Audit

What the report will contain

1. A fresh calculation of P as the mean of the preservation coefficients, and a comparison with the published main price.
2. A check that a series missing from both the response and the snapshot shows “no data”, that the price and the quotes come from the last complete snapshot when one exists, and that the reference amounts aᵢ have not changed since the base date.
3. A check of the shares: equal shares, not statistical weights.
4. The basket currencies are about 78 % of world GDP and about 92 % of SWIFT payments. The shares are equal, 1/16 each. Those shares are not the GDP or SWIFT figures.
5. A check of the rounding: the published price is P(t) to four decimal places.
6. The basket can be expanded. A new currency enters with an equal share, and the previous shares are recalculated in proportion. Index values already published are not revised after the fact.

Mint buffer

When buying BasketCoin, the user deposits an amount 20 % above the current calculated value of the index. This reserve stays in the contract and is used to smooth swings when the index is updated each month.

The buffer size is fixed in the smart contract and the owner can only increase it. It cannot be decreased.

Cycles