PoR (Proof of Reserves) is realized Coin compensation service that is reliable even in case of emergencies
In cooperation with SRS Inc., which will be the overseas subsidiary of the Shirushi Group, we have launched PoR (Proof of Reserve), a robust coin compensation service, with the highest priority given to the preservation of customers’ assets. In the unlikely event that an unforeseen situation occurs in the Shirushi Group, we will redeem your assets from the mining pool. In this case, we will compensate for assets that are less than the redemption amount from the segregated custody address held by the Group. In addition, the coin balance in the segregated storage address can be checked by anyone at any time through the blockchain explorer. This service is an extremely rare service in the mining industry and is unique to any other.
What is Proof of Reserves (PoR)?
Proof of Reserves (PoR) is a mechanism that uses blockchain to prove transparency that companies and exchanges hold their customers’ assets properly. The system uses third-party audits and technical methods to ensure that your assets are actually in custody, improving your credibility with exchanges and companies. Customers can feel more secure knowing that their assets are under control. We also put your rights first, ensuring that the company or entity that holds your assets will ensure that the asset return process is properly implemented in the event of an unforeseen event.
Response flow of this system
In the unforeseen event that occurs in the Shirushi Group, SRS Inc., an overseas subsidiary, will promptly redeem the mining pool in coins or fiat currency at a fair and appropriate ratio to the customer. In case SRS If a shortfall occurs when Inc. makes redemption from a mining pool, the Company will instruct the bankruptcy trustee selected by the court to compensate for the shortfall from the address where the Group’s Mark Coins (“SISC”) are segregatedly stored. Based on the instructions from Shirushi Co., Ltd., the bankruptcy trustee will carry out procedures to ensure that the SISCs stored in the separate storage address are sent to the customer who has a shortage of reimbursement compensation.
SISC has been trading outside of Japan since August 2022. It is traded on major cryptocurrency exchanges such as BitMart, and is a listed coin that holds a certain amount of market liquidity.
Through the Proof of Reserves (PoR) system, the Shirushi Group will establish the necessary asset management systems and procedures to ensure that customers’ assets are protected under any circumstances, and will always build a system that can respond promptly and appropriately. Based on these instructions, we will carry out procedures to ensure that the SISCs stored in the segregated storage address are sent to customers who have incurred shortages.
