Big Four consulting firm Deloitte has performed a Proof of Solvency (PoS) on ICONOMI, an Ethereum-based digital asset management platform.
ICONOMI said that it has become the first blockchain company to successfully perform a PoS — a form of blockchain audit—on their platform. The audit covered all the liabilities and reserves held by ICONOMI at the date of the platform snapshot (April 5, 2018).
ICONOMI believes that this independent review will help build not only investor confidence and transparency, but also trust in the crypto-economy as a whole.
“We believe that this service can also become a blueprint for other blockchain companies looking to validate their assets to provide transparency to their investors,” Gorazd Ocvirk, PhD, Director CE Blockchain Innovation Lab of Deloitte, stated.
According to the official release, the first part of the process focused on liabilities with the objective of assuring ICONOMI users that their account balances on the platform were accurate. The second part of the PoS covered the proof of reserves, which involved summarizing ICONOMI’s wallets (cold, hot and exchange) as well as fiat bank accounts and testing for ownership using a signature and transaction method.
The final result of the blockchain audit proved that the ICONOMI platform is solvent, user balances are as reported and the reserves cover the liabilities, the release said.
“In an emergent and unregulated environment, we believe that this is a critical step in demonstrating the importance we place in trust, transparency and user security. With little formal regulation in place, it is crucial that those operating within the crypto landscape take it upon themselves to put in place the governance and controls required to ensure a sustainable future for the market,” Tim M. Zagar, Chief Executive Officer and co-founder of ICONOMI, said. “With the audit by Deloitte, ICONOMI has set another milestone, which I believe will become a standard for all other companies in our industry and help us move towards better regulation of the whole market.”
