Celsius and Horizen Develop Lending Transparency System

Celsius Network began to cooperate with the Horizen platform to develop a system for evidence of reserves (Proof-of-Reserves, By) using evidence with zero disclosure of Horizen.

According to Celsius, Over the next few months, the company will hold a series experiments, to check the possibility of decentralizing some of your operations. Technical Director of Celsius Nyuk Goldstein (Nuke Goldstein) said:

“The biggest problem in Defi is transparency. How to prove to the world the accuracy of numbers, which we report?».

Pilot project testing the concept of evidence of reserves will use information, which appears on the website Celsius, and transmit it to Sidchan Horizen, And not on the internal servers of Celsius.

The application will first display the general assets of customers by the types of coins and will ultimately transmit celsius transactions data, encrypted by a set of evidence with zero disclosure of Horizen.

Co -founder Castle Island Ventures and Coinmetrics Nick Carter (Nic Carter) Previously, he repeatedly described the concept of evidence of reserves and called on cryptocurrency depository platforms to introduce it. He said:

“Since I have never seen the implementation of evidence of reserves from the creditor, It's hard to imagine, what Celsius is trying to do. Evidence with zero disclosure for por is familiar to me, But I have never seen their implementation ".

Technical Director of Celsius said, that the full implementation automates the tracking of reserves directly from the blockchain and retain the confidentiality of individual accounts, So the data will not be vulnerable to reverse design.

Goldstein added, that at first the company will offer these decisions within the framework of the retail part of its loan portfolio. Celsius will also conduct verification of the concept on hackathons in its community.

“We are going to bring ideas and technologies to this level, so that we can share them with the community and say: “Try to find vulnerabilities and weaknesses in them. If you find something, We will pay you ", - said Goldstein.

but, According to him, Years will pass, Before customers can use the advantages of technology. Recall, that in the spring, Celsius Network began to cooperate with the Supplier of ChainLink oracles to decentralize the flow of quotations when calculating interest rates for loans in cryptoactives.