Proof-of-Reserves

Since 2020, CheckSig has been the first to offer public blockchain-based Proof-of-Reserves. Emulated by a few exchanges, we are still the only custodian to do so. Our unrivaled transparency ensures that all funds are always available and safe under our effective control.

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Reserves, solvency, and off-chain external auditors

Anyway, proving our reserves does not prove them to be enough to cover the obligations we have towards our clients. To achieve a proof-of-solvency, the proof-of-reserves should be combined with a proof-of-liabilities. Unfortunately, a reliable cryptographic proof-of-liabilities is complex, always partial, hardly verifiable by clients and auditors. All known privacy preserving approaches do not provide easy independent verification for non-technical users (see here).

Therefore, to ensure maximum transparency and accountability, the proof-of-liabilities is better delegated to external auditors. Indeed, our (internal controllers and) external auditors independently verify that the proved reserves exceed our liabilities. This verification is part of the SOC attestations we receive.

Furthermore, even the blockchain Proof-of-Reserves could be the result of a manipulation. As example, bitcoins could have been borrowed from a third party to temporarily cover losses. Only an off-chain external auditor can detect this kind of shenanigans.

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