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{{:Box-round|title=Quick Take - PoR (Proof of reserve) |Chainlink Proof of Reserve (PoR) replaces lengthy, opaque audits with automated, transparent, real-time on-chain audits backed by cryptographic truth, using a decentralized network of nodes to prevent a single point of failure.<ref>https://chain.link/case-studies/celsius</ref>}}
{{:Box-round|title=Quick Take: PoR - Proof of Reserve|1=
 
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<td style="text-align:center; background-color:#f6f6f6; width: 120px;">[[File:Chainlink_por.png|center|frameless|150x150px]]
 
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<big>'''Autonomous, secure, and reliable audits of reserves'''</big>
<br>
Chainlink Proof of Reserve (PoR) replaces lengthy, opaque audits with automated, transparent, real-time on-chain audits backed by cryptographic truth, using a decentralized network of nodes to prevent a single point of failure. <ref>https://chain.link/case-studies/celsius</ref>.
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__TOC__
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<Br>
<h2>Supported chains</h2>
<h2>Overview</h2>
{| style="table-layout: fixed; width: 280px"
|-
| style="text-align:center; width: 70px; border-style: solid; border-width: 3px; background-color:#F0F6F9; color:#ffffff; | [[File:EthereumLogo.png|center|frameless|40x40px | link=Ethereum]]
| style="text-align:center; width: 70px; border-style: solid; border-width: 3px; background-color:#F0F6F9; color:#ffffff; | [[File:BinanceSmartChainLogo.png|center|frameless|40x40px | link=Binance_smart_chain]]
| style="text-align:center; width: 70px; border-style: solid; border-width: 3px; background-color:#F0F6F9; color:#ffffff; | [[File:PolygonLogo.png|center|frameless|40x40px | link=Poygon]]
|-
|}
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{{:Box_round_light_blue_help_wanted}}
<h2>In depth</h2>
'''What is PoR (Proof of Reserve?'''<br>
At its most basic, PoR is a concept in which custodians (a person or entity who has responsibility for or looks after something) need to be able to prove that they hold the assets that clients have entrusted to their care.
 
 
PoR enables the creation of a financial system where the fractional reserve practices and inefficient manual auditing processes that have contributed to financial crises in the past are replaced with highly effective on-chain audits with strong decentralization and transparency, secured by math and cryptography. <ref>https://chain.link/case-studies/celsius</ref>


Secure the minting, burning, and redeeming of wrapped tokens and prevent the creation of unbacked tokens
Secure the minting, burning, and redeeming of wrapped tokens and prevent the creation of unbacked tokens
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Allow users to independently verify wrapped token collateralization on-chain
Allow users to independently verify wrapped token collateralization on-chain


<Br>
Chainlink Proof of Reserve (PoR) enables DeFi projects to verify off-chain and cross-chain asset reserves through automated audits based on cryptographic truth.
 
 
<h2>Use cases</h2>
<h2>Use cases</h2>
<Br>
* [https://fluentfinance.medium.com/fluent-to-enhance-stablecoin-protocol-security-via-chainlink-proof-of-reserve-integration-5e48964e7271 Fluent] - providing attestations on the fiat and asset reserve pools backing their flagship stablecoin, US+.
* [https://poundtoken.io/poundtoken-is-integrating-chainlink-proof-of-reserve-to-help-secure-gbpt-minting-and-enhance-collateral-transparency/ Poundtoken] - Helping to secure GBPT minting and enhance collateral transparency
<h2>Release info</h2>
<h2>Release info</h2>
<Br>
<Br>
<h2>Relevant quotes</h2>
<h2>Relevant quotes</h2>
<Br>
'''[https://fluentfinance.medium.com/fluent-to-enhance-stablecoin-protocol-security-via-chainlink-proof-of-reserve-integration-5e48964e7271 Fluent]'''
<h2>PoR resources</h2>
<br>
https://chain.link/case-studies/celsius  - Good quotes in this article.  "As users and developers adopt more blockchains and layer-2 networks, liquidity becomes siloed across the ecosystem. Unlocking this fragmented liquidity through wrapped tokens and creating more interoperability is a critical challenge for the ecosystem to solve. Without a solution to this issue, the benefits of permissionless composability are reduced and developers need to start from scratch every time a new ecosystem is bootstrapped.
''“With Fluent’s integration of Chainlink Proof of Reserve, our users will be able to trust in an accurate, highly available and transparent record of the reserves backing their US+. The natural result of this integration with Fluent Protocol is a more robust US+, a stablecoin asset that will become a more reliable form of collateral and payment across Web3.”''
 
----
But how can projects make sure that wrapped tokens remain sufficiently collateralized when connectivity between different blockchains is inherently limited? While ensuring that wrapped tokens are collateralized at all times is critical for a robust cross-chain ecosystem, using centralized intermediaries and manual audits introduces efficiency bottlenecks and centralization risks.
'''[https://cache.gold/ CACHE Gold]'''
 
<br>
An automated process is required that helps secure the minting and redemption of wrapped tokens and enables Celsius to securely, transparently, and reliably audit reserves so that users can move assets between blockchains and provide cross-chain liquidity."
''“Chainlink Proof of Reserve is a highly reliable, low-cost, automated audit solution that brings increased transparency and trust to our platform. With our platform now Chailinked, users can have more confidence that the supply of CGT is backed by physical gold stored in vaults, ultimately making it a more reliable gold-backed asset.”''
 
<br>
'''Brian Hankey, Co-founder of [https://medium.com/cache-gold/cache-gold-is-now-leveraging-chainlink-proof-of-reserve-por-and-gramchain-to-monitor-cgts-gold-4841f0e1ec6a CACHE Gold].'''
----
<h2>Timeline</h2>
* '''22 Feb 22.''' [https://celsius.network/ Celsius] integrates Chainlink Proof of Reserve (PoR) to help secure cross-chain [[Glossary#Wrapped_tokens|wrapped tokens]]. Read the announcement [https://medium.com/@CelsiusX/celsius-integrates-chainlink-proof-of-reserve-por-to-help-secure-cross-chain-wrapped-tokens-aed328e7abf4 HERE].
----
* '''23 Sep 21.''' [https://www.gemini.com/ Gemini] sponsors a Chainlink Proof of Reserve (PoR) feed for [[Glossary#On-Chain|On-Chain]] audits of EFIL collateralization.  Read the announcement [https://www.prnewswire.com/news-releases/gemini-to-sponsor-a-chainlink-proof-of-reserve-feed-for-on-chain-audits-of-efil-collateralization-301383390.html HERE].
----
{{:PoR_resources}}
‎<references />
‎<references />
[[Category:Prodcuts]]
[[Category:Services]]

Latest revision as of 05:01, 7 October 2022

Quick Take: PoR - Proof of Reserve

Chainlink por.png

Autonomous, secure, and reliable audits of reserves
Chainlink Proof of Reserve (PoR) replaces lengthy, opaque audits with automated, transparent, real-time on-chain audits backed by cryptographic truth, using a decentralized network of nodes to prevent a single point of failure. [1].

Supported chains

EthereumLogo.png
BinanceSmartChainLogo.png
PolygonLogo.png

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In depth

What is PoR (Proof of Reserve?
At its most basic, PoR is a concept in which custodians (a person or entity who has responsibility for or looks after something) need to be able to prove that they hold the assets that clients have entrusted to their care.


PoR enables the creation of a financial system where the fractional reserve practices and inefficient manual auditing processes that have contributed to financial crises in the past are replaced with highly effective on-chain audits with strong decentralization and transparency, secured by math and cryptography. [2]

Secure the minting, burning, and redeeming of wrapped tokens and prevent the creation of unbacked tokens

Replace traditional audits with automated, transparent audits backed by cryptographic truth

Allow users to independently verify wrapped token collateralization on-chain

Chainlink Proof of Reserve (PoR) enables DeFi projects to verify off-chain and cross-chain asset reserves through automated audits based on cryptographic truth.


Use cases

  • Fluent - providing attestations on the fiat and asset reserve pools backing their flagship stablecoin, US+.
  • Poundtoken - Helping to secure GBPT minting and enhance collateral transparency

Release info


Relevant quotes

Fluent
“With Fluent’s integration of Chainlink Proof of Reserve, our users will be able to trust in an accurate, highly available and transparent record of the reserves backing their US+. The natural result of this integration with Fluent Protocol is a more robust US+, a stablecoin asset that will become a more reliable form of collateral and payment across Web3.”

CACHE Gold
“Chainlink Proof of Reserve is a highly reliable, low-cost, automated audit solution that brings increased transparency and trust to our platform. With our platform now Chailinked, users can have more confidence that the supply of CGT is backed by physical gold stored in vaults, ultimately making it a more reliable gold-backed asset.”
Brian Hankey, Co-founder of CACHE Gold.

Timeline

  • 22 Feb 22. Celsius integrates Chainlink Proof of Reserve (PoR) to help secure cross-chain wrapped tokens. Read the announcement HERE.
  • 23 Sep 21. Gemini sponsors a Chainlink Proof of Reserve (PoR) feed for On-Chain audits of EFIL collateralization. Read the announcement HERE.

PoR resources

Effective resource lists encourage wider reading and provide a more in-depth understanding of a topic.


Our goal with the Wiki resource lists is to create authoritative archives for readings and other resources pertaining to specific topics.
As such, the Wiki aims to keep all resource lists current, consistent, accurate and clear.

However, if users feel there are omissions, please contact the site admin with details of resources they feel should be added, making sure to include links, a brief description, and the importance of said resource.

Timeline

Date Media Author Title
22 Feb 22 Article Celcius Celsius Integrates Chainlink Proof of Reserve (PoR) To Help Secure Cross-Chain Wrapped Tokens
23 Sep 21 Article PR Newswire Gemini to Sponsor a Chainlink Proof of Reserve Feed For On-Chain Audits of EFIL Collateralization

Educational

Date Media Author Title
N/A Official Docs. Chainlink PoR - Autonomous, secure, and reliable audits of reserves
05 Jan 23 Article Chainlink Exploring Decentralized Proof-of-Solvency Systems
30 Dec 22 Article Nic Carter The Status of Proof of Reserve as of Year End 2022
03 Dec 22 Video Chainlink The Hitchhiker's Guide to Chainlink Proof of Reserve | Chainlink Tech Talk #14
10 Aug 22 Education Chainlink Verify Bitcoin Collateral With Chainlink Proof of Reserve
30 Jun 22 Article Chainlink Making Stablecoins More Stable With Chainlink Proof of Reserve
22 Feb 22 Article Chainlink Using Chainlink Proof of Reserve to Unlock Cross-Chain Liquidity With Wrapped Tokens
02 Mar 21 Article Chainlink Verify Stablecoin Collateral With Chainlink Proof of Reserve
26 Dec 21 Video Sergey Nazarov Transforming Audits With Chainlink Proof of Reserve
30 Nov 20 Article Chainlink Understanding Proof of Reserves

‎

  1. ↑ https://chain.link/case-studies/celsius
  2. ↑ https://chain.link/case-studies/celsius

‎

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