Eerik my blog: AUDITCHAIN

ABSTRACT

Audit Chain takes the prime place of being the world’s first decentralized continuous audit and real time financing reporting protocol ecosystem. It deals with the digital asset, disclosures and enterprise assurance. Audit chain supports a continuous validation of the enterprise system and it also deals with the financial data and disclosure control environments. These environments are managed by the CPAs and Charted Accountants network.

DCARPE Alliance, which is an accounting audit and financial reporting consortium comprises, Charted Accountants, software developers and enterprise software providers. These professionals contribute the resources to the ultimate development of DCARPE Assurance and Disclosure Protocol.

Audit chain encourages and creates opportunity for the enterprises to present their stakeholders high level assurance through this decentralized consensus based enterprise validation that is taken externally.

More about Audit Chain

Audit Chain organizes an ecosystem, which includes blockchain protocol. It also features open source library, which accounts smart contracts to process, capture, audit and report the enterprise data. This is also used to capture and report performance data on real-time continuously.

Token Allocation — Initial Exchange Offering
• Early contributors and Adopters 6%
• Token sales 40%
• Air drop 18%
• Advisors 10.3%
• Team 10.3%
• Partnership 10.3%
• Bounties 5%

Token Sales
The real time reporting makes token sales possible through the integration of code repository and network integration. This also reports to the development of statistics and network statistics, which supports the token sales featuring ongoing performance reporting and disclosure for the token utility and sales.

TGE Terms
• Audit chain conducts token generation event of about 250,000,000 Audit.
• This is launched on Ethereum network via ERC20 smart contract deployment.
• An aggregate of up to 100,000,000 AUDIT is sold to the adopters
• 45,000,000 will be allocated for “Proof of HODL”.
• The Airdrop, 25,833,333 is allocated to team
• Up to 25,833,333 is allocated to advisors
• Up to 25,833,333 is allocated in connection with partnerships
• 15,000,000 is allocated to early adopters
• Up to 12,500,000 is allocated related to bounty campaign

The AUDT is used by the subscribers to consume financial details and audit analytics that are published by DCARPE Assurance and Disclosure Protocol enterprise adopters via DCARE Explorer.
On launching DCARPE Assurance and Disclosure Protocol, 12,500,000 additional AUDT is emitted every year with rewards.
The amount of annual rewards is determined on thte basis of actual block times.

Airdrop Terms
• Airdrop includes drop up to 45,000,000 AUDT tokens in 4 various airdrops over one year time and this is followed by the final phase of Auditchain IEO.
• The wallet address contains AUDIT token balance during the snapshot
• AUDT token balance in each wallet address should be identical and contain high quantity for each blocks following the snapshot
• No AUDT can be moved / transferred from wallet address
• All blocks are audited to ensure and verify no AUDT movement occurred between Airdrop and snapshot block
• Any such movement will result in disqualification of address for a specific Airdrop

Calculating Airdrop Allocation
Each Airdrop is distributed to the qualified wallets that contain AUDT token balance. This is performed in proportionate to the stake in total AUDT tokens amount held by the eligible wallets. This is calculated with the help of the formula:

Formula:
Total Airdrop x (multiply) Number of AUDT Held by Adopter / (divide) Total number of AUDT Eligible to receive Airdrop
The functions of AUDT Token powers decentralized assurance and disclosure. This in turn drives transparency of modern enterprises from the initial certification and remediation to the financial reports in real time through the external validation of decentralized enterprise.

Audit Chain network Access

The AUDT Token firmly unlocks applications and the decentralized networks of the reporting services and enterprise assurance.

AUDT Token functions as the fundamental currency. It also serves as the utility for assurance and disclosure payments and enterprise application services.

AUDT unlocks the network services featuring reporting and traditional auditing. The two layered protocol, Audit Chain further provides interoperability between the public and private blockchain. This supports utility and atomic settlement of the trade payables.

The AUDT fees is reduced to zero for the enterprises via subscription revenues shared.
AUDT further enables stakeholders to unlock and view the statistics.

Audit Chain supports full stack. This stack includes base protocol layer, IFRS, GAAP, and GAAS, which is the smart contract layer. It also features the audit note layers, application layers and the real time public facing financial statements. In addition to it, the audit analytics and the layer of statistical reporting presentations are also included.

Upon the validation of audit committee resolution, designee assigns featured digital identities to enterprises and designers. These identities will contain details of the users. Moreover, each identify will be assigned an access level, which designates nature and permission level to access enterprises profile on Audit Chain network.

Every user of Audit Chain network should hold a digital identities and pay AUDT fees for the digital identities creation and to keep it valid. The user types will include;
• Federated nodes
• Enterprises
• Enterprise designated users
• Service providers
• Non-federated nodes

The initialization becomes complete on validation of criteria:
• Resolution of audit committee containing designated administrator
• Validation of enterprise users
• Validation of digital identities

The Audit Chain automates and decentralizes accounting. Reporting and audit via a substantial reduction of cost for:
• Provincial / Local / State / Federal Governments
• Public Companies
• Private Equity Backed Private Companies
• Venture Backed Private Companies
• Investment Funds
• Not for Proft Foundations

Economy of Audit Chain Token

• According to the protocol adjustments and improvements, AUDT tokens are purchased by the enterprises. AUDT is then used by the enterprises to join Audit Chain.

• AUDT is deducted from the enterprise stake account for implementation, transaction validation, smart contract deployment, enterprise expansion and continuous audit

• AUDT holders possess the rights to access and use Audit Chain network services

• AUDT can be used to associate with digital identity application

• This helps to identify enterprise users and Federated Node operator

• AUDT has no rights to current and future equity in AuditChain or in the network

Value Proposition for Securities Issuers and Tokens

• Higher likelihood of SEC “current information”
• Attractiveness to investors.
• Greater access to capital.
• Accurate valuation.
• Cost offset via node deployment and mining.
• Reduction in the possibility of fraud.
• Qualitative and Quantitative fraud detection and prevention
• Increase in effectiveness of internal controls
• Reduction in compliance / audit costs and redundancies
• Reduction of error.
• Higher operational efficiency
• Promotes competitive advantage.

Validation Proposition for Investors
• Immediate access to real time Token development / network statistics
• Immediate access to real time corporate performance
• Market correlation to corporate performance
• Higher issuer / market compliance / transparency / Stability
• Lower instances of issuer/ accounting fraud.
• Promote wholesale positive investor behavior.
• Highly informed investment decisions.
• Reduction in market dislocation.
• Higher degree of confidence.

Value Proposition for Tax Payers and Regulators
• Permissioned access to issuer / exchange reporting protocol
• Real time remediation.
• Lower enforcement activity and costs.
• Real data analytics driven surveillance.
• Higher issuer and market compliance
• Reduction in review with refocuses on process.
• Fullest / fairest issuer / market disclosure framework.
• Reduction in operating and administration budgets
• Reduction in budget appropriation requests
• Reduction in regulatory conflict.
• Higher levels of productivity.
• Lower instances of issuer and accounting fraud

ROADMAP

2nd Quarter — 2019: Launch of MVP and Token Generation Event
3rd Quarter — 2019: AuditChain Test Net
4th Quarter — 2019: Node Testing
1st Quarter — 2020: DCARPE xBRL Analytics
2nd Quarter — 2020: Main Net Launch
3rd Quarter — 2020: Commercial Launch