Chainlink users Ren Protocol, TrustToken, and Armanino are improving financial transparency by using Chainlink Proof of Reserve oracles and smart contracts to ensure accountability for off-chain collateral.
Chainlink Proof of Reserve on-chain reference feeds provide smart contracts with the data needed to calculate accurate collateralization of any on-chain asset backed by off-chain reserves. Operated by a decentralized network of oracles, Chainlink Proof of Reserve enables autonomous collateral auditing in real-time, ensuring users’ funds are protected from unforeseen fractional reserve practices and other fraudulent activity from off-chain custodians.
– Loong Wang, Ren Protocol CTO
– Noah Buxton, Armanino Managing Director, Practice Leader Blockchain and Digital Assets
– Rafael Cosman, TrustToken Co-founder and CEO
Ren (https://renproject.io/) is an open protocol that enables the permissionless and private transfer of value between any blockchain.
Armanino (https://www.armaninollp.com) is a top 25 accounting firm in the US. The firm’s flagship blockchain-enabled platform TrustExplorer™ is capable of providing data to smart contracts via the Chainlink Network.
TrustToken (https://www.trusttoken.com/) is a DeFi platform featuring the TUSD stablecoin, TrueFi lending platform, and the TrueFX stablecoin basket. TrueUSD provides its token holders regular attestations of escrowed balances and full collateral via Chainlink Proof of Reserve.
Chainlink is a decentralized oracle network that enables smart contracts to securely access off-chain data feeds, web APIs, and traditional bank payments.
Chainlink Proof of Reserve Deep Dive: https://blog.chain.link/chainlink-proof-of-reserve-bringing-transparency-to-defi-collateral/
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