In January 2020, Bitcoin Magazine published a description of “Why Proof of Reserves is Important to Bitcoin.”
The timing was no accident – the recent anniversary of the QuadrigaCX’s implosion kept fresh in many of our minds the risks we were striving to allay, especially here in Canada.
Two years might not sound like a long time to the average person, but it’s a significant stretch of history in the world of cryptocurrencies – it’s more than one-seventh of Bitcoin’s entire existence. By looking at industry progress in terms Proof of Reserves, we can see just how much can happen in that span of time.
In that early 2020 piece, Mauricio Di Bartolomeo was joining the chorus of several voices already advocating for this opportunity to accelerate Bitcoin’s rise in legitimacy and professionalism.
Jason Tyra had written several pieces between 2014 and 2015. Steven Roose of Blockstream put forth some proposed standards in early 2019, soon advocated for by Matt ฿ on a personal blog post and Nic Carter had been banging his own drum, publishing several articles…