Proof Of Reserve | Proof Of Reserve Audit for Crypto exchange

Proof Of Reserve- A brief description

Blockchain-based businesses are highly enriched with multiple revenue streams and growth nuances. Cryptocurrencies are one among them with lucrative benefits. With benefits, these businesses have equal volatility, making people stubborn to enter the business venues. To break this progress hindrance, INORU has put forth the Proof of Reserve solution to embrace an essential interface to detect the platform fund flow and educate the investors and users within the platform. Get to know more about this auditing software.

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What is proof of reserves?

Proof Of Reserves is the way to obtain legit information on the assets and funds reserved in the crypto business platform. This is an audit service where a third-party auditing company runs through the platform, has a keen note on the funds flowing through the platform, and displays them through the Merkle tree. These auditors provide clear data on the customer’s assets, thereby educating them about the funds reserved in the platform to avoid any loss in future liquidity crises and bankrupt situations.

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Why Proof Of Reserve Audit for Crypto exchanges is essential?

- This audit is essential as it proves that prevailing funds are enough to furnish customer liabilities.
- Provokes credibility in the platform in case of avoiding liquidity crises by paving and enacting regulatory methods
- Ensures to have a legit follow-up on the rising demand for the digital asset and provides detailed data of the reserve.

Benefits of INORU’s Proof Of Reserve Integration

As a well-equipped crypto development company, we at INORU adapt to the recent trends and apply them in various verticals to yield lucrative returns for wider user communities. That said, as third-party auditors, we make more of your crypto exchange and drive transparency for your users. We mention the benefits you acquire by choosing us.

Experienced services We are into the market for half a decade, have a comprehensive knowledge of the growing crypto market and are aware of the crises. Thus, we provide the essential integration of PoR audits for the platform to increase business growth.
Confidential services Since we deal with internal fund flow, we are conscious of maintaining the top secret of the platform funds and ensuring to entrust the users.
Security With confidential services, we provide encrypted security for the users and maintain them until the end.
Trustable services INORU has accomplished years of services in crypto development companies; that said, we provide trustable auditing services for your firms.

How does Proof Of Reserve work?

Proof Of Reserve, the audit conducted by the third party, instills eminence in bringing transparency to the crypto platform, driving more enthusiastic business progress. This audit’s primary purpose is to check the custodian platform value and compare it with the customer's investment in the platform to make a credible interface and eliminate threats away.

This independent audition is conducted by a third-party company where the process goes with farming a Merkle tree. This Merkle tree is cryptographic ideation where each leaf represents the client’s funds on the custodian platform. We at INORU are obliged to provide this tracking and auditing service for the better.

Merkle root is the cryptographic fingerprint that is meant to combine particular balances. Auditors take anonymous snaps within the platform, compare them with the prevailing funds, and denote them in the Merkle tree to make it viable for users. We, as the auditor, use the snapshots and compare the balances, thereby providing the funds reserved in the custodian platform.

On getting access to the crypto exchanges, we provide detailed information on the funds in the platform and then compare it with the client’s funds mentioned in the Merkle tree. Here we check for the greater and lesser values in the platform.

Having been introduced in 1979, the Merkle tree is still in use for the crypto platforms to have a feasible user experience for a wider audience. In recent days, the crypto realm has been facing a sudden recession, and the downfall of FTX has infused thoughts into the minds of entrepreneurs to eradicate liquidity crises and maintain transparency while assessing the financials and asset balances.

Thus, Proof Of Reserve auditing softwarefrom INORU can be a well-established service in erecting a credible solution to provide transparency with the customized crypto exchange for the users and simultaneously set your business standards high by providing legit and reliable business venues for a wider community.

Types of Proof of reserve

Proof Of Reserves in INORU happens in two ways, Cross-chain reserves and Off-chain reserves.

Cross-Chain Reserves

Cross-chain reserves work on the solution where the reserves are held. Everything happens within the blockchain. Famous blockchains like Bitcoin, Filecoin, Cardano, and many more are meant to have cross-chain reserves with internal adapters. Wallet address manager and self-attested wallet API come under the Cross-chain reserves.

Off-chain reserves

Off-Chain reserves have their source from API from an external adapter. Third-party API, Custodian API, and self-attested API are the source to provide data for Off-chain reserves.

Why choose INORU for your PoR Audit?

We at INORU have expressed dominance in providing astonishing erections of NFT platforms and crypto solutions for the past decade. As mentioned, we adapt to the newer trends to make business more feasible than imagination. PoR audit from INORU can be the richest source for an entrepreneur with a crypto exchange platform. Since our auditors have greater knowledge of blockchain experience, we provide you with the much-needed essential service to eliminate the bizarre threat of financial crises.

Frequently Asked Questions

What is Proof Of Reserve?

Proof Of Reserve is a third-party audit conducted in the custodian platform to provide credible data of the fund flows to the users to have a transparent business.

Why is PoR essential?

Cryptos are highly volatile, and the fluctuations have been unexpectedly happening in recent days. This PoR audit provides detailed information on the funds reserved in the platform to avoid any loss of funds. So that at these times, the prevailing funds can be transferred to the customers to enhance better credibility.

How long does it take for a PoR audition?

PoR audit integration to your crypto platform takes around two to three weeks.

What PoR offers for the crypto exchange platform owners?

As the platform owner, with the PoR audit you provide a credible interface for the users wherein people develop trust with your crypto exchange for their business opportunities.

Proof Of Reserve- Build legitimacy for your Crypto exchange