A publicly verifiable Proof of Solvency provides users with cryptographic certainty that an
organisation controls enough assets to cover its liabilities.
Proof of Solvency
Proof of Solvency lets organisations make publicly verifiable assertions about the state of a
system. Participants in the system can then ensure, at the time of the assertion, the solvency
of that system (e.g. assets meet or exceed liabilities) without compromising the privacy of
Proof of Solvency requires two components: a Proof of Assets and a Proof of Liabilities.
Additional components can be added to enhance the validity of the scheme such as Proof
Validators, Sidechain Integrations, and Non-Interactive Zero Knowledge approaches.
Bamboo has partnered with Albacore to accelerate our efforts
in developing a publicly verifiable Proof of Solvency. Bamboo and Albacore will form a joint
venture dedicated to the development and deployment of proof of solvency.
Albacore is led by Ilyas Ridhuan and Michael
Ford. Ilyas has spent two years using blockchain technology to tackle the issues of
electronic voting. Michael discovered bitcoin in 2010, and became a contributor to the Bitcoin
Core project in 2012. Ilyas and Michael will be working directly on Bamboo's proof of solvency,
and we're excited to have them as part of our team.
1. Working prototype of Proof of Solvency that
includes ability for members to verify/check their assets are in the Proof of
Liabilities, the correctness of the Proof of Assets, and that the assets match or
exceed the liabilities.
2. Public release and integration of the Proof of
Solvency into the Bamboo application, allowing sophisticated users to verify the
3. Continued work on tooling and support services,
allowing any Bamboo user to reasonably verify the proof.
4. Explore the general applicability of Proof of
Solvency to allow organisations to make assertions about systems not on the
blockchain, for example traditional banks.
5. Deployment of non-user proof validators
6. Working prototype of Zero Knowledge Proof of
Bamboo is moving towards the widespread deployment of its proof of solvency, cultivating greater
levels of consumer trust in the broader blockchain and financial technology communities. While the
first implementation is the Bamboo application, the technology has broad relevance and
applicability amoung other industry veriticals including the traditional financial sector. We look
forward to working with Albacore to accelerate the widespread adoption of proof of solvency.