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Elven Partnered with Chainlink to Launch PoR Services

On September 14, 2023, Elven and Chainlink have come together to cooperate on the Proof of Reserve Serive, creating new possibilities for developers, enterprises, and the broader blockchain community.

What is PoR and How Elven Helps

For asset issuers like stablecoins, asset-backed tokens and digital assets ETP, they need a third-party to prove that hey have enough underlying assets to back their liabilities. However, their underlying assets can be scatted among off-chain and cross-chain platforms like custodies, banks and even brokeage accounts.

Elven's PoR service can integrate multi-source reserve accounts with comprehensive verification of asset status, and give continuous evidence collection and real-time attest reporting to stakeholders of the issued assets.

Chainlink integrates Elven's data service and constructs on-chain data oracle for the broader community tto provide stronger security guarantees and more transparency in the cryptocurrency ecosystem.

Elven's PoR data serive is composed by four parts:

  • Data Integration: Integration of multiple asset platforms, including crypto assets, fiat currencies, bonds, ETFs, crypto funds, and many other assets.
  • Asset status validation services: through third-party due diligence, review the entity holding the assets, ownership of the platform account, the source and use of the assets and transactions to certify that the assets really exist
  • Asset data node service: operation and maintenance of asset data nodes, provide real-time access to asset balance data and push change alerts
  • Asset data oracle: connect to ChainLink node service and write to Datafeed Oracle chain service.

Whether you issue stablecoins, asset-backed tokens or complex ETP, our team will work with you to determine the scope of your proof of reserves report and materials to be prepared, and our API will then deliver your report and customer verification, allowing you to display proof of reserves on your website or on-chain platform.

Partnership Case: HOPE

$HOPE is a utility-distributed stablecoin, designed as a currency vehicle for non-crypto natives to enjoy financial inclusion in a fully transparent and secure environment. $HOPE is backed by distributed reserves of BTC and ETH.

As we introduced above, the service Elven provides with HOPE consists 3 parts:

  1. HOPE have their underlying assets in exchange custodian accounts. We verify the account ownership of the APIs provided by HOPE. And check the usage of the account asset by verifying business contracts with their agents.
  2. Integrate APIs of HOPE's custody accounts, and monitor any changes from the API results. We established a dual notification mechanism with both business group chat and email to notify of any suspicious change.
  3. Provide stable and reliable data services to both HOPE and ChainLink. Any change related to data quality and service stability will send notifications to all data service users.

You can refer to this page for more information about HOPE's PoR Status.