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Andreas has been talking a lot lately about proof of solvency as it pertains to any company that takes custodial custody of bitcoin funds. As someone who's planning to launch a project that does just that, I'm all aboard with this idea.
Problem is, I can't seem to figure out how to do it without exposing customer data.
Has anyone implemented an example of how this works?
Thanks everybody!
See this answer. All the business must do is devise a single structure that uniquely maps each customer's custodially held Bitcoins to holdings the company has. Then it must reveal to each customer enough information to determine that the company holds at least that many Bitcoins that are uniquely mapped to that customer at some point in time that it makes available to all customers.
– David Schwartz – 2014-03-14T06:05:23.317If you sign a message with all addresses held and publish the addresses and signatures, it could be acceptable proof of solvency. – Mark – 2014-03-14T06:19:24.253
1@Mark Only if your total obligations are known, and only if you're willing to disclose your total holdings. My method doesn't have either of these limitations. – David Schwartz – 2014-03-14T06:48:55.933