What Is 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.
Utility and Description of AUDT Tokens & AUDT Fees
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.
The total supply of AUDT at the genesis block will be 250,000,000 which includes (i) 160,000,000 to be sold in the TGE, (ii) 25,833,333 to be distributed to the team, (iii) 25,833,333 reserved and distributable to advisors, (iv) 25,833,333 reserved and distributable to partners and providers of applications and services to the Auditchain network and (v) 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 disinfationary.
Extensible Business Reporting Language “XBRL
The use of XBRL(18) has been required and universally applied to all fnancial statements and reports fled with the SEC since 2009. Its utility has also been signifcantly 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 beneft of confguring fnancial statement data in a manner that allows the automated production of proprietary and thesis based reports.
Immutability under real-time SOC certifcation 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.
For More Information :
Website : https://auditchain.com/
Facebook : https://www.facebook.com/auditchain/
Twitter : https://twitter.com/auditchain
Telegram : https://t.me/Auditchain_Community
Ann : https://bitcointalk.org/index.php?topic=5041997
Username : Ozie94
ETH : 0xDa2F65ea0ED1948576694e44b54637ebeCA22576