Transparency
This section discusses the transparency Noon provides users.
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This section discusses the transparency Noon provides users.
Last updated
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It is remarkable that, in a space underpinned by blockchain technology, which allows for ultimate transparency, we are still often unsure about what is happening under the hood of many protocols. We all have seen, and sometimes fallen prey to, protocols which may look credible at first glance, but fall far short of delivering the returns or value promised. Often these protocols hide behind a veil of complexity and obfuscation - avoiding transparency.
In our drive to ensure industry-leading outcomes for users, we knew we had to do something game-changing in the Transparency space.
We know that we have a tremendous protocol. We know the returns we are generating. We know that we are delivering on our promises to our users, to be the most intelligent (highest yielding) and fair (highest value returned to users) yield-bearing stablecoin in web3.
But we cannot expect everyone to just take our word for it.
This is why we have adopted an industry-leading approach to Transparency.
What exactly does this mean? This means that you do not have to just trust our self-reported figures, or any data that we can manipulate or have control over (like the amount of our own token that we mint, etc). We have partnered with a third-party who ingests data straight from our asset custodians and exchanges, and reports our reserve balance (compared to our on-chain token supply) publicly.
For the first time, this data is collected through both on and off chain sources, in a safe manner that does not expose Noon to additional risks or attack vectors - all to ensure that you, our users, can feel secure trusting your funds with us.
You can trust that we're web3's most intelligent - highest through-cycle yielding - stablecoin. Not simply because we say it - but because you can see our reserves growing, day after day, for yourself.
Accountable has deployed an instance of its data verification engine within the Noon perimeter, allowing it to ingest information directly from Noon's asset custodians and exchanges without any interference or even visibility permitted to Noon. This ensures accurate data is reported by Accountable's systems to the public, and also does so in a way that protects and preserves Noon's perimeter and data.
We hope that this is a step that helps carry our collective industry a step forward, towards more transparency for our end-users. Of course, Noon is far from the end of our journey. As we continue to improve and evolve our product, to provide more value to our users, we must ensure that we maintain this high standard of transparency that we have set for ourselves - to ensure that we always let our users see the full, unfiltered picture.
Noon has partnered with , a data verification platform which uses zero-knowledge proofs, secure enclaves, and other cryptographic primitives to provide our users with ultimate transparency over our reserves in a safe, secure manner.
