Saturday, January 28, 2023

Chainlink highlights Proof-of-Reserve as Social Volume spikes: LINK to rise next?

  • Chainlink saw a spike in its Social Volume recently, taking it to the highest in over six months.
  • LINK saw a higher average number of Daily Active users in January.

In a post on 23 January, Chainlink [LINK] highlighted the Proof-of-Reserve (PoR) and its advantages. Because of the FTX crash in 2022, the concept gained widespread attention.

Gold, currencies, real estate, and commodities are collectively worth over $40 trillion. But only ~$200 billion of that is represented on-chain in a trust-minimized and tokenized form.

That's just 0.5% of the addressable market.

Enter #Chainlink Proof of Reserve (PoR).

— Chainlink (@chainlink) January 22, 2023

Read Chainlink’s [LINK] Price Prediction 2023-24

After the failure of the second largest exchange, Binance’s Chanpeng Zhao led the call for the publication of reserves by all crypto exchanges. Chainlink’s PoR post went viral because it addressed a highly topical issue in the cryptocurrency industry.

Chainlink‘s Proof of Reserve is a distributed oracle service that can validate the reserves of a smart contract. To do this, the smart contract requests the current balance of a specified account from the Chainlink network and compares it to the balance defined in the contract.

This adds credibility to the smart contract by verifying that it owns the assets it states it does. Having been in development for some time, Chainlink finally released its Proof of Reserve services in late 2020.

Social Volume responds massively


source: https://ambcrypto.com/chainlink-highlights-proof-of-reserve-as-social-volume-spikes-link-to-rise-next/