Industry standard

Proof of reserves – Pushing for a new industry standard

Bitcoin is based on the principles of monetary autonomy and transparency. In light of the emergence of new cryptocurrency firms and the further expansion of the market, the adoption of standards to maintain the openness and auditability of Bitcoin is becoming more vital.

One of these criteria is the provision of evidence of reservation. Customers may use this feature to confirm that the platform or service is utilizing their accounts to manage their assets in the right way, if necessary.

Since its start in January 2021, ledn has completed three rounds of proofs of reserve. The most recent round was completed recently. As a result, the bitcoin business has been pushed towards increased confidence and credibility. Check Oak Park Financial a provider of 100-Dollar Loans.

What is it about evidence of reserve that is so important to you?

Transparency is the first thing that comes to mind when we think of it. Cryptocurrency firms must be transparent in the same way as Bitcoin is, with proof of reserves customers being able to anonymously affirm that the assets of their company are appropriately, properly, and accurately accounted for, among other things.

“Transparency is one of the most important ideals we hold at Ledn. That is why we invest in solutions such as Proof of Reserves, which allows us to offer quarterly reports to customers, giving them confidence that Ledn will be able to satisfy its financial responsibilities “Mauricio Di Bartolomeo, Co-founder and Chief Strategy Officer of Ledn, shared his thoughts.

The process by which an independent accountant reviews the balances of Ledn’s client assets, as well as custodial and loan balances, at any time to ensure that the company’s accounting is accurately recorded for the assets is known as document confirming reserve certification.

Is the procedure a strictly confidential one?

Yes, in the simplest of words, in the simplest of terms. Instead of storing personal information about customers, Ledn uses anonymous hashed client IDs. This enables Armanino, a third-party accounting company, to establish a uniquely validated evidence of every Ledn account balance without having access to personal information, therefore protecting the privacy of its clients’ personal information.

Armanino certifies its employees in compliance with AICPA standards, and it distributes its certificates to consumers via the use of a Merkel tree, which is a symbol of trust. Because of the way cryptography is structured, it is possible to get an efficient and accurate confirmation that a certain amount of data is a part of the broader picture, which in this case is the liabilities and assets for each individual’s account balance.

It’s as easy as following these five simple steps.

One of the advantages of this procedure is that it is straightforward. In order to do so, if you’re a Ledn client, you may analyze your asset management in five simple steps:

The following measures should be followed if you were in possession of an outstanding debt on January 31, 2022 at 11:59 p.m. ET, since the balance was automatically and anonymously included in our most recent Proof of Reserves Attestation.

Log into your account, then go to the Proof of Reserves area on your home dashboard, where it will be shown.

Make a note of the hashed customer ID.

After that, go to the Armanino external website to learn more.

“Check my account balance” should be selected.

Copy the hashed ID of the client from the clipboard.

Five simple measures that will keep you calm and assist you in achieving the transparency that the market requires.

Concerning Ledn

Ledn is a financial services company that aims to help consumers all over the globe in harnessing the potential of digital assets in order to develop long-term wealth via investing in them. More than 127 countries are represented within Ledn’s client base, which includes users who have opened Bitcoin-backed savings and loan accounts, which enable consumers to get more bitcoins or dollars without having to liquidate their existing holdings.