AUDT Token Makes Its Debut on Bittrex Global
ZUG, Switzerland, March 8, 2022 /PRNewswire/ — Auditchain Labs AG, (http://auditchain.finance) the developer of the world’s first decentralized accounting, financial reporting, audit, and analysis virtual machine for assurance and disclosure, today announced that Bittrex Global will add support for the AUDT – USDT pair on 9 March, 2022 at 16:00 UTC.
AUDT is the staking, settlement and governance utility on the Auditchain Protocol with a supply cap determined through governance by the community of AUDT hodlers. AUDT is needed to fulfill staking requirements for Pacioli Node operators which perform financial statement and Process Control NFT validation.
The Auditchain Protocol is owned and governed by its community of accountants, professionals and investors who hold AUDT.
CPAs, Chartered Accountants and other professionals who are seeking to future proof their career and participate in the new decentralized professional services, financial reporting and assurance economy can now obtain the AUDT token to act on the Auditchain Protocol.
The Paciol Node is a logic and reasoning engine on the Auditchain Protocol that outputs the valid state of each economic entity based on its financial reporting style within a financial reporting scheme. Each Pacioli Node requires a minimum stake of 5,000 AUDT and a maximum stake of 25,000 AUDT to run.
The Pacioli Nodes are designed to raise the integrity and reliability of the world’s business and financial information.
Robust Utility
Institutional investors will be able to use AUDT on the Auditchain Protocol to submit large volumes of financial reports and perform analysis and gain critical insights on the reliability and integrity of XBRL based financial statements filed with regulators.
Retail investors will be able to use AUDT to pay for subscriptions to perform their own analysis and immediately identify if reporting entities comply with accounting rules and disclosure requirements. Additional artificial intelligence based anomaly detection tools will enable investors to make better informed investment decisions.
Reporting entities will need AUDT to engage validators to detect and remediate inconsistencies prior to filing XBRL based financial statements with regulators. Validation engagement for reporting entities is performed using the external validation factory contract, “EVC” on the Auditchain Protocol. The EVC allows reporting entities and creators of Process Control NFTs to engage validators. The EVC automates the settlement of obligations among the parties to the EVC using AUDT.
AUDT is also used to settle the allocation of royalties between creators and validators of Process Control NFTs. Process Control NFTs automate accounting, financial reporting, audit and analysis processes using a global standard syntax on the Auditchain Protocol.
Robust Governance
Monetary policy is set by the community of AUDT holders. Changes in functionality are immediately invoked upon the passage of a vote on the following functions:
- Changes to the amount of rewards paid to validators through inflation
- Changes to the amount of rewards matched by the reporting entity
- Changes to the allocation of proceeds from data subscriptions between members of a cohort
- Changes to the minimum balance required for continued compliance by a reporting entity (fair warning)
- Changes to the minimum number of validators in a cohort
- Changes to the minimum percentage of validators in a cohort required to achieve consensus
Early enrollment to stake Pacioli Node operators is now available for all holders of AUDT.
About Auditchain Labs AG
Auditchain Labs AG (http://auditchain.finance ) is leading the development of the world’s first decentralized accounting, audit, financial reporting and analysis virtual machine that automates and provides proof of assurance on the world’s business and financial information. Auditchain Labs AG is a founding member of the DCARPE Alliance Association and is leading the development of the Auditchain Protocol with other members of the Alliance.
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About DCARPE Alliance Association
The DCARPE Alliance Association is a global organisation consisting of members of the accounting, audit, financial reporting, legal, blockchain, investment, standard setter and regulatory community. The purpose of the Alliance is to adopt standards, provide education, drive technology innovation and promote the adoption of continuous audit and real time digital financial reporting using the Auditchain Protocol.
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SOURCE Auditchain AG
