We are excited to announce that Harris & Trotter LLP, a top-tier accountancy firm serving global clientele and leader in the digital asset space, will provide third-party attestations to Chainlink Proof of Reserve. By providing independent attestation data around assets, wallets, and more, we will be able to support a vast array of Proof of Reserve feeds and unlock advanced use cases. Ultimately, this will help provide greater assurances to key stakeholders in the digital asset community and drive the mass adoption of tokenized real-world assets.
A Premier Accountancy Firm Expanding The Frontier of Onchain Finance
Harris & Trotter LLP is a premier, 85-year-old accounting firm based in central London with over 135 professionals serving a premium group of global clientele. Entering the digital asset space in 2017, we have quickly established ourselves as one of the largest accountancy firms in the digital asset space, serving in excess of 400 crypto-native organisations such as 1inch, The Sandbox, and Blockchain.com. To better serve our clients, we have developed a number of signature in-house tools, from a signature matching tool for wallet ownership/control tests to an NFT royalties audit script.
Delivering Real-Time Attestations Onchain via Chainlink Proof of Reserve
Chainlink Proof of Reserve is available for both off-chain assets and cross-chain assets. This feed is a type of off-chain reserves feed with data provided by a third party, in this case Harris & Trotter LLP. Harris & Trotter LLP calculates the value of both fiat and investment assets stored off-chain and attests to the total value of reserves. This figure is sourced from APIs through an external adapter and reported on-chain. Learn more about evaluating data sources and risks here.
We have developed an automated solution that enables Chainlink Proof of Reserve to easily pull our independent attestation data on-chain. These attestations include verifying wallet balances, collateral backing on-chain assets, and more. Ultimately, these feeds can support everything from enabling investor due diligence to triggering on-chain circuit breakers.
Here is why Chainlink Proof of Reserves is unlocking the next generation of on-chain finance:
- Automated On-chain Attestations – By keeping an up-to-date reference contract, smart contracts can get automated, on-chain verification of an asset’s collateralization, removing the need to conduct manual attestations.
- Decentralised – Chainlink Proof of Reserve Feeds are decentralised at the oracle node level, eliminating central points of failure in the sourcing and delivery of external data on-chain.
- Transparent – Chainlink Proof of Reserve Feeds can be monitored by anyone in real-time, allowing any user to independently verify asset collateralization.
“We’re excited to be providing independent attestations to Chainlink Proof of Reserve,” said Nicholas Newman, Partner at Harris & Trotter & Head of Digital Assets. “Chainlink Proof of Reserve is a core infrastructure that provides the transparency needed to scale onchain finance to mass adoption.”
“We’re pleased that Harris & Trotter will be delivering third-party attestation to Chainlink Proof of Reserve,” said Max Melcher, Product Manager at Chainlink Labs. “Proof of Reserve provides the on-chain finance ecosystem with hyper-reliable, high-quality, and transparent data needed to provide users with stronger assurances about the collateral backing on-chain assets.”
Chainlink is the industry-standard Web3 services platform. It has enabled trillions of dollars in transaction volume across DeFi, on-chain finance, gaming, NFTs, and other major industries. As the leading decentralised oracle network, Chainlink empowers developers to build feature-rich Web3 applications with seamless access to real-world data, off-chain computation, and cross-chain interoperability across any blockchain, providing global enterprises with a universal gateway to all blockchains.
Learn more about Chainlink by visiting chain.link or reading the developer documentation at docs.chain.link. Register for SmartCon 2023 in Barcelona, the Web3 event of the year happening this October 2-3.
About Harris & Trotter
H&T is an international leader in the cryptocurrency, blockchain and web 3.0 space.
Our experience in digital assets dates back to 2017. We now provide audit, advisory, bookkeeping, accounting, compliance, off-ramp assistance and taxation support to companies and individuals across the world and metaverse.
Utilising the latest technology, often developed in house, we are able to provide professional services in the fast-developing space. Our clientele include: Cryptocurrency exchanges, market makers, decentralised gaming, entities in the metaverse, entities undergoing an ICO, NFT creators, miners, DeFi protocols/interfaces, investors and many more. Learn more about Harris & Trotter LLP by visiting Digital Assets – Harris & Trotter LLP (harrisandtrotter.co.uk)