The Push For Transparency
Following the SBF / FTX / Alameda implosion, fostering trust in the Web3 ecosystem has never been more important.
In this respect, Binance has taken the lead with making its wallets public plus the balances therein & is now set to roll out an innovative Proof of Reserves model. Ultimately, Merkel trees will join the action in accordance with Changpeng Zhao’s (CZ) commitment to rebuild trust.
I believe these are impressive ideas that will help resolve the issue of transparency for centralized custodial systems within the Web3 space. While decentralization remains the ultimate goal, I find merit in CZ’s argument the other day on a Twitter Spaces AMA that for the growth of the industry, it is essential that we take stock of how easy it is to onboard new users to CEXs before they come to grips with the self-custody architecture.
On that note, I find these developments extremely beneficial for Zignaly too. With respect to assets under management, the social investment platform is a non-custodial service. This is because Zignaly is only a service provider marketplace. They don’t hold any customer funds that are kept on the customer’s exchange account, that is, Binance.
Zignaly co-founder Abdul Rafay Gadit has been quite vocal on Twitter having requested CZ to extend the Proof of Reserves to members of the Binance Broker Program of which Zignaly is one of the leading participants.
Abdul Rafay on Twitter: "Hi! The projects using #Binance Broker APIs to build innovative products, can they somehow use this system as well? Customers need comfort and this would be a great help! ✌️ / Twitter"
Hi! The projects using #Binance Broker APIs to build innovative products, can they somehow use this system as well? Customers need comfort and this would be a great help! ✌️
If Binance does indeed provide this functionality for its brokers, I believe this will add to the trust that Zignaly already enjoys amongst the Crypto community.
The Profit Sharing 2.0 Upgrade
With the beta version going live for select community members, I have had the opportunity to play around with the new module and have to admit that it is a powerful upgrade to the current system.
You can find my experiences & screenshots at the links below.
Ahmed ($Zig 🚀) on Twitter: "1. First impressions from @zignaly Profit Sharing 2.0 upgrade beta testing. ⚠️I have screenshots for you! #Zignaly #ProfitSharing #SocialFi #Crypto pic.twitter.com/rHH6Lu7Uo2 / Twitter"
1. First impressions from @zignaly Profit Sharing 2.0 upgrade beta testing. ⚠️I have screenshots for you! #Zignaly #ProfitSharing #SocialFi #Crypto pic.twitter.com/rHH6Lu7Uo2
Ahmed ($Zig 🚀) on Twitter: "1. Follow up thread on @zignaly #ProfitSharing 2.0 upgrade beta test.⚠️ I promise more screenshots #Zignaly #SocialFi #Crypto $ZIG pic.twitter.com/c7iv7Nx4sZ / Twitter"
1. Follow up thread on @zignaly #ProfitSharing 2.0 upgrade beta test.⚠️ I promise more screenshots #Zignaly #SocialFi #Crypto $ZIG pic.twitter.com/c7iv7Nx4sZ
Are you interested in Zignaly’s profit-sharing service? Come on in and sign up at this link. The best part? No minimum amount to start!
With the Web3 / Crypto space going through an extremely tough time, it is heartening to know that Zignaly continues to build. The new upgrade will greatly enhance the overall user experience and provide new functionalities that should help set the project apart as a leading provider of social investment solutions.
Disclaimer: The views presented in the post are the personal opinion of the author & do not represent that of his employer nor are they financial advice. Please do your own research before investing in or using any product mentioned in the post. The author may or may not have been invested in any particular product.
New to trading? Try crypto trading bots or copy trading
Zignaly: Reflections From The Past Week was originally published in Coinmonks on Medium, where people are continuing the conversation by highlighting and responding to this story.