The assurance firm downloads the latest database records for each metal.
Each bar on the database is checked by the assurance firm to ensure both the weight and serial number are as recorded on the database. A report of factual findings is produced.
Bars are loaded into tamper evident storage units sealed with a unique serial number noted by the assurance firm. This serves two purposes. For us, it means we don’t need to re-count tonnes of metal every quarter; only that added or changed during the preceding quarter. For you it means the metal can’t be ‘used’ between audits. If it is disturbed it will be immediately evident to the assurance firm and noted on the report. Of course, given tokens can be redeemed for metal, there will be times when seals are broken to access metal for redemptions but this will be obvious and noted by the report and the database.
The assurance firm will randomly check 1 in 5 bars for purity and weight. In Australia, precious metals bullion must be at least 99.5% pure for gold (though in practice all gold bullion is 99.99%) and 99.9% pure for silver. These will be the standard for Gold and Silver Standard metal held. Any exceptions to that would be noted in the report. The assurance firm will use a Sigma Metalytics precious metal verifier which tests deeper and does not get fooled by ‘plating’.
The latest of these reports will be available for inspection on this website.
A simple search of the contract address on the blockchain (either independently or through our website interrogator) allows anyone to then verify that the number of tokens on issue at the time equals the amount of metal secured.
More fundamentally, token holders can take additional comfort in the fact that the token smart contracts for both AUS and AGS were thoroughly tested and verified independently by Entersoft prior to launch.
Entersoft is an Application security service provider with rifle focus on proactive security through security by design. Through their managed service offerings, they currently work with 300+ customers in FinTech, IoT, Blockchain, BFSI and Healthcare. They help their customers achieve a high Application security quotient and instill proactive app security culture in the developers’ DNA. Through offensive assessments, proactive monitoring and pragmatic security, they make application security a DevOps responsibility. They not only provide best in class Security assessments, they also inculcate DevSecOps within organizations. Entersoft were engaged by and found critical bugs in Yahoo, Blackberry, Dropbox and Western Union to name a few. In 2018 they were awarded Fintech of the Year by Economic Times ETNet.
"The code quality is of high standard, and we believe it is well written and neat code. There is enough documentation for each function."
"Audit was conducted on the provided contract files. The following table provides an overall picture of the security posture. A tick means no bugs are identified."
| # | Smart contract penetration test objectives | Audit Subclass | Result |
| 1 | Overflow | - |  |
| 2 | Race Condition | - | |
| 3 | Overflow | Permission Vulnerability Audit | |
| 4 | Safety Design | - | |
| 5 | DDOS Attack | Excessive Auditing Authority | |
| 6 | Gas Optimization | Zeppelin safe math | |
| 7 | Design logic | Call function security | |
| 8 | Know Attacks | - | |
| Overall Security Posture | Secure | ||
"Use case of the smart contract is very well designed and Implemented. Overall, the code is written and demonstrates effective use of abstraction, separation of concerns, and modularity. gold-silver development team demonstrated high technical capabilities, both in the design of the architecture and in the implementation."
"All the bugs, best coding practices suggestions and recommendations have been considered by gold-silver team."
"A static analysis of the code was performed to identify any loopholes in the Smart contract code. Also, to verify whether the contracts adhere to the Solidity Best Practices."
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