What is better than trust? Proof.

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 those participants.

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.

Albacore Partnership

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.

Ilyas Ridhuan
Michael Ford

Roadmap 2018

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.
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2. Public release and integration of the Proof of Solvency into the Bamboo application, allowing sophisticated users to verify the proof.
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3. Continued work on tooling and support services, allowing any Bamboo user to reasonably verify the proof.
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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.
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5. Deployment of non-user proof validators
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6. Working prototype of Zero Knowledge Proof of Solvency
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Next Steps

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.