Chainlink Labs offers Proof of Reserve service for embattled exchanges
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....
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LINK price is struggling to maintain its bullish momentum but derivatives data shows a clear path to $40 in the long term. Chainlink (LINK) is the leading oracle provider, and the project has onboarded over 281 crypto projects in 2021. Some of these include heavyweights like Huobi's ECO Chain, the Hedera Governing Council, and Alchemix. Launched in Oct. 2020, Chainlink's verifiable randomness function, or VRF, has also gained notoriety among decentralized applications (dApps). VRF provides an automated source of randomness to ensure prizes and rewards are issued in a verifiably fair....
The call for a more detailed disclosure of liquidity through the use of "Proof-of-Reserves" has been backed by many high-profile industry figures. Following the liquidity crisis and acquisition of cryptocurrency exchange FTX, Binance CEO Changpeng “CZ” Zhao said his exchange will soon start a Proof-of-Reserves audit system to allow verification of its digital asset holdings.In a Nov. 8 Twitter post, Zhao pledged to implement a Proof-of-Reserve mechanism at Binance to provide “full transparency” through the use of Merkle Trees — a data structure used to encode blockchain data more....
The DeFi market faced the heat of the FTX turmoil as well with the majority of tokens and projects registering a blood bath over the past week. Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you significant developments over the last week.The second week of November could have been a bullish week, as Consumer Price Index data released on Nov. 10 indicates lower-than-expected inflation. This resulted in a significant rally for traditional stocks, but the crypto ecosystem is currently fighting its own....
Chainlink’s data oracles are now live on Arbitrum One, with the team also planning to soon launch its Proof of Reserve and Verifiable Random Function on the layer-two. Leading data oracle provider Chainlink has announced its successful launch on Arbitrum One — the beta mainnet deployment of layer-two Ethereum scaling solution, Arbitrum.Announced August 12, the launch will allow developers building on Arbitrum One to access financial market data directly on-chain, providing enhanced functionality to decentralized exchanges, algorithmic stablecoins and other advanced DeFi products on the....
Mining hardware maker Butterfly Labs has been shut down by the US Federal Trade Commission (FTC), which accused the embattled company of fraud and public misrepresentation. On 18th September, the agency was granted permission by the US District Court for the Western District of Missouri to freeze Butterfly Labs' assets and close the company pending trial, according to documents released by the FTC. The move comes months after customers began sending complaints to the federal agency, a process that produced nearly 300 filings accusing the company of delaying shipments and refund payments.....