof-audit-desc1":"For assets that are used to verify reserves, we must ensure that ownership of the wallet belongs to Binance (including cold and hot wallet).","proof-audit-title1":"Verify Ownership of Address","proof-audit-title2":"Snapshot of User Balances","proof-audit-desc2":"The snapshot value is calculated based on the asset holding within the customer's account balances at the date and time of the snapshot.","proof-audit-desc5":"The Merkle root will change if any account ID or balance in the leaf node changes.","proof-audit-desc3":"We generate the underlying data block by linking the hashed UID and balance of each user. We then generate a Merkle tree based upon all users' data.","proof-audit-desc6":"Every user can verify whether their assets are included in the leaf node.","proof-audit-title3":"Generation of Merkle Tree","proof-selfVertifcation-desc15":"Merkle Leaf = substring(SHA256(Merkle Hash), 0, 16)","proof-selfVertifcation-desc2":"Copy the source code into a Python application that you own or by using a tool, such as","proof-selfVertifcation-desc1":"For users who wish to independently verify their hashes, this can be done in 3 simple steps.","proof-selfVertifcation-desc14":"Merkle Hash = concatenate(Record ID, “,”, Balances)","proof-selfVertifcation-desc13":"Balances = concatenate(Asset, \":\", AssetBalances[asset])","proof-selfVertifcation-desc12":"ForEach Asset:","proof-selfVertifcation-desc10":"Record ID = SHA256(concatenate(Account Code, SALT , Verification ID))","proof-selfVertifcation-desc9":"The underlying logic behind the hashing logic is as follows:","proof-selfVertifcation-desc11":"Balances = \"\"","proof-selfVertifcation-desc8":"Please note that the results are sensitive to the particular string format of balances and the order of assets verified (as displayed on the Verification page.)","proof-selfVertifcation-desc6":"Balances - The snapshot balances taken into consideration for the verification.","proof-selfVertifcation-desc7":"Run the program and verify that the self generated Merkle leaf result is the same as the value presented within the verification page.","proof-selfVertifcation-desc5":"Account_code - This is a value created with hashed user’s information to uniquely identify your account for the purposes of verification.","proof-selfVertifcation-desc4":"merkle_hash - This is a value created with the hashed user’s information to uniquely identify an account within the balances used for the verification.","proof-selfVertifcation-desc3":"Update the following variables within the code with the corresponding information provided within your verification page after logging in:","proof-whatsProof-desc4":"Read more to find additional information on what we have built to allow users to verify their funds are safe with Binance.","proof-whatsProof-desc3":"What this means is that Binance holds all user assets 1:1, including reserves. Binance has zero debt in our capital structure and we have an emergency fund (SAFU fund) for extreme cases, such as hacks or security breaches.","proof-howToWork-desc6":"The Record ID/Merkle Leaf enables you to independently verify that your account balance was included in the liabilities report through our self-verification method.","proof-howToWork-desc3":"-&gt; Click on <b>“Verification” </b>","proof-howToWork-desc2":"-&gt; Click on <b>“Wallet” </b>","proof-howToWork-desc1":"Log in to the Binance Website","proof-howToWork-desc5":"Select the verification date you want to check. You will then find confirmation of the verification type, your Record ID (specific to your account and this particular verification), the assets that were covered, and your asset balances at the time of the verification.","proof-howToWork-desc4":"You will be able to find your Merkle Leaf and Record ID within the page.","exchange-proof-title":"Proof of Reserves (PoR) | BTC & Other Token Ratio | Binance","exchange-proof-description":"Verify that Binance user assets are fully backed, at least 1:1. Please note that the vast majority of Binance’s corporate holdings are stored in wallets that do not form part of the proof-of-reserves calculations.","proof-selfVertifcation-desc16":"You can self verify the Merkle tree with nodeJS","proof-selfVertifcation-desc17":"You can self verify the Merkle tree information regarding the third-party verification.","proof-desc":"Verify that all Binance account balances are fully backed 1:1.","proof-proofOfReserves-auditor":"Verification Mechanism","proof-proofOfReserves-download-report":"Learn More","proof-proofOfReserves-binanceLiability":"Onchain Wallet Balance","proof-snaks-desc6":"A <lkzk>zk-SNARK</lkzk> (Zero-Knowledge Succinct Non-Interactive Argument of Knowledge) is a proof protocol that follows the zero-knowledge principles previously outlined. With a <lkzk>zk-SNARK</lkzk>, you can prove that you know the original hashed value (discussed further below) without revealing what that value is. You can also prove the validity of a <lktrans>transaction</lktrans> without revealing any information about the specific amounts, values, or addresses involved.","proof-snaks-title1":"What have we built?","proof-snaks-title":"zk-SNARKs","proof-snaks-desc5":"Here are some useful resources: <lkblog>blog</lkblog>, <lktech>technical specification</lktech> and <lksc>our source code</lksc> for the circuit (constraints) for implementation detail.","proof-snaks-desc2":"1. A user’s account balances are included in the calculation of the sum of the total net account balances with Binance.","proof-snaks-desc4":"3. The change of Merkle tree root is valid (i.e., not using falsified information) after updating an account’s information to the leaf node hash.","proof-snaks-desc3":"2. The total net balance of the account is greater than or equal to zero.","proof-snaks-desc1":"By using a zk-SNARK, a crypto exchange can prove that all Merkle tree leaf nodes’ balance sets (i.e., user account balances) contribute to the exchange’s claimed total user asset balance. Each user can easily access their leaf node as having been included in the process. For each user’s balance set (Merkle tree leaf node), our circuit ensures that:","proof-snaks-title2":"What is a zk-SNARK?","proof-AE-ok":"OK","proof-AE-tips":"Dear user,<br />Please note that Proof of Reserves is not a supported service for users from the following regions or entities: Binance FZE. Work is currently underway for Binance FZE to build its own Proof of Reserves.","proof-audit-subtitle":"We have two ways to produce verification reports, the first is the self-verification method (combined with zk-SNARKS technical solutions) and the second is third-party audits providing audit reports.","proof-audit-desc-7":"We generate zk-SNARKs proof files for users so that each user can easily access their leaf node, providing transparency for all users.","proof-audit-button-third-party":"Third-Party Audit","proof-audit-button-self-verify":"Zero-Knowledge Proof","proof-audit-title-5":"Generate zk-SNARKs Proof","proof-proofOfReserves-exchange-balance":"Exchange Balance","proof-proofOfReserves-download-address":"Download All Address","proof-proofOfReserves-exchange-third-party-balance":"Third-Party Custody","proof-proofOfReserves-viewreport":"View Report","proof-proofOfReserves-marginInsurance":"Margin Insurance","proof-proofOfReserves-futureInsurance":"Futures Insurance","proof-proofOfReserves-excessAssetsNote":"The amount of excess assets in the Proof of Reserves addresses is not indicative of the overall amount of Binance's own assets."}