Proof of solvency for user balances - BitSafe
Trust is the most important factor people consider before depositing Bitcoin or cryptocurrency to a new website or exchange.
BitSafe.io is an off-chain bank and to prove we are not loaning out your money or investing it in high risk ventures, we allow you to verify that the funds that show in your account balance are actually securely held by BitSafe.
We provide you with proof of solvency, something that many banks and exchanges don’t, or can’t do.
How it works!
The above image shows a screenshot of a savings account. Notice inside the wallet graphic there is a code, Rt7Uj4. This is the unique identifier for this account.
On the BitSafe website we will post a daily report which will list all account codes and their balance figure as well as the total of all funds held in customer accounts.
The report will also show a signed Bitcoin address that will contain the same balance as the sum reported by BitSafe.
Mockup of solvency report
This means you can open the report and search for your own account code, in this example, Rt7Uj4, check that the balance matches that of your account and then verify that the Bitcoin wallet we own contains enough Bitcoin to match the total of all customer funds, including your balance.
Each day your account code will be regenerated so that if someone knew your code they would not be able to lookup the balance of your account in future. For security account codes are hidden in the app by default and you must enable viewing in your account settings.
We will also provide a different report for each currency we support.
For more information visit BitSafe.io
Wonderful idea. Every exchange will be compelled to do something like this in the future.
Yeah I think so too.
Great post!
Thanks for tasting the eden!
As the report and account both are provided by you.Can I verify the bitcoin address given in my account. on blockchain and see the same balance?
I am sharing this ICO information (and joined the pre-sale) only, but if you join their telegram group you can answer any questions and they will answer you promptly .
oh, sorry about the confusion. I meant the question to bitsafe. I will put the question in their telegram channel. Thanks for the info.
No problem :)
Very good article I like this article.......
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