Proof of Reserve is on everyones' mind these days, and Chainlink wants to help financial custodians step up to the task.
Will crypto continue to repeat the mistakes of the traditional black-box financial industry? Or will a better system emerge?is providing the transparency that users demand.In answer to this question, it offered its Proof of Reserve product, which it said is useful for “for verifying centralized exchange asset reserves, off-chain bank account balances, cross-chain collateral, real-world asset reserves, and much more.
Over the past few days, the crypto market has been in a freefall thanks to a liquidity crisis at the world’s second-largest crypto exchange, FTX. The exchange has been unable to process withdrawals in a timely manner, and the panic caused by these delays has spread throughout the crypto market. In the wake of these ongoing issues, the crypto community has started to discuss ways to solve the problem, and one solution that has been offered is for customers to require that every exchange they use offer a Proof of Reserve.
Proof of Reserve is a technique that allows users to audit the reserves of crypto exchanges in real-time. Some exchanges have already implemented Proof of Reserve, andto create a Proof of Reserves system. In response, Chainlink Labs argued that its product provides an “out-of-the-box” solution that exchanges can implement immediately.
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