Decentralized Continuous Audit & Reporting Protocol Ecosystem™
Have you been wondering how financial reports are done specially here in the crypto-world? To comply necessary documents and operate to respective countries, cryptocurrency start-ups or exchanges need to submit a financial report to the SEC and other governing bodies. Though blockchain is an open ledger and all transactions are recorded and accessible, it’s also confusing to tally it all in a thesis-like presentation for easier understandings.
Introducing Auditchain
Auditchain is leading the development of the world’s first decentralized continuous audit and real time financial reporting protocol ecosystem for digital asset and enterprise assurance and disclosure. Auditchian enables continuous external validation of enterprise system and control, financial data and disclosure control environments by a network of CPAs and Chartered Accountants.
The DCARPE Alliance is an accounting, audit and financial reporting consortium consisting of CPAs, Chartered Accountants, enterprise software providers and developers who are contributing resources to the development and driving adoption of the DCARPE Assurance and Disclosure Protocol. Auditchain enables enterprises to provide stakeholders with the highest levels of assurance through decentralized consensus-based enterprise external validation.
Auditchain proposes to embody an ecosystem that includes a blockchain protocol and an open source library of accounting smart contracts sufcient to capture, process, audit and report enterprise data and performance data on a real time continuous basis under a continuous independent audit exceeding current accounting, audit and control standards. A public facing and/or permission based presentation layer proposes to render in real time, at the close of every block; balance sheet, income statement, cash fow and statement of changes in stockholders’ equity reports that has the capacity to far exceed the reliability of existing reporting standards.
AUDT Tokenomics
AUDT is the base currency or “utility tokens” that are used by users to access and pay for the services of the Auditchain Network. AUDT are ERC20 compliant and will be distributed pursuant to a token generation event (“TGE”) to early adopters of the Auditchain network.
See “Terms of Token Generation Event “TGE”.AUDT Fees are Auditchain Network based units of value and are pegged to the local currency of each respective jurisdiction. Transactions on the Auditchain Network are paid for using AUDT Fees which are deducted from the staked account.
Upon the launch of the Auditchain network, the AUDT ERC20 tokens held by holders will be exchanged for native Auditchain network AUDT tokens and migrated onto the network.
AUDT Token Economy
Subject to protocol adjustments and improvements, AUDT tokens will be purchased staked by each enterprise. AUDT is used by each enterprise to join Auditchain. AUDT is deducted from the stake account of each enterprise to pay for implementation, smart contract deployment, transaction validation, continuous audit and enterprise expansion.
What are the benefits of AUDT?
PREMIUM STAKEHOLDER AUDT
Guarantee allows interested parties to open and view a detailed analysis of the company’s audit and detailed financial results that provide the highest level of transparency of the company’s system and monitor statistics for financial indicators in real time.
AUDITCHAIN NETWORK ACCESS
AUDT Token opens the most powerful and secure set of applications and decentralized network guarantee and reporting services.
AUDIT NETWORKS
AUDT tokens are the base currency and utilities for corporate applications, guarantee payments and disclosures. AUDT opens network services that provide the highest level of transparency for investors and stakeholders, with a small share of traditional audit and reporting costs.
INTERACTION OF AUDITCHAIN NETWORKS
As a two-layer protocol, Auditchain provides uninterrupted compatibility between private and public block chains, which ensures a high degree of utility and elementary repayment of trade payables.
AUDT COST An AUDT
payment for companies can be reduced to zero by distributing subscription revenues and participating companies in a guaranteed ecosystem without decentralized trust.
Token Supply
The total supply of AUDT at the genesis block will be 250,000,000 which includes 160,000,000 to be sold in the TGE, 25,833,333 to be distributed to the team, 25,833,333 reserved and distributable to advisers, 25,833,333 reserved and distributable to partners and providers of applications and services to the Auditchain network and 12,500,000 reserved and distributable in connection with bounties. See “Token Allocation”. In addition to the initial AUDT token supply and subject to block times, consensus proposals and improvements, approximately 12,500,000 additional AUDT tokens will be rewarded to all Federated and Non-Federated nodes per year which amounts to approximately 237 AUDT tokens per block. Below is a chart of the infation curve which results in the debasement of the initial supply of 250,000,000 AUDT at the initial rate of 5% per annum which is noninflationary.
Extensible Business Reporting Language “XBRL
The use of XBRL(18) has been required and universally applied to all financial statements and reports fled with the SEC since 2009. Its utility has also been significantly expanded to include a wide variety of compliance reporting.
Auditchain will include an implantation of an XBRL layer for enterprise internal reporting and compliance and as a tool for research and analytics. The implementation will allow researchers and stakeholders the added benefit of configuring financial statement data in a manner that allows the automated production of proprietary and thesis based reports.
Immutability under real-time SOC certification combined with real-time presentation of fnancial statement, development and network statistics reports when combined with the implementation of XBRL will enable reliability and insights into enterprise, development and network performance on a dynamic basis in a manner not previously possible.
Team
CONCLUSION
Auditchain is really useful and unique and as a user and part of the community, I could say that this project serves a lot of potential specially on it utility use case and could be developed further more by a great team. Benefits are endless I could say.
For more information about Auditchain kindly visit these links below:
Website : https://auditchain.com/
Whitepaper : https://auditchain.com/wp-content/uploads/2019/05/Auditchain-Whitepaper.pdf
Facebook : https://www.facebook.com/auditchain/
Twitter : https://twitter.com/auditchain
Telegram : https://t.me/Auditchain_Community
CREATOR :
zacxavier
https://bitcointalk.org/index.php?action=profile;u=1334007
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