On The Brink with Castle Island

Jeremy Welch (Kraken) on Contemporary Proofs of Reserve (EP.283)

Feb 7, 2022

28:24

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Highlights

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Episode notes

Is There a Level of Trust in the Incentives?

01:44

Is It Good for Clients?

02:37

Is This a Requirement for Depository Institutions?

02:38

Introduction

4min

What's the Difference Between the Old and New Procedures?

2min

Crypto Currency

4min

Cryptocurrency Depositors, Can You Explain This Concept?

2min

Compass Mining Podcast - Bitcoin Mining

2min

Is It a Cracking Client or User Verifying the Proof Reserve From Their Account?

2min

Proof of Reserves

2min

Is There a Level of Trust in the Incentives?

2min

Is It Good for Clients?

3min

10.

Is This a Requirement for Depository Institutions?

3min

11.

What Are You Expecting From Peer Exchanges?

4min

In this episode, Kraken chief product officer Jeremy Welch joins the show to cover Kraken's newly announced Proof of Reserve procedure. In this episode:

Why bring back PoR?
What distinguishes today’s proof of reserve from the procedure Kraken undertook back in 2015
Why haven’t exchanges done PoR historically?
What Kraken’s PoR actually proves to depositors
The role of Armanino in Kraken’s PoR
What happens when a depositor verifies their PoR
How Kraken protects user privacy in PoR
The trustlessness of the PoR procedure
What regulators can gain from a PoR
How Kraken clients can benefit from PoR
How Jeremy expects other exchanges to react

Sponsor notes:

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See more on Kraken's PoR here

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