Facebook Calibra Wallet Devs Reveal Distributed Auditing Proofs of Liabilities (DAPOL)

  • Facebook has recently introduced a new audit protocol on its Calibra wallet app for auditing of its assets.
  • In a bid to improve the already existing distributed audit process, Calibra’s research team brought forward the Distributed Auditing Proofs of Liabilities (DAPOL) onto the platform.

Dating back to April 2014, the cryptocurrency world witnessed one of its biggest heists when a hacker managed to illegally transfer a large number of Bitcoins to himself. This was after allegedly getting hold of an Mt. Gox auditor’s credentials. In April 2014 Mt. Gox announced that Bitcoins, worth $450 million, had been stolen from customers. This ultimately led to the company’s liquidation. The company, however, would have survived had it adopted a legit protocol for asset auditing.

Calibra team leader and blockchain engineer Konstantinos Chalkias recently told the public that DAPOL protocol was setting a platform to improve on the already existing auditing methods. Most importantly to enhance privacy. The protocol allows a distributed audit of liabilities to be undertaken on entities.

DAPOL’S Main Advantage Over The Old Auditing Techniques

Arguably the main advantage brought to the table by DAPOL is its enhanced privacy, where a third party is combined together with a decentralized audit. This typically means that during an audit, all accounts are focused on and none is overlooked. In his statement, Konstantinos Chalkias explained that in the Distributed Auditing Proofs of Liabilities (DAPOL), it does not expose the number of people who verify their inclusion in the totals. He said,

“The Distributed Auditing Proofs of Liabilities (DAPOL) are schemes designed to let companies that accept a) monetary deposits from consumers (i.e., custodial wallets, blockchain exchanges, banks, gambling industry etc.) or b) fungible obligations and report claims from users (i.e., fake news and hate speech reporting, disapproval voting etc.) to prove their total amount of liabilities or obligations without compromising the privacy of both users’ identity and individual amounts.”

He gave an example of the Enron corporation scandal case which ran bankrupt and collapsed some years back after the company in an attempt to cover up its illegal dealings paid an auditor Arthur Andersen to tamper with the information. He added that the corporation’s downfall would have been avoided had it adopted a more private and transparent auditing process.

Full Transparency For Everyone

DAPOL has proved to be an improvement from old distributed auditing processes in that it comes with new features. One of the features is that it allows everyone to take part in processes like proof verification and offers a more sophisticated validation tool than was not offered before. Calibra’s team is not fully sure but is quite optimistic that DAPOL can be integrated onto Facebook’s Libra project to have an impact on such domains as economic data, crypto blockchain wallets, and public health.

The team is open to inviting any player that shares the same development enthusiasm on DAPOL’S project as them. This is after they released their plans to make the code open-source soon. It is their hope that with time this new DAPOL distributed audit process will be adopted widely by crypto firms globally.

“The backbone of this proposal is based on the enhanced Maxwell’s Merkle-tree construction and is extended using balance splitting tricks, efficient padding, verifiable random functions, deterministic key derivation functions, and the range proof techniques from Provisions and ZeroLedge solvency protocols, respectively.

Because Bulletproofs, Gro16, Ligero, Plonk, Halo and other efficient zkSNARK or zkSTARK constructions were not available or mature when the above solvency protocols were published, we will assume that any efficient zero knowledge scheme for set membership in summation structures can be a good candidate.”

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Author: Lujan Odera

KPMG Rankings Show a Drop in Bitcoin Yet a Reinforced Cryptocurrency Innovations

KPMG, the big four auditing firm shared its 2019 companies list, Fintech100 rankings. This list contains the 100 top Fintech entities globally. According to these rankings, Bitcoin-based Company has dropped. On the other hand, payment industries have a strong showing on the rankings.

Just like it was in 2018, the Ant financial company founded by the owner of Alibaba, Jack Ma led the list. This Ant financial company controls one of China’s payment systems known as Alipay which has a value of 83 billion dollars.

JD Finance took the third position among the entities that are in both blockchain and cryptocurrency. Grab, an application for a ride company (like Uber) led the list. In Singapore, Grab is used as a payment system.

Robinhood failed to maintain its 2018’s 8th position and dropped to 14th this year. KPMG rankings have shown reinforced cryptocurrency innovations. Other blockchain-based companies that featured in the list were One Connect at 18th position, Coinbase at 34th, Banketa at 42, Liquid at 38th, and Revolut on 26th. According to Chris Wang, Partner of KPMG china,

“As fintech development continues to go strong in China, we are seeing some changes in China’s fintech landscape. Aligned with trends we observe globally, we see an increasing number of wealth, insurance and multi-sector companies in China on the list, which indicates that technologies and innovations have spread into more financial services sectors.”

Companies that appeared in the list for the first include Tokeny, Silot, Binance, Moin, and MemaPay among others.

The companies in the Fintech 100 list raised 70 billion dollars in their lifetime and 18 billion dollars in the last financial year. These companies serve customers over 2.5 billion around the world. According to KPMG, the companies in the Fintech 100 ranking have enjoyed the benefit of open banking.

Here is a snapshot of the top 50 rankings from the KPMG list:

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kpmg-crypto-rankings

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These companies have been able to improve customer banking as a result which has greatly improved their services and experience.

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Author: Daniel W

EY (Ernst & Young) Releases New OpsChain Public Finance Manager Blockchain Tool

Ernst & Young (EY), one of the Big Four auditing firms, has recently launched a new blockchain-based product, a platform that was designed to enhance the transparency of the government. According to the reports, the new platform will be called OpsChain Public Finance Manager.

This system is set to enable transparent tracking of public finances and budgets so that all citizens can view it. The service can also be used to match how much money is being spent against outcomes, which can show how effective the policies are.

One of the main goals of this system is that governments will be able to make data-driven policy decisions with more efficiency. With the data gathered by the platform, they can understand the outcome of their decisions better and create better policies.

According to EY’s official statement, blockchain technology can be important when impacting public spending. This way, public managers can focus on what they need and enhance their work by making it more transparent and accountable.

EY is already testing the product in some cities. One of them is Toronto, Canada. The system allows financial transfers between different sectors of the government and the company claims that its experiments were important to increase the transparency of the city.

Heather Taylor, the chief financial officer of Toronto, affirmed that the official os the city is constantly striving to find better technologies to meet the needs of the residents and to help them more effectively.

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Author: Gabriel Machado

Major Auditing Firm EY To Help Developing Fine Wine Trading Blockchain Platform for WiV

EY, one of the four largest auditing firms in the world, has recently revealed that it was hired to work on a new fine wind trading platform that uses the blockchain technology. The company in charge of the new trading platform, WiV Technology, is set to let its clients trade premium wine.

With the help of this blockchain-based platform, traders would be able to certify the authenticity of the wine and determine its origin.

The company has affirmed that smart contracts will be used on the platform in order to help to determine the ownership of several goods and their transactions history as well. The properties of each wine will be able all stored on the blockchain and can be easily accessed with the help of the QR code.

The CEO of Wiv Technology, a man named Tommy Nordam Jensen, affirmed that this will make fine wine trading considerably less expensive. Investors will be able to trade it for only a fraction of the original cost this way.

Normally, large paperwork is needed in order to prove that a bottle of wine is, in fact, valuable without needing to open it first. The blockchain is a major help because it lets the investors trade without having to go through a huge process.

EY will be responsible for helping the company to determine the quality of blockchain technology and to help in enhancing the process.

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Author: Bitcoin Exchange Guide News Team