AUDITCHAIN: Development of the First Decentralized Sustainable Audit in the World and protocol Ecosystem:

Francis Odinigwe

Concept of the Auditchain Project:

Introduction:

Auditchain leads the development of the world's first decentralized sustainable audit and ecosystem of real time financial reporting protocols for digital assets and company guarantees and disclosures. Auditchain enables continuous external validation of company systems and controls, financial data and disclosure control environments by the CPA and Chartered Accountants networks. DCARPE Alliance is a consortium of accounting, auditing, and financial reporting consisting of CPA, Chartered Accountants, enterprise software providers, and developers who contribute resources for development and encourage the adoption of the DCARPE Assurance and Disclosure Protocol. Auditchain enables companies to provide stakeholders the highest level of assurance through decentralized consensus-based external company validation.

Auditchain this is a decentralized platform that continuously collects reports, information from production, from businesses, checks them and immediately issues verification protocols without intermediaries and third parties who might be interested in falsifying documents. This greatly speeds up the process of getting recommendations to improve performance and vision of the whole picture.

Auditchain proposes to embody an ecosystem that includes a blockchain protocol and an open source library of accounting smart contracts sufficient 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 flow and statement of changes in stockholders’ equity reports that has the capacity to far exceed the reliability of existing reporting standards.

SOME FEAUTURES OF AUDITCHAIN PLATFORM:

· Have a good control of the network access control

· High secure decentralized networks

· As well for support on the services, control of the applications, and then assurance and then the payment services

· Auditchain is real-time

· High quality of the transparency

· Low fees

· Trusting assurance

· Have a good team development with the best experience.

Auditchain give the solutions for better in future to make the quality of Audit control and reporting protocol ecosystem because will see the feature in above all completed and then with best of the combinations of tech and accelerations of analytics control and have a good tools system and support from all the community so that will growth with high value.

AUDITCHAIN, 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 Blockchain which enables robust utility and atomic settlement of trade payables.

§ Audt Fees:

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.

PROBLEMS THAT AUDITCHAIN IS TRYING TO SOLVE:

Here is one major problem that the current system has. In the current scenario, real-time reporting will make life very difficult for auditors and companies. This will increase costs and require large investments in human resources.

The best current example of direct reporting is from banks, while per Federal bank reporting manuals, banks are required to send funds from frequencies ranging from daily to annual. Because of this and the technical expertise required to audit banks, audit fees are usually higher than other businesses.

SOLUTIONS:

Auditchain proposes to create an ecosystem that includes a blockchain protocol and an intelligent open source accounting library that is sufficient to capture, process, audit and report on continuous company data and performance data continuously under an ongoing independent audit beyond current audits, audits and control the standard. Presentation-based layers face the public and / or permission proposes to make in real time, at the close of each block; balance sheets, income statements, cash and changes in shareholders’ equity reports that have capacities far exceeding the reliability of existing reporting standards. How’s this for technology?

VALUE PROPOSITION FOR INVESTORS:

-Immediate access to real time development and network statistics for tokens.

-Immediate access to real time corporate performance.

-Substantially higher issuer and market compliance and transparency.

-Substantially lower instances of issuer and accounting fraud.

-Highly informed investment decisions.

-Substantial reduction in market dislocation.

-Market correlation to corporate performance.

-Substantially higher levels of stability.

-Higher degree of confidence.

-Promotes wholesale positive investor behavior.

APPLICATION AND SERVICE PROVIDERS:

Any user may develop and/or provide a service to the Auditchain network for consumption by other users. The developer or provider of any such service or application must pay AUDT Fees for network certification, installation, testing, and validation and SOC certification of such service or application using AUDT. Upon launch of the service or application, users will pay AUDT to the developer for the use of the service or application and the developer will earn AUDT. In addition, transaction fees associated with the use of the service or application are earned by nodes on the network for providing the computational power to complete the transactions provided by the service or application.

§ Staking Incentive for Nodes:

Federated and Non-Federated nodes are required to purchase and stake AUDT. A collateral stake is posted by every node to a secure multi-signature wallet to insure uninterrupted services are provided to the Auditchain network by each node. Any node that ceases to provide service to the network will be penalized through the deduction of AUDT from their staked account. Deductions will be determined by the level of service and length of time service is not provided by the node. Additionally, deductions are made from the staked account for non-compliance with network and service protocol.

§ Value Exchange:

AUDT is the unit of value exchange in the Auditchain network. AUDT is the creator and driver of the transactional economy of the Auditchain network and the services provided. Similar to gas on the Ethereum Network, AUDT Fees are the Auditchain Network atomic unit of value determined by the network for the payment of fees for transactions, computations and certification. AUDT Fees, unlike Ethereum gas are valued in local currencies. In one example; subject to network conditions and priority USD $.0001 worth of AUDT may be paid to the validating Non-Federated node for a single transaction in the US.

§ Mining Rewards:

Auditchain is secured through a Proof of Work (POW) Proof of Stake (POS) consensus mechanism. Auditchain mining rewards will be allocated as follows: 42.5% of the block reward goes to Non-Federated nodes (POW miners), 42.5% go to Federated nodes (POS miners) and 15% is allocated to Auditchain and its affiliate for continued development of the network and education of the Auditchain community.

§ Utility Fees:

AUDT is paid by enterprise users to all nodes for the computation of transactions effected by the enterprise on the network. A priority fee is added to the cost paid by the enterprise for transactions requiring a higher priority.

AUDITCHAIN TOKEN INFORMATION: