PoR: Difference between revisions
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''' | '''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. | 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. | ||
Revision as of 08:42, 20 June 2022
Quick Take: PoR - Proof of Reserve
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Autonomous, secure, and reliable audits of reserves
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Supported chains
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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
Release info
Relevant quotes
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
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.
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 |
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.
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.
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."