Bitcoiners Demand Greater Transparency in Exchanges
The fear of MtGox's potential insolvency has shaken the entire bitcoin ecosystem. Many in the Bitcoin community are beginning to demand "proof-of-reserve" from their exchanges and financial services in the aftermath of MtGox ceasing withdrawals and committing some of the worst public relations the community has ever seen (and that says a lot considering Bitcoin's history in the dark-net). In fact, Bitcoinity is offering free advertising space to the first exchange that implements a way to prove that customer funds are secure, without divulging sensitive information. There are some ideas of....
Related News
Since the close of Mt. Gox in February 2014, many exchanges have risen to fill the void and have claimed to learn from the mistakes of the failed exchange. But have they really? Some believe that insuring deposits and returning the funds, as done when Bitstamp was hacked, is enough. Others feel that some form of multi-signature transactions needs to become the rule rather than the exception for exchange platforms. And then there is Vaultoro; a new, Bitcoin gold exchange that is betting big on being fully auditable. Also read: Vaultoro Opens Swiss Gold Vaults to Bitcoiners. Vaultoro....
Consider this: the efforts of central banks to create centralized digital currencies are no different to altcoins. The only difference is who is producing the coin and what funding the development team has. Some might even argue that altcoins have greater credibility, as they in most cases have public and not private blockchains. In an age where there is....
The company claimed its PoR product can restore trust in crypto exchanges through greater transparency, but not everyone is convinced. Chainlink Labs offered its Proof of Reserve product as a solution to future trust issues in the crypto exchange market on Nov. 10. In a tweet thread, Chainlink Labs asked “Will crypto continue to repeat the mistakes of the traditional black-box financial industry? Or will a better system emerge?”#Crypto is at a crossroads. Will crypto continue to repeat the mistakes of the traditional black-box financial industry? Or will a better system emerge? A better....
The crypto world eschewed trust in favor of transparency. But transparency doesn’t solve the problem of untrustworthiness in financial markets.
A new Hong Kong-based exchange is offering its customers unprecedented transparency mechanisms, including automatic proof-of-reserves tests, in a bid to shake up the cryptocurrency exchange sector. The new exchange, Coinport, is offering proof-of-reserves tests that can be executed by customers with data that is refreshed every half hour. It has also uploaded its code to Github, where it can be inspected by the public, and is giving customers access to all the exchange's trading and fund storage data. The startup has raised funds from IDG Capital Partners. Extreme transparency. Coinport's....