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 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.
"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|
|3||Overflow||Permission Vulnerability Audit|
|5||DDOS Attack||Excessive Auditing Authority|
|6||Gas Optimization||Zeppelin safe math|
|7||Design logic||Call function security|
|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."
Every NFT token has an identifying code called ‘TokenID’. This number acts like your fingerprint for the NFT, allowing you to uniquely identify and track each one. The amount of gold and silver backing an NFT is shown by its attributes. Entering your TokenID into the Gold Silver Pirates database will allow you to verify how much precious metal was used for the production of your NFT. Gold Silver Standard is part of the Ainslie Group in Australia. Established in 1974, Ainslie are the largest bullion and crypto dealer in Australia together with providing secure vaulting solutions in Melbourne and Brisbane. Gold Silver Standard Custodian is a clean, insolvency proof company that holds the fully allocated, audited and insured bullion the gold and silver tokens have a legal ownership of. Customer’s NFTs will have a guaranteed buyback from Ainslie Wealth (AW – Elibert Pty Ltd) – the centralised mechanism to maintain the price floor.
The guarantee is facilitated by the NFT owner emailing Ainslie Wealth (email@example.com) and offering their NFT for sale and providing the public address for that NFT together with their receiving wallet address for taking the proceeds as an approved digital currency (USDT, USDC, BTC or ETH only). Ainslie Wealth will accept the offer at the published buyback price listed on the Ainslie Wealth website (ainsliewealth.com.au/dashboard “Sell Price”) for the amount of the combined embedded AUS and/or AGS tokens and that price locked at the time of provision of a TXID for the transfer with no less than 10 confirmations. Payment taken in digital currency will be based on the conversion of the AUD amount to the approved digital currency at the published “Buy Price” rate listed on the same Ainslie Wealth website dashboard page. Offers can only be locked between the hours of 0900 and 1600 Australian Eastern Standard Time (UTC+10) on Business Days.
Additionally, if you don’t want to sell your NFT to Ainslie Wealth, you can put it on OpeaSea at a fair price. People will race to buy these NFTs the moment they approach the spot value of the gold and silver which backs them. All of our NFT collections are backed by AUS and AGS tokens