Those who have been reading my posts, know how bullish I am on this project, and Alex and his team.
On the 30th of October, it’s official that Celsius is implementing their triple entry accounting A.K.A ‘Proof of Reserves’.
What is Proof of Reserves?
To understand PoR you need to understand the problem with Defi/CeFi. That is transparency. You either have to trust someone with your coins and hope they don’t lose your coins. Or hope that there is no exit scam or ‘bug in the project. Sometimes you see projects with ridiculously high returns and think 'that's too good to be true' and this is usually the case, but we don't know what's the catch
PoR solves this.
How?
Ever wondered how and where Celsius lends your money to, to be giving such huge returns. The partnership with Horizen $ZEN means we can see in real-time on the blockchain where all the funds are allocated without compromising customer information. At the click of a button, you can pull up information that usually C-level executives in the company usually look at. Except, now anyone can view this information for their satisfaction and assurance
Why is this such a breakthrough? Transparency is keyword DeFi, you would want to know if the company that holds my coin is actually profitable to be paying such high interest. PoR shows if the interest paid is justified, and brings trust in the crypto space. Just think about it, you are clocking a button to ask 'where is Celsius making money and how much' For me, that's game-changing. Full article on the partnership
If you would like to sign up to Celsius use my promo code to receive $20 in BTC if you deposit and hold $200 for 30 days. Promo= 11900829ee
