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These audits are designed to warn users of potential problems with funds held in escrow. Normally, the administrator should perform both audits at some relatively quiet time each day.
Keep in mind that a dishonest administrator can fabricate favorable audits quite easily. But if accounting irregularities are discovered later, the audits should at least help to establish outright fraud.
This audit performs three consistency checks on internal balances.
The nominal balance check compares the sum of nominal balances from all open accounts against the internal total e-gold amount. They should match. A discrepancy could be caused by a withdrawal request that is either in limbo or stalled.
The overdrawn account check adds up the nominal balances from all overdrawn accounts, defined as open accounts with negative nominal balance other than the administrator's general escrow account. The total should be zero, because there shouldn't be any overdrawn accounts. The administrator's general escrow account is excluded from this check, because its nominal balance may legitimately be negative for some time after the monthly storage fee is posted, subject to the conditions of the maintenance fee check.
The maintenance fee check starts with the nominal balance of the administrator's general escrow account, and adds the pending maintenance fees from all open accounts. The total should be positive or zero. A negative total indicates that the maintenance fees were not enough to cover the monthly storage fee charged by e-gold, or that an unauthorized spend was made.
| most recent date and time: | 2008-08-03 16:27:20 |
|---|---|
| nominal balance check result: | sum of nominal balances = internal total e-gold amount |
| overdrawn account check result: | sum of nominal balances from overdrawn accounts = 0 |
| maintenance fee check result: | administrator nominal balance + sum of pending maintenance fees >= 0 |
| summary: | good |
This audit compares the external balance (the value reported by the e-gold server) against the internal total e-gold amount. They should match. A discrepancy could be caused by an external transaction that has not been processed yet.
| most recent date and time: | 2008-08-03 16:27:20 |
|---|---|
| result: | external balance = internal total e-gold amount |
| summary: | good |
These functions are available to the general public, whether logged in or not.
Fee Rates:
| maintenance fee rate: | 1.02% per year compounded continuously, rounded up to multiple of 0.000001 troy ounces |
|---|---|
| escrow fee rate: | 0.1% of contract commitment, rounded to nearest multiple of 0.000001 troy ounces |