Hello there! 👋
Glad to have you as a part of the Safient family. Welcome to our newsletter. At Safient we prioritize community growth through product growth, making us a reliable and trustless protocol. Our ecosystem offers every individual the opportunity to be a contributor by simply joining our community, tap on the discord server link https://discord.safient.io to join us today!
We are going to make the next 6-8 minutes worth your while by covering topics centered around trending topics in the crypto space, as well as educating you through the “self-custody gyaan” section.
If you loved the newsletter, let us know! If you hated the newsletter, let us know! We're always looking for a fresh perspective on things to cover and feedback to make your experience better!
- Team Safient.
What we're covering this week:
Recap from the amazing Blockchain week in India!🇮🇳
Leaking our chat with ChatGPT! 😮
All you need to know about “Proof of Reserves”
Updates from Safient.💥
A WEEK IN CRYPTO
Recap from the amazing Blockchain week in India!
November 28 to December 4 has proven to be a historic week for the Indian community in the crypto space!
In this week’s newsletter, we have decided to have a chat about some of the major takes from the events that happened during the past week, and here are some of them!
It was an exciting time at Bangalore, The crypto week kicked off with FILBangalore, which had around 1,000+ attendees who had an opportunity to learn about decentralized storage stacks. The event started on November 29 to bring developers, clients, and ecosystem partners to create and collaborate under one roof.
The event was graced by speakers such as founder Juan Benet- CEO, of Protocol Labs & creator of Filecoin, IPFS, ZX - Cryptoecon Labs Lead, Ayush Ranjan - CEO, of Huddle01, and Fabri. lens - DevRel Engineer, LensProtocol. This event was instituted as an eye-opener for veterans and new users of Filecoin. A workshop was conducted for beginners with internship and job opportunities made available to users. Above all, there was an opportunity to network among builders with the Safient team present as well.
The next stop was the StarkNet CC India. The StarkNet ecosystem had staged a 30-hour offline hackathon. The event had around 300 attendees, with the presence of well known projects like Argent with plenty of quality networking, talks and workshops. The Safient team was also present at the StarkNet event and had fun networking and building alongside other crypto builders to learn more about the exciting StarkNet ecosystem.
And finally, our ride ends at ETHIndia, which was held on 2-4 December. The event provided an opportunity for developers to create innovative blockchain-based solutions to real-world problems. The hackathon is organized by Ethereum India, a non-profit organization committed to promoting the use of Ethereum technology across India. It was a fully packed event with individuals from various backgrounds, ranging from developers to entrepreneurs, all united to create something revolutionary on the Ethereum network. This was the biggest hackathon conducted by ETHGlobal till date with over 2000 hackers building at the event.
It was exciting to see the founder of Ethereum Vitalik Buterin join the event remotely as he made himself available to answer questions asked by those present.
Here is a quick recap of ETHIndia:
Unforgettable. Spirited. Beautiful. Cheers to ETHIndia '22 🥂 💛 https://t.co/15Jpem6H5W
— ETHIndia 🦇🔊 (@ETHIndiaco)
Dec 5, 2022
Leaking our chat with ChatGPT! 😮
ChatGPT outrageously grossed over 1 million users in 5 days, this was a huge milestone achieved by Artificial Intelligence (AI) which many believe would be a solution to a bunch of tech-related issues in the space. OpenAI had designed ChatGPT to be a source of direct help to a man.
And so we asked ChatGPT to tell us all it knows about Self-Custody, here it is!
We see some great possibilities in this tech especially when it comes to educating ourselves and the community. Give this a try.
Last time out here on self-custody gyaan, we elaborated on multi-signatures. For this week, we would like to let you in on all you need to know about “Proof of Reserves”.
Proof of Reserves
After the FTX debacle, the phrase “Proof of Reserves” has been used more often than ever. This is so because non-custodial exchanges would have to create a sense of security for their users. But what is “proof of reserves”? As the wording implies, proof of reserve can be described as assets that a cryptocurrency exchange holds in custody for its users. The main aim behind setting up a proof of reserve is to maintain enough funds that will cover user's assets at a 1:1 ratio.
With proof of reserve system in place, an exchange is expected to hold in custody the total amount deposited by its customers or more. When this is fully implemented, it can be said that such an exchange is fully backed. It is also important to note that the exchange cannot substitute one asset with another. If for example, a user deposits 1 Ethereum, the exchange has to increase its reserves for at least 1 Ethereum, not some other cryptocurrency. Neither can it use its corporate holdings to showcase correct numbers.
The main aim of Proof of reserve is to bring more transparency, safety, and user protection to the cryptocurrency ecosystem.
The implementation of proof of reserve is pretty early and they there is no one way that all the exchanges can follow. Vitalik had recently put out a post on how this could be achieved. May be this is a good start:
SAFIENT WEEKLY INSIDE
Let us update you on what we are up to at Safient this week.
Safient at Blockchain week in India and takeaways:
Safient team actively got involved in the blockchain week by attending FILbangalore, Starknet CC hackathon, ETH India hackathons, and a few side events.
As the Ethereum ecosystem is moving towards smart contract wallets leveraging account abstraction, we too explored account abstraction recovery integration by building wallet recovery-based service using account abstraction concepts in ETH India and Starknet CC. A lot of take aways for us from this as we see a huge opportunity for us to make our recovery approach more secure and convenient using this exciting approach. You will hear something exciting from us soon :)
Have a lovely week y'all. Cheers!