Assurance

To provide token holders with additional assurance and comfort that all the metal backing the tokens is really there, an internationally recognised assurance firm has been engaged to verify not only that the metal is secured, but that it remains secured and that it is indeed real pure bullion.

Here is how it works:

  • Each quarter, and all securely within Reserve Vault:

  • 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.

Token Assurance

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 audited 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.

From the report:

  • Code Quality

  • The code quality is of high standard, and we believe it is well written and neat code. There is enough documentation for each function.
  • Result

  • Assurance was conducted on the provided three contract files. The following table provides an overall picture of the security posture. Means no bugs are identified.