Anyone understand what this "Proof of Balance" ?
if the collateral was another crypto maybe it could have been something interesting like Blockstream's Proof of Reserve:
https://blockstream.com/2019/02/04/en-standardizing-bitcoin-proof-of-reserves/
however the article states:
Quote
KRNC would take the approach of measuring the assets that people already own, like the dollar, and assigning voting power in proportion to an individual’s existing wealth.
..so I guess they just will check your bank balance via a recurring permission to query your account (recurring because they should burn part of your tokens if your balance get lower compared to the originally collateralized amount)... if that's the case, the naming "Proof of" I think is just marketing...Or, even worse, you simply buy their token, in a Tether-ish way
Bye!
