Binance CEO CZ begins working on Vitalik Buterin’s ‘safe CEX’ ideas

The collapse of numerous major crypto ecosystems in 2022 revealed the urgent need for revamping the way crypto exchanges operate. Ethereum (ETH) co-founder Vitalik Buterin believed in exploring beyond “fiat” methods to ensure the stability of crypto exchanges, including technologies such as Zero-Knowledge Succinct Non-Interactive Argument of Knowledge (ZK-SNARKs). 

Following a discussion with angel investor Balaji Srinivasan and crypto exchanges such as Coinbase, Kraken and Binance, Buterin recommended options for the creation of cryptographic proofs of on-chain funds that can cover investor liabilities when required, a.k.a, safe centralized exchanges (CEX).

Having a safe CEX: proof of solvency and beyondhttps://t.co/AKEweYZfj2

Big thanks to @balajis and staff from @coinbase @binance @krakenfx for discussion!

— vitalik.eth (@VitalikButerin) November 19, 2022

The best case scenario, in this instance, would be a system that does not allow crypto exchanges to withdraw a depositor’s funds without consent.

Vitalik’s new ideas. Working on this.

Just don’t read the title aloud around people (Vitalik wrote it).https://t.co/AtR6KiSx5B

— CZ Binance (@cz_binance) November 19, 2022

Fellow crypto entrepreneur CZ, who has been

On Nov. 4, Buterin added a new category of milestones to the Ethereum technical roadmap — aimed at improving censorship resistance and decentralization of the Ethereum network.

https://twitter.com/VitalikButerin/status/1588669782471368704

The updated technical roadmap now inserts the Scourge as a new category, which will run parallel to other previously-known segments — the Merge, the Surge, the Verge, the Purge and the Splurge.