Topic: Proof of reserves (Read 2535 times)
The open source exchange software http://peat.io has a working implementation of this in Ruby on Rails. Its being used by yunbi, coinspark and a few other exchanges.
Wouldn't this be much easier using HD keys? Could even do departmental proof-of-reserves.
Yes, however look at the bitcoin bankruptcy stories, exchanges that have lost to hackers. Keep an eye on security issues too.
Sorry for bumping an old thread but any link for another copy of this?
https://iwilcox.me.uk/2014/proving-bitcoin-reserves
Seems to be down, thanks.
https://iwilcox.me.uk/2014/proving-bitcoin-reserves
Seems to be down, thanks.
It is available on the Internet Archive
I mean to ask as a exchange we don't want to depend on third party like blockchain or Armory,We want use our own wallet.
Can you suggest me procedure how it will goes with the help of organogram or something. (I am not a technical guy,developers will to the rest of coding work and all)
Can you suggest me procedure how it will goes with the help of organogram or something. (I am not a technical guy,developers will to the rest of coding work and all)
The procedure described doesn't require blockchain or armory. I am not sure what you are asking.
Please be specific exactly what action of which process (proving reserves, proving liabilities, verifying reserves, verifying liabilities) do you believe requires a third party?
yeah.That explain very much about implementation of proof of reserves.
i want to ask about other procedural implementation for exchange so that developers can work on that by taking as guideline.
i want to ask about other procedural implementation for exchange so that developers can work on that by taking as guideline.
legendary
Activity: 1302
Merit: 1008
Core dev leaves me neg feedback #abuse #political
did you check the link gmaxwell just posted?
Some nice looking diagrams in there.
Some nice looking diagrams in there.
what exactly do you mean here with the "merkle tree approach"?
I think to prove reserves, you will have to one way or another reveal
the addresses of your cold storage (someone please correct me
if that is wrong)... and then sign a message as well proving you
control those addresses. You would then, basically show the amount you
have in storage is greater than the volume being traded.
Anyway thats my 2 cent stab at answering your question.
I mean to ask as a exchange we don't want to depend on third party like blockchain or Armory,We want use our own wallet.I think to prove reserves, you will have to one way or another reveal
the addresses of your cold storage (someone please correct me
if that is wrong)... and then sign a message as well proving you
control those addresses. You would then, basically show the amount you
have in storage is greater than the volume being traded.
Anyway thats my 2 cent stab at answering your question.
Can you suggest me procedure how it will goes with the help of organogram or something. (I am not a technical guy,developers will to the rest of coding work and all)
legendary
Activity: 1302
Merit: 1008
Core dev leaves me neg feedback #abuse #political
Doh! (Now I Feel dumb)
Well OP , ask and ye shall receive. You want a functional spec, now you have one.
Good that this topic is being discussed and hopefully standardized.
Well OP , ask and ye shall receive. You want a functional spec, now you have one.
Good that this topic is being discussed and hopefully standardized.
Now prove you are suppose to have "X" BTC. To be truly proven you must also prove the site has the right amount.
https://iwilcox.me.uk/2014/proving-bitcoin-reservesAgreed it was more hypothetical for jonald.
Now prove you are suppose to have "X" BTC. To be truly proven you must also prove the site has the right amount.
https://iwilcox.me.uk/2014/proving-bitcoin-reserves Quote
I think to prove reserves, you will have to one way or another reveal
the addresses of your cold storage (someone please correct me
if that is wrong)... and then sign a message as well proving you
control those addresses.
the addresses of your cold storage (someone please correct me
if that is wrong)... and then sign a message as well proving you
control those addresses.
You have proven you own/control "X" BTC. Now prove you are suppose to have "X" BTC. To be truly proven you must also prove the site has the right amount.
Say an exchange provably shows you they have 197,218 BTC on hand. That fact doesn't do you much good if they owe customers 218,111 BTC.
legendary
Activity: 1302
Merit: 1008
Core dev leaves me neg feedback #abuse #political
what exactly do you mean here with the "merkle tree approach"?
I think to prove reserves, you will have to one way or another reveal
the addresses of your cold storage (someone please correct me
if that is wrong)... and then sign a message as well proving you
control those addresses. You would then, basically show the amount you
have in storage is greater than the volume being traded.
Anyway thats my 2 cent stab at answering your question.
I think to prove reserves, you will have to one way or another reveal
the addresses of your cold storage (someone please correct me
if that is wrong)... and then sign a message as well proving you
control those addresses. You would then, basically show the amount you
have in storage is greater than the volume being traded.
Anyway thats my 2 cent stab at answering your question.
Hello guys,
We are developing an exchange with proof of reserves using merkle tree approach. And putting reserves with hot and cold wallet system.
So i want to know how we implement proof of reserves and whats the functional procedure that is suitable for our model without depending on 3rd party.
We are developing an exchange with proof of reserves using merkle tree approach. And putting reserves with hot and cold wallet system.
So i want to know how we implement proof of reserves and whats the functional procedure that is suitable for our model without depending on 3rd party.
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