Proof Of Trust

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Problem Statement

As we are aware of the current market situation and how a major CEX player went down, there emerged a problem that needs to be solved to bring back the trust of the users. There should be an economic and robust solution for auditing the reserves of Centralised Exchanges. Not just focusing on Proof of Reserves but also on Proof of Liabilities. This will bring back the lost trust of the Centralised Exchange users. The idea is to have a trustless mechanism for validating reserves' balance and calculating user liabilities over a consensus layer.

Solution

Figuring out an improved auditing mechanism where multiple auditors can be onboarded.Building algorithm for proof of liabilities implementationFinding a cost-effective way of proving the reserveSimulating the Centralised Exchange environment for proof of trust testing