Proof of Reserves
Backed guarantees that our tokens are 1 to 1 backed by underlying securities deposited in a Swiss custodian bank.
We have partnered with Chainlink and The Network Firm to verify this and to issue an independent Proof of Reserves (PoR) that attests to our underlying reserves.
How does Backed PoR work?
The Network Firm, a reputable auditing firm, has full access to our custody accounts via the bank API endpoints and can independently check the status of our underlying reserves.
This information is passed via an external adapter to Chainlink. Multiple nodes, all part of the Chainlink Decentralised Oracle Network, read the value passed by the auditor and propagate it on-chain, where it is publicly available to everyone.
How frequently is Backed PoR updated?
Chainlink will update the Backed Proof of Reserves every 24 hours or sooner if there is a deviation from the previous value of more than 10%.
Where can I find Backed PoR?
You can find all the securities covered by the Backed Proof of Reserves at the website por.backed.fi
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