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A record anyone can check

Anyone can recompute the fund's record from public data. Five design choices make that possible.

  1. The exchange account is public. The exchange's public API returns fills, positions and account value for any address. The fund's address is on the record page, so you can rebuild the equity curve from the exchange's data instead of ours.
  2. Assets sit in an on-chain vault. The founder holds the keys, but an on-chain policy limits where the money can go. It can only move to listed exchange addresses, and adding a new address takes 72 hours and happens in public.
  3. Each daily snapshot is signed and chained. The first reading after 00:00 UTC becomes the day's file. It holds balances, positions, value per unit, deposits and withdrawals, and the limit checks. Its SHA-256 hash is signed with the fund's Ed25519 key, and the file includes the previous day's hash. Changing any published number breaks every day after it. Each day's hash is also written to Base, so a later edit shows up on any block explorer.
  4. Stale data is rejected. The exchange timestamps every response. If the data is more than two minutes old, the reading is refused. A day without a valid reading is shown as missing, and nothing is filled in.
  5. The same code runs everywhere. The ledger, the limit checks and the snapshot job are part of the same software Terminal users run. The verifier is that same program: bgr-fund verify.

BGX is the value of one unit. The first deposit buys units at 1.000. Every later deposit or withdrawal buys or sells units at the previous day's value per unit. Money moving in or out changes the number of units, and the value of each unit stays the same. Only trading moves BGX. Each day's file lists every deposit and withdrawal with the exchange's transaction hash, the units bought or sold and the price used.

For any day, you can confirm that the exchange's own data reproduces the account value we published. You can confirm that the file's hash matches its content, that its signature verifies against the published key, and that its previous-hash field matches the day before. And you can see whether the limits held, or that any breach was published by name. The files are at api.blockchaingravity.com/fund/: series.json, live.json, public-key.pem and days/YYYY-MM-DD.json.