Chainlink is pushing a new system called proof-of-reserve to provide the transparency desperately needed in the crypto industry right now.
The crypto contagion has continued this year, with FTX compounding matters this week. This has put the spotlight on transparency, especially for centralized crypto exchanges.
In a tweet on Nov. 11, the Chainlink team asked if crypto will continue to repeat the mistakes of the traditional black-box financial industry.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.Proof-of-reserve is also known as money-in-hand or a reserve or treasury backing up tokens or assets.
According to the website, Chainlink PoR utilizes the “largest decentralized collection of security-reviewed and Sybil-resistant node operators in the industry” to acquire and verify reserve data.
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