Chainlink Labs has launched a new service called "proof-of-reserve (PoR)" to help exchanges prove their asset reserves.
POR is a technology that allows users to verify the reserves of cryptocurrency exchanges in real time. Currently, some exchanges have made their own reserve proofs public, but some exchanges have stated that it takes weeks or even longer to create proofs. In response, Chainlink Labs stated that its PoR service provides an out-of-the-box solution, and exchanges can use the service to create reserve proofs immediately. Specifically, the service uses Chainlink nodes connected to the exchange API and its vault address, which are then connected to the reserve proof smart contract. This smart contract can be queried by any account on the network to determine whether the exchange's assets are equal to its liabilities. (Cointelegraph)