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EIG Global Trust, the global leader in digital currency project financing, announced today the completion of the Blockchain Security Audits of both stablecoins; EIG Bank Coin (EIGBC) and USD Gold (USDG). Additionally, the company completed a proof of reserves internal audit in compliance with American Institute of Certified Public Accountants' (AICPA) criteria.
NEW YORK & LONDON - ncarol.com -- These all-important milestones back EIG Global Trust mission to provide confidence to partners that their digital currencies foundations are secure and user wallets are protected. The audits of EIGBC and USDG reviewed the integrity of the blockchain application, code, logic, architecture and smart contracts along with associated interfaces including websites that show verifiable blockchain transactions. The audit reports validate EIG Global Trust commitment to transparency, data security and protection, as well as compliance with critical blockchain code standards to ensure efficiency and mitigate any cybersecurity threats.
The audits were conducted by industry leader Hashlock, a trusted, fully independent smart contract auditing & web3 security firm. Hashlock has performed more than 100 security audits of digital currencies that exceeded $25 billion in market cap.
Hashlock's analysis concluded "the EIG Bank Coin (EIGBC) project has a sound and well-tested code base. Overall, the code is correctly ordered and follows industry best practices. The code is well commented on as well. To the best of our ability, Hashlock is not able to identify any further vulnerabilities." Concerning USD Gold (USDG), Hashlock stated "All contracts, libraries, and interfaces follow standard best practices to help avoid unnecessary complexity that increases the likelihood of exploitation... The code is very well commented on and closely follows best practice nat- spec styling. All comments are correctly aligned with code functionality."
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Additionally, EIG Global Trust applied the AICPA recent stablecoin sufficiency of assets criteria in performing an internal audit by a licensed CPA. The audit focused on the asset backing of the EIGBC and USDG stablecoins reviewing the completeness, accuracy, and disclosures of the stablecoin issuer's redeemable tokens/coins outstanding, redemption assets available to redeem, and the redemption assets are equal to or greater than the redeemable stablecoins outstanding, the ratio of proof of reserves.
The internal audit reported that EIGBC ratio of proof of reserves were 109% & USDG ratio was 833%, meaning that both stablecoins are more than 100% backed by registered and verifiable precious metals and gold.
These achievements of security audits and validation of proof of reserves shows EIG Global Trust continues to lead the world in digital currency transformation or "tokenization" in project financing for governments, banks, and other financial entities. EIG Global Trust is better positioned to provide partners the confidence to join EIG Global Trust in this transformation with these independent audit verifications and AICPA compliant procedures and valuations.
About EIG Global Trust:
EIG Global Trust (EIG) wholly owned EIG Bank Coin (EIGBC) stablecoin, a digital asset built on a secured private blockchain, is backed by more than $1 trillion USD in registered and verifiable gold and precious metals. The EIGBC is a $1 million USD denominated par value stablecoin. EIGBC is actually "doubled back" by cash and cash equivalents plus the secured gold and precious metals that has a growing asset base at a rate of over 200% annually.
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EIG Global Trust also has issued a commercial and retail level stablecoin for settlement purposes, USD Gold (USDG); a $100 US denominated par value stablecoin token that is initially backed by $50 billion USD in gold and precious metals.
EIG Global Trust also has the regulatory approvals in 71 countries to support by providing underlying collateral for economic stabilization of currency and credit lines for these client countries central, commercial banks, and other financial entities for project financing.
EIG Global Trust is offering a limited time partnership opportunities with the world's premier project financing leader using audited digital currencies that are 100% registered and verifiable precious metals and gold backed.
See https://www.eigglobaltrust.com
About Hashlock:
Hashlock is a leading blockchain security and smart contract auditing firm dedicated to providing top-tier security services for blockchain projects. With a team of experts well versed in blockchain technology and smart contract auditing, Hashlock helps organizations identify vulnerabilities and ensure the reliability and security of their blockchain-based applications. https://www.hashlock.com.au/
The audits were conducted by industry leader Hashlock, a trusted, fully independent smart contract auditing & web3 security firm. Hashlock has performed more than 100 security audits of digital currencies that exceeded $25 billion in market cap.
Hashlock's analysis concluded "the EIG Bank Coin (EIGBC) project has a sound and well-tested code base. Overall, the code is correctly ordered and follows industry best practices. The code is well commented on as well. To the best of our ability, Hashlock is not able to identify any further vulnerabilities." Concerning USD Gold (USDG), Hashlock stated "All contracts, libraries, and interfaces follow standard best practices to help avoid unnecessary complexity that increases the likelihood of exploitation... The code is very well commented on and closely follows best practice nat- spec styling. All comments are correctly aligned with code functionality."
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Additionally, EIG Global Trust applied the AICPA recent stablecoin sufficiency of assets criteria in performing an internal audit by a licensed CPA. The audit focused on the asset backing of the EIGBC and USDG stablecoins reviewing the completeness, accuracy, and disclosures of the stablecoin issuer's redeemable tokens/coins outstanding, redemption assets available to redeem, and the redemption assets are equal to or greater than the redeemable stablecoins outstanding, the ratio of proof of reserves.
The internal audit reported that EIGBC ratio of proof of reserves were 109% & USDG ratio was 833%, meaning that both stablecoins are more than 100% backed by registered and verifiable precious metals and gold.
These achievements of security audits and validation of proof of reserves shows EIG Global Trust continues to lead the world in digital currency transformation or "tokenization" in project financing for governments, banks, and other financial entities. EIG Global Trust is better positioned to provide partners the confidence to join EIG Global Trust in this transformation with these independent audit verifications and AICPA compliant procedures and valuations.
About EIG Global Trust:
EIG Global Trust (EIG) wholly owned EIG Bank Coin (EIGBC) stablecoin, a digital asset built on a secured private blockchain, is backed by more than $1 trillion USD in registered and verifiable gold and precious metals. The EIGBC is a $1 million USD denominated par value stablecoin. EIGBC is actually "doubled back" by cash and cash equivalents plus the secured gold and precious metals that has a growing asset base at a rate of over 200% annually.
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EIG Global Trust also has issued a commercial and retail level stablecoin for settlement purposes, USD Gold (USDG); a $100 US denominated par value stablecoin token that is initially backed by $50 billion USD in gold and precious metals.
EIG Global Trust also has the regulatory approvals in 71 countries to support by providing underlying collateral for economic stabilization of currency and credit lines for these client countries central, commercial banks, and other financial entities for project financing.
EIG Global Trust is offering a limited time partnership opportunities with the world's premier project financing leader using audited digital currencies that are 100% registered and verifiable precious metals and gold backed.
See https://www.eigglobaltrust.com
About Hashlock:
Hashlock is a leading blockchain security and smart contract auditing firm dedicated to providing top-tier security services for blockchain projects. With a team of experts well versed in blockchain technology and smart contract auditing, Hashlock helps organizations identify vulnerabilities and ensure the reliability and security of their blockchain-based applications. https://www.hashlock.com.au/
Source: EIG Global Trust
Filed Under: Financial
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