On-Chain Accounting Transparency To Promote Proof Of Reserve For Centralized Platforms
Following the collapse of FTX, crypto firms has moved on with showing their reserves in the term of assurance. The collapse of the exchange revealed one of thing which is the regulatory process which should be implemented on these digital assets, which through this it’s ought to provide some form of assurance to investors on their investments.
A US based crypto exchange is looking out ways for which these can be represented perfectly to reduce this security risk it possesses. They intend to provide a grant for firms or group of individuals who are exploring this option, in ways to prove reserves using more crypto native methods. In a blog post coinbase chief security officer says that;
“One silver lining in the collapse of FTX is a huge focus on transparency into the assets and liabilities of different crypto firms. At Coinbase, we believe that you deserve the best of both tradfi (traditional finance) and DeFi (decentralized finance). Today, we are the only company in crypto that is providing the transparency and assurance of a public company financial audit. For tomorrow, we are working toward a decentralized system where you don’t have to trust us, or any institution. You only need to trust the math. Everything should be transparent, immutable and verifiable to all.
In order to take concrete steps toward that future world, we are announcing a new developer grant through Coinbase’s 2023 Crypto Community Fund. We’ve allocated $500,000 to support people or teams who are advancing the state of the art in on-chain accounting, privacy preserving techniques related to proof of assets or liabilities (including the application of zero knowledge techniques) and or closely related technologies.”
If you see this post on a Web2 ecosystem and you have no clue about what Leofinance is here is a brief definition;
LeoFinance is a blockchain-based Web3 community that builds innovative applications on the Hive, BSC, ETH and Polygon blockchains. Our flagship application: LeoFinance.io allows users and creators to engage and share content on the blockchain while earning cryptocurrency rewards. Over here we refer to users as lions, so are you ready to be a lion here is my referral link
Also don’t forget in contributing to the pHBD-USDC pool, and from statistics it looks like we will be able to archive the set target in a few months, let’s do our own part in growing the pHBD-USDC liquidity and also take out time to participate in the Leo power up challenge which happens every 15th of each month.
Let’s also connect on some of the web2 platform. Twitter:Hironakamura
Posted Using LeoFinance Beta
