Binance, one of the world's largest cryptocurrency exchanges, has announced the implementation of proof of reserve using zk-SNARKs. This move towards increased transparency and security is a significant step forward for the cryptocurrency industry and Binance's commitment to providing a safe and reliable platform for its users.

On February 10th 2023, Binance CEO "CZ" shared via Twitter that Ethereum co-founder Vitalik Buterin had put forth the idea that cryptocurrency exchanges should adopt the use of zk-SNARKs technology. This zero-knowledge verification method preserves the confidentiality of sensitive information and enhances security.  Vitalik stated that the utilisation of ZK-SNARKs will increase the trustworthiness of crypto exchanges.

Source from CZ Tweet - Twitter.com/CZ_Binance

Binance has entered into a partnership with Polyhedra Network and they have been a key player in preserving the integrity of the PoR system's data. According to PolyhedraZK, the security of zero-knowledge proofs is underpinned by cryptographic principles that are computationally difficult to break. The cryptographic tools utilised in the PoR system have a proven track record in several existing systems and are widely considered to be secure.

In a recent official blog post from Binance, Binance delved into the utilization of zk-SNARKs and its impact on enhancing the current proof of reserves (PoR) system. The post provided a comprehensive explanation of zero-knowledge proofs and how they contribute to improving PoR systems. Additionally, an in-depth article on the subject has been made accessible through the Binance Academy.

As a result of the updates to the PoR system, Binance users can now verify that the exchange holds a full backing of their funds.

Binance’s Solution, implementing zk-SNARKS into Existing Merkle Tree. Image via Binance

Not only that, the code for the PoR system is made open-sourced which available on the Binance GitHub page to increase transparency and help peers to adopt the technology. 

The implementation of proof of reserve on Binance using zk-SNARKs allows users to verify that the exchange holds the assets it claims to hold, without compromising the security of the underlying assets. This gives users peace of mind that their assets are safe and secure on the platform.

Find the code here: https://github.com/binance/zkmerkle-proof-of-solvency

Currently, Binance has integrated Shiba Inu (SHIB), Polkadot (DOT), Chiliz (CHZ), and Solana (SOL) into its proof of reserves (PoR) system, bringing the total number of verifiable assets to 13 cryptocurrencies on the platform. The exchange has further plans to add other tokens into the PoR system and continuously improve the reliability, security, and privacy of the verification process.

Source - Twitter.com/Binance

This move towards increased transparency and security is not only good for Binance's users, but also for the wider cryptocurrency industry. The implementation of proof of reserve using zk-SNARKs sets a new standard for transparency and security in the industry, and other exchanges may soon follow.

Official zk-SNARKs article - https://www.binance.com/ru-UA/feed/post/209981

In conclusion, Binance's implementation of proof of reserve using zk-SNARKs is a significant step forward for the cryptocurrency industry. It increases transparency and security for users, while also setting a new standard for the industry. Binance's commitment to providing a safe and reliable platform for its users is a testament to its dedication to the growth and development of the cryptocurrency industry.

The world of work has undergone a significant shift in recent years, with many people now preferring to take on remote jobs through freelance platforms. This trend has been driven by a number of factors, including the convenience and flexibility that remote work offers, as well as the increasing availability of technology that makes it easier to connect with clients and collaborate with colleagues from anywhere in the world.  In certain areas of the world, such as India and the Philippines, freelancing is also seen as a way to overcome a shortage of domestic job opportunities. This is a significant factor driving the growth of the global gig economy, which is projected to reach a staggering $455 billion by 2023.

Realising the potential for technology to transform the gig economy, OrtJob has developed a cutting-edge solution utilising blockchain technology to tackle the issues prevalent in traditional gig economy platforms. This decentralised platform empowers users to work independently, ensuring fairness and equality in the job market. By catering to a wide range of users, OrtJob is shaping a new future for the workforce and challenging the status quo of traditional multinational corporations.

Let's dive more deeper about OrtJob.Com in details

OrtJob is revolutionising the future of web3 job freelance platforms. It is a game-changer in the way freelancers and employers interact and conduct business through its decentralised and self-governing features. It is a next-generation platform that is designed to meet the demands of the modern workforce and the future economy. 

The most common issue with the prominent freelancing websites such as Freelancer, Upwork, and Fiverr, is that they are centralized and their fees are substantially high. However, decentralised platform like OrtJob offer no/zero fees and more power to the freelancers, the thing which attracted many crypto and non-crypto enthusiasts.

The OrtJob platform allows businesses to post job listings and receive bids from freelancers. The team behind the job posting can review freelancers' profiles, communicate with them, and select the best fit for their project.

Once a freelancer is chosen, the project can begin and payments can be released through a milestone system, where payments are made when work is completed to satisfaction. This system benefits both businesses and freelancers by ensuring that work is completed to satisfaction and that freelancers are paid for their work.

Additionally, Okratech eliminates fees by using blockchain technology for decentralized apps that do not require human intermediaries, enabling teams to post jobs at no cost.

Furthermore, by using a decentralised platform like OrtJob, both freelancers and employers can benefit from fair compensation and cost savings. This is achieved through the elimination of platform fees and the use of a milestone payment system, which allows the release of payments when both parties are satisfied with the work. This creates a mutually beneficial situation where both freelancers and employers can save money and ensure fair compensation.

OrtJob Features (Employer)

Post a Project: Users can simply post their desired project and receive competitive bids from freelancers within minutes.

Choose freelancer: Browse freelancer profiles. Chat in real-time. Select the best one and award your project.

100% Satisfaction: Employers can pay securely using the Milestone Payment System and release payments when the job has been completed and you are 100% satisfied.

OrtJob Features (Employee/Freelancer)

Select Job: Browse through a variety of jobs/tasks/projects to find one best suited for your specific skills.

Work: Complete assigned job within the specified timeframe.

Submit: Submit completed work to the employer.

Get Paid: Receive payment in desired currency

OrtJob offers crypto as payment option as it's way faster, more secure, and cost-effective option for both freelancers and clients. Freelancers can choose to withdraw the payment either in stable coin like BUSD ot USDT or ORT token which is native token from the OrtJob platform.

Using crypto as payment option help to mitigate the costs and risks associated with currency conversion, which can be a major headache for freelancers. By embracing the power of blockchain technology and cryptocurrency, freelance platforms can become even more attractive and convenient for users, ultimately leading to more successful transactions and growth in the platform.

Ortcoin (Okratech Token) is the native token of Ortjob Platform

ORT Token is build on Binance Smart Chain because of its low transaction fees and fast confirmation times. Furthermore, Binance Smart Chain also has a high throughput which allows for a large number of transactions to be processed in a short amount of time, making it a suitable platform for gaming, trading and decentralised finance apps like OrtJob platform.

When evaluating the potential of a cryptocurrency, it is crucial to distinguish genuine projects from those that are just hype. One way to do this is by examining the functionality of the token and determining if it serves a practical purpose. The more practical uses a token has, the more likely it is to experience growth and expansion in the future.

In order to further grow the ecosystem and project, the ORT token is utilised in the following ways.

Users who use ORT as their currency between transactions will receive a bonus. This is to incentives the use of ORT over Fiat or other cryptocurrencies.

The purchasing of subscriptions and courses for certification can only be done using ORT. OrtJob offers different levels of subscriptions as well as multiple courses for certification in things such as Java, HTML, and others.

To reward users holding ORT, only freelancers holding a certain amount of ORT will be able to bid on exclusive projects such as NFT creation.

Access to stake for more ORT, stakers have the potential to earn up to 100% in a year with variety of staking periods, including 60, 90, 120, and 365 days, and earn a profit rate of 20%, 30%, 40%, or even 100%.

Listing on a top tier crypto exchange is a major step for any project, and it will open the door for more potential investors, traders and users to access the token. And with more marketing effort, the token will gain more visibility and awareness, and it will surely benefit the project in the long run. 

ORT currently available on cryoto exchanges like Bybit, MEXC Global and Bitrue. ORT can also be purchased on decentralised exchanges (DEXs) such as PancakeSwap.

In conclusion, web3 freelance platforms are an exciting new development in the world of online marketplaces, and they have the potential to revolutionize the way we work and earn money online. As the world continue to embrace the blockchain and cryptocurrency technology, it will be interesting to see how platform like OrtJob evolve and grow in the coming years.

Find more information about Ortjob Platform:

Website: https://ortjob.com