Vault of Satoshi Launches Public Proof of Solvency
Canadian virtual currency exchange Vault of Satoshi has just recently launched a fully public proof of solvency program. Users will be able to validate their balances and the digital currency exchange’s overall balance. On a reddit post, Vault of Satoshi’s director of marketing, Adam Cochran wrote,
“At Vault of Satoshi we have always tried to embody the mantra of being an open, honest and transparent exchange. We feel it’s our duty to do so when you make the decision to place your funds in our hands.”
This is the reason why the digital currency exchange decided to show proof of their solvency in public.
Vault of Satoshi “BTC Proof of Solvency”
The Vault of Satoshi is publishing their cold wallet in order to prove to their customers that their coins are safe and secured. Adam Cochran writes,
“While most exchanges issue a third-party audit, we felt that simply wasn’t open enough – so today at Vault of Satoshi we are proud to announce full proof of solvency and the publication of our cold wallet!”
With this, users can validate their own balances and the overall balance of the digital currency exchange. They can do this by going to the Vault of Satoshi security center and selecting “BTC Proof of Solvency.” The users should then load the partial tree, click “online tools,” and then copy and paste their information to see their holdings.
Vault of Satoshi not Publishing Hot Wallet Address
The thing is, even though the Vault of Satoshi has made their secured cold wallet public, they have decided against publishing hot wallet address. This is entirely for security reasons, and it means that there might be a discrepancy of around 5-6% in the total amount of coins in the exchange.
On behalf of Vault of Satoshi, Adam Cochran thanks everyone for their trust and business. He wrote that the digital currency exchange,
“Will continue to take steps to be transparent and promote honest, customer oriented practices in the Cryptocurrency market.”
With “BTC Proof of Solvency” customers will be able to have direct access to their account balances. This will ensure the customers that their coins are being taken care of, and that another Mt.Gox is not happening. Having the cold wallet amount publicly published provides the much needed security that will allow customers to continue trading with ease.