In the field of digital currency, currency security has always been a topic of great concern. Recently, Zhao Changpeng responded to Vitalik’s view that currency security has become a non-custodial mechanism for exchange assets and will be open source, which has triggered widespread discussion in the industry. This topic is not only about personal asset security, but also about the stability and development of the entire cryptocurrency ecosystem. Let us explore this debate about the future of digital finance in depth.

In today's digital economy era, the issue of currency security has become increasingly prominent. With the development of blockchain technology, cryptocurrency exchanges have become an important place for digital asset transactions. However, the accompanying security risks should not be underestimated. As heavyweights in the blockchain field, Vitalik and Zhao Changpeng have attracted great attention from the industry for their views on currency security.

Vitalik has always advocated decentralization and advocated that users should master their own private keys to achieve full control of assets. He believes that putting currency security in the hands of users is the most effective way to ensure asset security. In contrast, Zhao Changpeng focuses on exchanges as the center of digital asset circulation and proposes the concept of non-custodial mechanisms. He believes that through open source, exchanges can better ensure the security of user assets and effectively prevent hacker attacks and internal fraud.

In actual operations, many exchanges are at risk of asset theft and platform running away. These incidents not only harmed the interests of users, but also affected the reputation of the entire industry. Therefore, how to ensure the security of digital assets has become an urgent problem to be solved. V God and Zhao Changpeng have their own views, which are worth our in-depth thinking.

Take Huobi Exchange as an example. The exchange has been hacked many times and user assets have suffered losses. These incidents not only panicked users, but also had a negative impact on the entire digital currency industry. In this context, how to improve the security of exchanges has become an important issue facing industry insiders.

The non-custodial mechanism proposed by Zhao Changpeng is an innovative solution to this problem. Through open source technology, exchanges can achieve multiple signatures of assets to ensure the security of user assets. This mechanism not only improves the transparency of exchanges, but also enhances users' trust in the platform. I believe that with the continuous advancement of technology, non-custodial mechanisms will play an increasingly important role in the field of digital currency transactions.

In the field of digital currency, security is always the first priority. Although V God and Zhao Changpeng have different views, they both reflect the high attention to the security of digital assets. With the continuous development of blockchain technology, I believe that the security of digital currency will be better guaranteed, allowing users to participate in digital asset transactions with more confidence.

In summary, currency security has become an important issue for digital currency exchange assets. Vitalik Buterin and Zhao Changpeng's discussion on this issue has not only triggered thinking in the industry, but also promoted the development of the digital currency field. Through open source and non-custodial mechanisms, we are confident that we will build a safer and more reliable digital asset trading system in the future, so that every digital currency holder can trade with peace of mind and realize wealth appreciation. I hope that the digital currency world will be safer, more transparent, and fair, and inject new vitality into the global financial system.

The four most famous international exchanges:

Binance INTL	OKX INTL	Gate.io INTL	Huobi INTL
China Line　APP DL	China Line　APP DL	China Line　APP DL	China Line　APP DL

Note: The above exchange logo is the official website registration link, and the text is the APP download link.

Coin Circle (120Btc.com) News: On the 19th, Vitalik published a technical suggestion article, hoping that the ideal CEX in the future can become a safer "non-custodial state" to give users ultimate control and prevent exchanges from stealing. CEO Zhao Changpeng (CZ) also posted a message on Twitter in support.

 CZ: The Binance team is already building

After Vitalik's article was published, CZ immediately said on his personal Twitter: Vitalik's new concept, reading this article. Don't read the title out loud in front of people, Vitalik wrote it. (Editor's note: The English title is Havingasafe
CEX)

Many netizens on the community also read the article, but said that they did not quite understand the zero-knowledge proof ZK-
SNARKs part. CZ replied, "I don't understand all the formulas, but our (Binance) team said that they will implement this mechanism": "And for the entire cryptocurrency industry, this reserve proof mechanism will be open source."

CZ's statement echoed his previous statement in the AMA on the 14th that Binance will cooperate with Vitalik to launch a new reserve proof mechanism.

 CZ: BUSD is issued by Paxos, not Binance

Back on the 17th, when CZ participated in the Middle East and Africa Summit held by MilkenInstitue, he faced a conversation with a CNBC anchor and reiterated that BUSD was not issued by Binance, but by Paxos, a cryptocurrency financial service provider: Even if all users withdraw money at the same time, it will not affect Binance's normal operations. All of Binance's cryptocurrencies are backed by reserves. A completely independent reserve audit certificate will be released in a few weeks.

Paxos and BUSD are currently regulated by the New York Department of Financial Services (NYDFS). According to the June reserve report released by Paxos in August, as of June 30, BUSD had $738 million in cash reserves, accounting for 4.21% of total reserves, and $10.6 billion in 90-day U.S. Treasury bonds, accounting for 60.5% of total reserves, and the remaining 35% was repurchase reserves.

According to Nansen.ai's exchange reserve dashboard, as of press time, Binance's total reserve assets were approximately $65 billion, of which BUSD accounted for 32.29%, USDT accounted for 21.16%, Bitcoin accounted for 13.88%, Ethereum accounted for 9.00%, and BNB accounted for 9%. The value of BUSD and BNB exceeded 40%.