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The team behind Chainlink (LINK) says its decentralized oracle network offers a service that could address transparency issues in the crypto industry after the recent FTX debacle.
According to Chainlink Labs, blockchain proof-of-reserve solutions (PoR) are designed to prove reserve data for projects and organizations, including exchanges, stablecoins, and traditional financial institutions.
The system works by automatically updating on-chain smart contracts when the reserve balance changes.
Crypto is at a crossroads. Will cryptocurrencies continue to repeat the mistakes of the traditional black box financial industry? Or will better systems emerge? Proof of Reserve is one way Chainlink provides the transparency users demand.
Although the service launched in 2020, Chainlink Labs is actively Facilitate Current service after the demise of FTX.
Once the second largest cryptocurrency exchange, it is now under investigation for possible mishandling of customer funds. His CEO of FTX, Sam Bankman-Fried, has reportedly lent billions of dollars worth of assets of his clients to trading firm Alameda Research.
Chainlink Labs says:
Cryptocurrencies should not continue to reproduce the flaws of the traditional financial system. Crypto should build an open and transparent global economy. Build a better Web3 based on Proof Not Promises. prize.”
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Featured Image: Shutterstock/Tithi Luadthong
