Auditchain-A Newly Introduce Blockchain Platform For Auditing

INTRODUCTION

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.

A written audit opinion on the financial and operational condition of an enterprise is the end result of a backward looking independent analog and digital examination of the financial and operational condition of an enterprise as well as its internal reporting controls. Audits and preparation for such are costly and time consuming. As part of the audit process, a randomized selection of data is examined and estimated by the independent auditor pursuant to audit procedures to assess the fairness of reporting data, which is based in part on the representations of the management of the enterprise and subject to management’s assessment of the adequacy and effectiveness of internal reporting controls. Current global regulatory disclosure frameworks make the presentation of financial statements untimely, highly conditional and subjective.

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.

AUDT TOKEN

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.

For token sales, code repository integration as well as network integration will make it possible for real time reporting of development statistics and network statistics for ongoing performance reporting and disclosure for token sales and token utility, respectively.

Today the initial placement of tokens on the exchange starts https://exmarkets.com/launchpad at the price of one token 0.20 USD and to take part in it, you will need to register on the site, make a deposit in the currency Bitcoin, Ethereum, USD or EUR and purchase the required amount.

CONCLUSION

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.

 AUDT is deducted from the stake account of each enterprise to pay for implementation, smart contract deployment, transaction validation, continuous audit and enterprise expansion.

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.

for further information, please visit;

  Official Website: https://auditchain.com/

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Authored by shaye

https://bitcointalk.org/index.php?action=profile;u=1711180

Eth ID. 0xc2B9fc19158f346082995409ad7015146D8A46CD