How to verify reserve assets of Samecoin's Stablecoins

1. Why Proof of Reserves is Important in Crypto samecoin.com

2. Digital assets are on the rise, with billions of dollars traded across crypto exchanges on a daily basis. As with every financial market, there is a significant need for ensuring trust and transparency in the cryptocurrency market as well. Providing proof of reserve is very important for mainstream adoption in the cryptocurrency space. As more exchanges and crypto projects like Samecoin protocol, gradually adopts proof of reserves to ensure more transparency of the crypto market, one can easily predict more room for crypto adoption in the coming years. samecoin.com

3. Some Challenges in the Path to Proof of Reserves Bitcoin and many other cryptocurrencies have benefited from immutability, credibility, and decentralized trust which are fundamental properties of blockchain technology. Today centralized exchanges have invaded the market. Exchanges in the US must provide state officials with audited versions of their financial statements to keep their money transmission licenses. However, by verifying proof of reserves, one significantly increases their trust levels of a specific blockchain project. samecoin.com

4. Here are some challenges in the path to proof of reserves. • Blind spots in centralized systems and exchanges create users’ security, transparency, and trust issues. • Exchanges are sometimes involved in loaning out customer’s assets or by partially reserving customer assets without their consent. • It is challenging to determine the desired value of adequate reserves, explicitly. samecoin.com

5. Verifying the Credibility of Samecoin Protocol Assets Samecoin’s team is incredibly committed to being transparent with its users. Today, the concept of proof of reserves is relatively new, and Samecoin’s team is at the forefront to establish a standard method of determining proof of reserves for digital assets in the Samecoin ecosystem. samecoin.com

6. Samecoin protocol is a revolutionary crypto project that features a utility token known as Samecoin (SAME) and stablecoins such as SameUSD and SameEUR. Samecoin’s family of stablecoins are inherently built to facilitate a more reliable way to make payments, using relatively stable coins with minimal changes in value. Anyone can check in etherscan or other blockchain explorers to verify that the total of all stablecoins deposited and SameUSD minted are equal at all times. Samecoin protocol ensures the burning of SameUSD if the collateralized stablecoins are withdrawn. With a transparent smart contract governing this process, Samecoin’s stablecoins are the most transparent ones in the market. samecoin.com

7. How to Verify SAME-stablecoins' Reserve Samecoin protocol allows its users to verify the credibility of its Stablecoins without having to depend on a third party to audit and publish reports on a periodical basis.

8. SameUSD and SameEUR are backed by a reserve of top stablecoins and not directly by fiat currencies. Samecoin protocol retains the actual stablecoins that backs SAME-stablecoins rather than holding the fiat currencies. Minting SAME-stablecoins is easier while also ensuring verifiable assets. Samecoin's stablecoins are all decentralized, meaning that the reserve and other related data can also be inspected and verified by anyone.

9. Join An Ecosystem. A Real One. samecoin.com facebook.com/SamecoinCom twitter.com/SamecoinCom t.me/Samecoin samecoin.com