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E-gold is a digital gold currency operated by Gold & Silver Reserve Inc. under e-gold Ltd., and is a system which allows the instant transfer of gold ownership between users. e-gold Ltd. is incorporated in Nevis, Lesser Antilles. e-gold was founded in 1996 by Dr. Douglas Jackson and Barry K. Downey. Transactions using e-gold have grown dramatically since 2005. The total amount of gold bars (over three tonnes) in the e-gold system is approaching the size of the national reserves of smaller countries. e-gold now generates a substantial income from spend and storage fees - it costs a few cents to make each e-gold "spend" and e-gold itself now earns well over a million USD per year from fees. The number of e-gold accounts (as claimed by e-gold) grew from 1 million in November 2003 to nearly 4 million in Januaryl 2007. That represents a compound growth rate of approximately 55% per annum. This high growth rate has been sustained by e-gold almost since inception.
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