Every user is given an anonymous ID that only they know.
You can then go to the audit page (logged in or logged out so we don't know) and search for your code.
You can see that your holdings are correctly represented and can safely assume that everyone else's is also because we can't tell when people are checking it so it would be far too risky for us to fiddle the numbers.
You can then scroll down and see the sum of all our users bitcoin holdings and gold holdings.
You can then compare the bitcoin holdings to the holdings in our cold wallets and warm wallets to make sure we are fully above reserve.
You can compare the total gold holdings to the weekly Vault Operator Statement from Pro Aurum (Pro Aurum is one of Europe's largest top tier investment grade gold vaulting companies who have vaults in Zurich, Munich, and Hong Kong).
You can then read the BDO international auditing certificate (currently only in German sorry). (by the way BDO international is the 4th largest auditing firms in the world.)
You can also see the Insurance certificate who also have an independent auditor and they insure 100% of the gold.
Not exactly, the point is that you can do it without being logged in. That means you can check it without us knowing that you’re looking.
Banks know when you’re looking at your account so they can show you the correct numbers. And you can't see everybody else's.
Then a real bank would never show in real-time what liabilities it has in full. Vaultoro shows this and then proves through the BDO audit certificates, Vault Operator statements and insurance papers as well as the bitcoin cold wallet and warm wallet addresses.
The Auditor audits Pro Aurum. Vaultoro is the trading engine and settlement record keeper. ProAurum has a contract with 1 client, which is Vaultoro. By pooling all the clients in we supply the market with as close to spot price as possible. Then the users trade that between each other. All settlement of Vaultoro users gold ownership happens by us, We then anonymise and publish that audit of ownership live so everyone can check and so you don't need a private audit because the public one is better.
The BDO audits Pro Aurum and proves that all the gold that belongs to Pro Aurum clients is there. The BDO checks that all our clients’ gold is there as a whole and not on the macro, we publicly show that part.
The independent Law firm get access to a real-time encrypted backup of every client current holdings.
A fourth party has the 2 factor to this file and both firms have been instructed to come together in the unlikely case of our demise.
Remember that Vaultoro does not own the gold, the Vaultoro members own the gold in full, and Vaultoro is just the trading, settlement and account keeping platform.
The claims process would give people the option of receiving physical delivery of their gold or liquidating it for bitcoin and receiving the bitcoin.