With strict capital controls in place by most countries to control the flow of money and charge high taxes, cryptocurrency gained usage in circumventing capital controls and taxes, leading to an increase in demand. Cryptocurrency has been able to present an easy to use digital alternative to fiat currencies. Offering frictionless transactions and inflation control, investors have been prudent enough to add these currencies in their diversified portfolios as an asset, as the size of the market does not represent a systemic risk. Cryptocurrency employs the use of cryptography that assures high-security processes and verifies transactions personal to each user. Hence, counterfeiting and anonymous transactions are impossible to achieve.
While this revolution is gaining wide acceptance, 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.
"Some publications have hinted that blockchain technology might eliminate the need for a financial statement audit by a CPA auditor altogether. If all transactions are captured in an immutable blockchain, then what is left for a CPA auditor to audit?
While verifying the occurrence of a transaction is a building block in a financial statement audit, it is just one of the important aspects. An audit involves an assessment that recorded transactions are supported by evidence that is relevant, reliable, objective, accurate, and verifiable.
The acceptance of a transaction into a reliable blockchain may constitute sufficient appropriate audit evidence for certain financial statement assertions such as the occurrence of the transaction (e.g., that an asset recorded on the blockchain has transferred from a seller to a buyer)."
With that being said, Auditchian enables continuous external validation of company systems and controls, financial data and disclosure control environments by the CPA and Chartered Accountants networks.
But before we go any further, please check out this video presentation to get even more acquainted
Now that I have your attention, let’s get right to it.
What exactly is AUDITCHAIN?
As depicted above and as indicated on the official website of 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.
In addition, Auditchain enables enterprises to provide stakeholders with the highest levels of assurance through decentralized consensus-based enterprise external validation.
Driving the New Trustless Assurance Economy
The AUDT Token functionality powers the new world of decentralized assurance and disclosure. It’s what drives transparency of the modern enterprise from initial certification, early detection and remediation to financial reporting in real time with the highest levels of assurance through decentralized enterprise external validation.
About The AUDT Token
Auditchain Network Access
The AUDT Token unlocks a suite of applications and the most robust and secure decentralized network of enterprise assurance and reporting services.
Auditchain Network Services
The AUDT Token is the base currency and utility for enterprise application service, assurance and disclosure payments. AUDT unlocks network services that provide the highest levels of transparency to investors and stakeholders at a fraction of the cost of traditional audit and reporting.
Auditchain Network Interoperability
As a layer two protocol, Auditchain provides seamless interoperability between private and public blockchains which enables robust utility and atomic settlement of trade payables.
AUDT Fees for enterprises can be reduced to zero through subscription revenue sharing and enterprise participation in the decentralized trustless assurance ecosystem.
Premium Stakeholder Assurance
AUDT enables stakeholders to unlock and view granulated enterprise audit analytics and financial performance detail that provide the highest levels of transparency from enterprise system and control statistics to real time financial performance.
About The TGE
Auditchain will be conducting a token generation event, (“TGE”) of a total of 250,000,000 AUDT which will initially be launched on the Ethereum network through the deployment of an ERC20 smart contract.
A total of up to 100,000,000 AUDT will be sold to early adopters, 45,000,000 will be allocated for the “Proof of HODL” Airdrop, 25,833,333 will be allocated to the team, up to 25,833,333 will be allocated to advisors, up to 25,833,333 will be allocated in connection with partnerships, 15,000,000 will be allocated to early adopters and up to 12,500,000 will be allocated in connection with our bounty campaign.
AUDT will used by subscribers to consume granulated levels of financial detail and audit analytics published by enterprise adopters of the DCARPE™ Assurance and Disclosure Protocol through the DCARPE™ Explorer.
Upon launch of the DCARPE™ Assurance and Disclosure Protocol, 12,500,000 additional AUDT will be emitted annually in connection with rewards. Annual reward amounts are approximate and are dependent on actual block times.
The “Proof of HODL” Airdrop will include a drop of up to a total of 45,000,000 AUDT Tokens in four (4) separate airdrops to early adopters over the course of the one-year period following the final phase of the Auditchain IEO.
Wallet addresses must contain a balance of AUDT Tokens at the time of the snapshot,
The balance of AUDT Tokens contained in each wallet address must be identical in state or contain a higher quantity for each of the consecutive blocks following the snapshot.
No AUDT may be moved or transferred at any time from the wallet address. Every block will be audited to verify that no movement of any AUDT occurred between the snapshot block and the Airdrop. Any movement of any amount will result in the disqualification of that address for that specific Airdrop.
Airdrop Allocation Calculation
Each Airdrop will be distributed to eligible wallets containing an AUDT Token balance in proportionate to their stake in the total amount of AUDT Tokens held by eligible wallets. This will be calculated using the following formula:
Total Airdrop Amount multiplied by the Number of AUDT Held by the Adopter divided by the Total Number of AUDT Eligible to Receive the Airdrop equals the number of AUDT you will receive in each Airdrop.
Token Type: ERC20
Available for sale: 160,000,000 AUDT (80%)
ONLY 1,000,000 AUDT WILL BE SOLD!
The AUDT Token sale will begin at 14:00 UTC on the 14th of June!
Price: $0.20 USD
Tokens for sale: 1,000,000
Blockchain: Ethereum: (ERC20)
Currency pairs: BTC, ETH, USDC, EUR
Restricted countries: United States of America, Afghanistan, Cuba, Iran, Iraq, Libya, N. Korea, Syria, Myanmar, China, Haiti, Liberia, Rwanda, Somalia, Sudan, or Democratic Republic of the Congo
The ability to track all major currencies against all major exchanges in a logical and concise manner.
The ability to track all major currencies against all major exchanges in a logical and concise manner.
The ability to set fixed threshold alerts, or percentage of change alerts, that can be sent to a user's email or mobile device.
A free to use public API that gives users the ability to perform a number of operations against the folio.ninja dataset. Check out the documentation for more information.
FLN Token listed on Exchanges - Q1 2018
The folio.ninja team will work with major cryptocurrency exchanges to list our ERC20 token - allowing users who were unable to participate in the crowdsale to obtain folio.ninja tokens, and those that did participate to speculate with their tokens value.
API Integration Engine - Q2 2018
folio.ninja will start integration with supported exchanges. A supported exchange is defined as an exchange that has a publicly accessible and documented API with secure API key functionality. This is a fundamental component as it enables folio.ninja’s future features and services to collect and interact with other systems and provide a single pane of glass for viewing and executing on trade information.
Mobile Application - Q3 2018
folio.ninja will develop an iOS and Android compatible mobile application that integrates seamlessly with all folio.ninja services and tools.
Automated Trading - Q4 2018
Automated investing is the process of setting predefined thresholds that will trigger a trade automatically once the thresholds are satisfied. These thresholds and interactions will change and develop over time as stipulated in the Whitepaper.
Social Trading Platform - Q1 2019
Social trading is the process through which online investors rely on community based user generated analytics and historical trades to make financial trading decisions to benefit their investment portfolios.
Arbitrage Trading Bot - Q2 2019
Arbitrage is the simultaneous purchase and sale of an asset in order to profit from a difference in asset price on different exchanges and marketplaces.
Machine Learning & AI Algorithms - Q3 2019
Machine Learning & AI algorithms can identify complex patterns in historical data that can be used to predict future trading outcomes.
Additional features and suggestions from the community
Ether Milestone: 10,000+ - To be used throughout the Roadmap for community driven suggestions and features and also milestone acceleration.The folio.ninja team will constantly be receiving feedback from initial contributors, users and the greater crypto community. We invite all users to participate in our Slack channel for discussions
MEET THE AMAZING TEAM
Paul Ostling: Regulatory and Government Affairs
Joshua Yabut: M.S., OSCP, OSCE Co-Founder & Technical Lead
Jason Meyers: Co-Founder
Georges Medawar: Director of Business and Community Development
Touradj Ebrahimi: Director
Duncan Johnson: Community Development
Rimas Vaitauskas: Strategic Development, Accounting and Assurance
Charles Hwang: Business Development
Bogdan Fiedur: Full Stack Developer
Scott Price: Founder and Chief Executive Officer of A-lign
Jonathan Mohan: Strategic Planning
Be a part of this incredible project. Download the whitepaper for the full scoop.
Till next time…
For more information, please visit:
My Bitcointalk Profile: https://bitcointalk.org/index.php?action=profile;u=2487106
Disclaimer: This article was published in terms of the bounty campaign. I am not a project team member or its representative but a supporter of this incredible project.