
ICONOMI Proof of Solvency: Technical Overview - wslh
https://medium.com/iconominet/proof-of-solvency-technical-overview-d1d0e8a8a0b8
======
sitepodmatt
Is this Deloitte USA or one of the franchises elsewhere?

The China Hustles show how easy it is to corrupt these franchises elesewhere,
e.g. PWC (China franchise) - although curly braces are rarely mentioned next
to PWC name.
[https://www.netflix.com/title/80221646](https://www.netflix.com/title/80221646)

I find it hard to believe Deloitte or the others have auditors with the
necessary "blockchain" skills to properly audit these anyway, maybe they
pointed them to a bootstrap3 web UI block explorer for <whatever ShitCoin> and
said there you see!

LMFAO [https://www.iconomi.net/audit](https://www.iconomi.net/audit) \- thats
it? some HTML page, not even a Deloitte branded PDF? no Deloitee announcement
on their website or any official channels? Come on even Tether trainwreck
tries harder than this. Reality is the real/full audit includes disclaimers
that much of the information has not been verified and taken on face value.

The Deolitte or PWC audit stamp will be included as standard in
ThemeForst/TemplateMonster lets-ICO scam templates just as much as the
linkedin profile pics next.

~~~
notahacker
I'm pretty sure the actual audit stamp isn't a piece of clipart and the
Deloitte logo reproduced in an off-brand colour with what looks like a subtly
different or inaccurately shrunk font (check the D, o and i as well as the
horrible kerning)...

And that Deloitte would be delighted to use the word "blockchain" in a press
release if they'd actually conducted the audit.

Impressed with what appears to be an unusually flagrant lie.

~~~
cryptogeek
Apparenlty it's Central European part of Deloitte? Going by the title of the
auditor: Director CE Blockchain Innovation Lab of Deloitte

Found here: [https://www.chipin.com/iconomi-transparency-crypto-
industry-...](https://www.chipin.com/iconomi-transparency-crypto-industry-
first-blockchain-audit/)

~~~
cryptogeek
Another portal covering the same:
[https://www.finextra.com/pressarticle/73562/deloitte-runs-
th...](https://www.finextra.com/pressarticle/73562/deloitte-runs-the-rule-
over-iconomi-digital-ssets/wholesale)

Looks legit.

~~~
jlgaddis
These two links are just parroting the press release.

It'll be "legit" when you can grab the PDF of the audit from Deloitte's web
servers directly and read it for yourself.

------
jstanley
Interestingly, from
[https://www.iconomi.net/audit/201804](https://www.iconomi.net/audit/201804)

> * Reserves were verified by Deloitte. This number includes funds locked in a
> Parity multi-sig wallet containing $42,773,123.61 USD in value. ICONOMI is
> solvent even if the locked funds are not included in the reserves.

They basically are missing $42m because it's stuck in a Parity multi-sig
wallet. Parity multi-sig wallets no longer work. They're apparently solvent
anyway so it's no big deal, but I'm surprised that information is relegated to
a tiny footnote.

~~~
baby
That is hilarious. More info on Parity multi-sig wallets available here:
[https://www.dasp.co/#item-2](https://www.dasp.co/#item-2)

------
gregorkobal
Deloitte press release: Setting New Standards for the Blockchain Industry:
Deloitte verified ICONOMI’s digital assets
[https://www2.deloitte.com/si/en/pages/press/blockchain-
indus...](https://www2.deloitte.com/si/en/pages/press/blockchain-
industry.html)

------
notyourday
I googled. I looked, but maybe not enough. What I cannot see if _Deloitte_
making this announcement. I only see ICONOMI's claims. Could someone possibly
post a link? That link should obviously point to deloitte.com -- the same site
that medium puff piece points to.

~~~
gregorkobal
Deloitte press release: Setting New Standards for the Blockchain Industry:
Deloitte verified ICONOMI’s digital assets
[https://www2.deloitte.com/si/en/pages/press/blockchain-
indus...](https://www2.deloitte.com/si/en/pages/press/blockchain-
industry.html)

------
thisisit
There is a huge problem with this audit. If we look at the page:

[https://www.iconomi.net/audit/201804](https://www.iconomi.net/audit/201804)

There are liability and reserve line items. ICONOMI made special effort to
spell out their liabilities - giving user and DAA level breakdowns in coins.

But, there are no details on what the reserves look like. We get only one line
explaining they had 42 million in parity multisig wallet. The problem with
such approach is that we don't know what all things were considered during the
audit.

This leaves lot of questions unanswered. For example - Does ICONOMI hold cash?
If yes, then what happens if liability coin values outgrows their cash.

~~~
cryptogeek
Good question. Not directly visible from ICONOMI audit page, however this page
has more info: [https://www.chipin.com/iconomi-transparency-crypto-
industry-...](https://www.chipin.com/iconomi-transparency-crypto-industry-
first-blockchain-audit/)

They hold user assets directly I would get from this statement: "The final
result of the blockchain audit proved that the ICONOMI platform is solvent,
user balances are as reported and the reserves cover the liabilities" or this
one "The balances of digital assets as shown on the ICONOMI platform for each
user reflect the actual balances held by ICONOMI on behalf of its users."

