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Tangible’s Transparency program featuring Chainlink Proof of Reserves (PoR) includes two core components.
- 1.The Chainlink Proof of Reserves feed: An on-chain, independent, and frequent data feed, which is provided to the Chainlink Decentralized Oracle Network as a check on the balance of assets in the USDR treasury.
- 2.Monthly Attestation: Separate from the Chainlink Proof of Reserves feed, we provide users a more traditional check on the circulating TNFTs and assets backing the TNFTs. This is an off-chain, independent accountant’s attestation report of key documentation related to the purchase and ongoing* management of the tokenized real estate assets in the treasury.
The PoR feed pulls on-chain assets and their values from decentralized sources, including the oracle established as a decentralized source for values of the real estate tokenized in our TNFTs. However, the monthly independent accountant’s attestation report, is a critical second step to that process, ensuring the properties reportedly purchased and tokenized by Tangible were in fact bought and remain under management of the protocol.
The Chainlink PoR feed itself provides an accurate, decentralized value for the on-chain assets, inclusive of TNFTs. It does not cover the fundamental question of off-chain asset purchase and ownership, the real estate backing of these TNFTs.
Real estate is a complex and decentralized asset itself. The owned “balance” of real estate assets cannot simply be verified like dollars in a bank account. Sales documentation and titles live in different country, state and county ledgers and the files require detailed, hands-on review, a cooperation between the protocol and a certified, independent attestation provider.
Tokenized RWAs are by nature centralized and lack the on-chain transparency of purely digital assets. If RWAs are to flourish on-chain, protocols specializing in the tokenization of real estate, gold and other physical asset classes must submit to a higher level of protocol scrutiny and reporting in order to bring the necessary trust and transparency to the category.
With the Chainlink PoR feed and monthly attestation reporting, Tangible is setting a new standard for transparency and reporting to users, clearly establishing itself as the leader in tokenized real world assets.
*Reporting for the ongoing management of tokenized real-estate was not relevant for our first month's attestation, as all properties were "new" for the month. Procedures related to the ongoing management of tokenized real estate will be added to the attestation reports in the subsequent months.