DECEMBER 2024
R3PORT ON BULLION
Q4 - December 2024
Coin Circulation Holdings Report AGX in Circulation
(3,191,530 g) LODE Treasury (*) 1,173,396 (1,173,396 g)
Circulation 2,018,134 (2,018,134 g)
Network Breakdown:
Breakdown:
(11,499,016 mg)
Bullion / +Reserves: Silver Gold LODE Treasury (*)
*LODE Treasury includes all unclaimed Syscoin holdings, and network holdings.
Conversion: Silver 1 Troy Ounce = 31.1035 grams, Gold 1 Troy Ounce = 31103.5 milligram
Disclaimer: The information provided in this article is solely the author’s opinion and not investment advice – it is provided for educational purposes only. By using this, you agree that the information does not constitute any investment or financial instructions. Do conduct your own research and reach out to financial advisors before making any investment decisions.
What is Proof of Reserves?
A Proof of Reserves (PoR) review is a procedure performed by an independent 3rd party attestation agent. This is intended to confirm that a user’s digital asset is the assets it claims to be and in the case of AGX/AUX Coins was in fact minted from the underlying corresponding physical asset in relationship to the AGX/AUX Holder. This attestation takes an anonymized snapshot of all balances held and aggregates them into a Merkle tree — a privacy-friendly data structure that encapsulates all client balances.
Shortcomings and future improvements
In the interest of championing transparency, some of the shortcomings in the Proof of Reserves process can be identified as follows.
-A Proof of Reserves involves proving control over on-chain assets and the underlying physical assets at the point in time of the review but cannot prove exclusive possession of private keys that may have theoretically been duplicated by an attacker.
-The procedure cannot identify any hidden encumbrances or prove that physical assets had not been borrowed for purposes of passing the review. However, the movement of assets is visible on the blockchain, provide transparency over the addresses where our assets are located. Similarly, keys may have been lost or funds stolen since the latest review.
-The attestation agent must be competent and independent to minimize the risk of duplicity on the part of the examinee or collusion amongst the parties.
- The LODE Community seeks to mitigate some of these shortcomings by engaging with a respected, independent third-party firms such as Brinks and Chainlink for the Proof of Reserves protocol implementation and conducting these reviews at a regular cadence. LODE Community intentions may in the future provide greater transparency over this data directly in the POR dashboard platform.