ChainPort Introduces Proof-of-Reserves

TL;DR

• ChainPort is implementing a transparency dashboard

• Transparency dashboards will display proofs of reserves and wallet links

• The proof-of-reserves will account for all coins minted and in ChainPort’s custody

• The development of on-chain transparency is a positive development for the Web3 industry

Hello ChainPorters,

Since ChainPort’s launch, we have taken pride in being the most secure bridge in crypto. Roughly 95% of all funds are stored in multiple cold storage wallets with Multi-Sig and MPC support provided by Safe and Fireblocks. Furthermore, ChainPort's code has been thoroughly audited by top blockchain security companies in addition to its security-focused architecture.

You can view ChainPort’s security ethos and our audit reports from Certik and Cyber Unit here. A ChainPort audit report will soon be published by Trail of Bits in addition to Certik and Cyber Unit soon. Learn more about ChainPort security here.

The ChainPort team consistently looks for ways to improve as a blockchain bridge. In light of recent events in the crypto space, we have decided to build a Transparency dashboard.  

The dashboard will include: 

• Links to wallets 
• Audits 
• External verification sources scanning and monitoring us (such as Defillama)
• Implemented proof-of-reserves 

Despite the fact that we are not a central exchange, and our architecture is much simpler, we strive for transparency. Proof of Reserves ensure the security of funds on-chain at all times. They are used to ensure that a custodian securely holds assets it claims to hold on behalf of its clients. All tokens received and minted by ChainPort, and it’s TVL can be viewed by all easily through our new transparency page. 

ChainPort’s Proof of Reserves V1.0 will include the following:

• TVL (SUM) + NUMBER OF TOKENS (SUM + Number of chains (sum)
• Addresses holding the native tokens
• Token deployer addresses per chain
• Audit reports
• Defillama link

And we plan on adding more information regarding volumes, taxation, and other related metrics.

In addition to being the most secure bridge in the crypto space, ChainPort will also be one of the most transparent. The ChainPort team is confident that in today’s crypto environment, transparency and trust is needed more than ever.

The future of cryptocurrencies will include multiple chains, and on-chain transactions and ChainPort is here to maximize its potential.

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