/biz/ - Business & Finance

>>55135233
>The second example is Proof of Reserves. Proof of reserves is a very good, very focused example, it’s actually a relatively simple product because it uses an oracle network to basically prove the balance sheet or the assets of a counterparty, an institution, or whatever is backing a stable coin or a commodity coin. But Proof of Reserves as an example was not so important or critical or valuable before FTX, right. After FTX, Proof of Reserves became an obvious solution for eliminating the conflict of interest that allows someone to manipulate a balance sheet to basically take your money. And even if they didn’t take your money, they screwed all of us because now we have to explain to everybody why we are not FTX or Alameda. We have to justify this for months and years to gain back the trust of institutions and users to grow our industry. So even if they didn’t take your money, you don’t want this to happen. What you want, I think in my opinion, or more importantly, not importantly but more accurately, what I want is a conflict of interest free alternative financial system. And from our point of view, we’ve started doing that by providing market data, which is the most common attack vector, then we provided solvency, not solvency, asset proof and balance sheet proof data through Proof of Reserves, and so far we have been able to successfully combat manipulation. So flash loans attack don’t work on Chainlink oracle networks. Direct attacks so far haven’t worked and other types of attacks haven’t worked either.