Digital asset management platform Iconomi has announced that it has been blockchain audited and verified by professional services firm Deloitte.
Founded in 2016, Iconomi enables users to invest in and manage various digital assets and combinations of digital assets called Digital Asset Arrays (DAA). DAAs combine several different digital assets, such as bitcoin, ether, Digital Cash, Qtum, Waves, and much more. Each fund manager can create their own combination using the different cryptocurrencies and can offer them to the community of supporters for them to potentially invest in.
In its announcement, Iconomi claimed that it has become the first blockchain company to successfully perform a Proof of Solvency (PoS), a form of blockchain audit, on their platform. Deloitte verified that the digital assets on Iconomi’s platform have been reported accurately and that the company is solvent. On April 5, Iconomi had $133.6M of liabilities and $210.2 million of reserves, distributed across 80 digital assets, fully covering all liabilities.
“Our goal for the blockchain audit was to prove our solvency and our digital asset holdings using best practices from the traditional financial industry merged with the transparency of the blockchain world,” said Iconomi CTO Miha Vidmar. “This is why we decided to work with Deloitte.
The first part of the process focused on liabilities. Iconomi said they wanted to assure its users that their account balances on the platform were accurate. A merkle tree of all user accounts and balances was constructed in order to assure user anonymity while also giving each user the possibility to check his balance on the platform. The second part of the PoS covered the proof of reserves, which involved summarizing Iconomi’s wallets as well as fiat bank accounts and testing for ownership using a signature and transaction method.
The blockchain audit combined the know-how of the Deloitte advisors from the financial industry, coupled with their technical blockchain expertise, to develop a best of both worlds approach tailored to the specifics of blockchain companies. Deloitte claimed that the blockchain audit proved that the Iconomi platform is solvent, user balances are as reported and the reserves cover the liabilities.
“We are pleased that Iconomi decided to work with us to accomplish the first proof of solvency of a blockchain platform,” said Gorazd Ocvirk, PhD, Director CE Blockchain Innovation Lab of Deloitte. “We are especially proud of the fact that we are the first Big Four company delivering this service. We believe that this service can also become a blueprint for other blockchain companies looking to validate their assets to provide transparency to their investors.”
Tim M. Zagar, CEO and Co-Founder of Iconomi, said the blockchain audit proves the company’s unwavering commitment to blockchain adoption and conveys the seriousness with which they approach their responsibility to their users.
“Audits enable trust, and having an independent and objective assessment of Iconomi’s digital assets conducted by a Big Four professional services firm enhances our transparency even further,” said Zagar. “We will continue to build a global and successful company that respects its clients’ and employees’ needs, meets the commitments we made during our ICO, and innovates to deliver an industry-leading service for our users.”
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