Auditchain Announces its IDO on Trustpad

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ZUG, SWITZERLAND – December 3, 2021: Auditchain Labs AG, https://auditchain.finance) the developer of the world’s first decentralized accounting, financial reporting, audit and analysis metaverse for assurance and disclosure announced that it will be launching its IDO on Trustpad on December 14, 2021 at 12:00 UTC.

The IDO will follow the completion of the final phase of the presale for the AUDT Token on Polygon, which is available for select non-US participants. 

Details of Presale

Hard Cap: 5,000,000 AUDT

Price: USD 0.15

Distribution: 25% 

Vesting: Equally per day for 365 days

Vesting Bonus: 13.33% of unclaimed vested AUDT on day 366

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Details of IDO

Date: December 14, 12:00 UTC

Launchpad: Trustpad.io 

Hard Cap: 1,000,000

Price: USD 0.20

Distribution: 10%

Vesting: Equally per day for 365 days

Listing: Immediately following IDO

Infrastructure

The Auditchain Protocol features the Pacioli Node, a process control reasoning engine for computing financial state validation and validating accounting, reporting, audit and analysis Process Control NFTscreated by professionals. 

Pacioli leverages open global standards and is used in an open decentralized environment to analyse the financial state of any publicly traded entity that files financial statements in any jurisdiction that requires the use of eXtensible Business Reporting Language, (“XBRL”). 

The Pacioli client also leverages the Auditchain Protocol core EVC contracts for financial state validation for any economic entity prior to filling with any jurisdiction that mandates the use of the eXtensible Business Reporting Language, (“XBRL”). 

State articulation and validation are backwards compatible allowing all economic entities who submit to EVC financial state validation to be one click away from filing with regulators that adopt technical standards based on XBRL. 

Lead Architect, Jason Meyers stated: “Blockchain has enabled audit committees and internal audit to think about the modern enterprise as a state machine that undergoes complex changes in state. Everything is material”. Meyers also added: “Financial disclosure quality levels are central to the laws that govern the free transferability of securities and holds the key to compliance for issuers of digital assets”. 

AUDT Utility

• Staking – Pacioli Node operators must stake or be delegated a stake of a minimum of 10,000 AUDT. Anyone can run a node or delegate their AUDT to other node operators to earn passive income.
• Settlement – The AUDT token is used on the Auditchain Protocol for settlement of obligations that include:
  • Financial state articulation for US GAAP and IFRS reporting entities
  • Financial state validation for US GAAP and IFRS reporting entities
  • Validation of accounting, financial reporting, audit and analysis Process Control NFTs
  • Royalty allocation to creators and validators of Process Control NFTs
• Governance – On chain governance provides for proposals and automatic invocation of changes to the protocol which include:
  • Decentralized annual AUDT emission and monetary policy governance
  • Enterprise External Validation Cohort Factory contract upgrades
  • Changes in data subscription revenue allocation between enterprises and validators
  • Process Control NFT library admission

A minimum of 1% of the circulating supply must be delegated to propose a change. AUDT holders can delegate to themselves or to other delegates.

About Auditchain Labs AG

Auditchain Labs AG (https://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.

About DCARPE Alliance Association

The DCARPE Alliance Association is a global organisaton consisting of members of the accounting, audit, financial reporting, legal, blockchain, investment 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.

About TrustPad

TrustPad has been founded to aid the growth of the blockchain ecosystem in a safe and sustainable way. TrustPad is proudly partnered with tokenova, Lupa X, GD10 Ventures, BlockSync Ventures, X21 Digital, Meridian Capital, Wealth Union, Twin Apex Capital and 4SV.

TrustPad is different to other launchpads. A ‘quality over quantity’ approach ensures that projects launched through TrustPad have real long term value. This will provide the TrustPad community with sustainable development, attracting a larger community for both $TPAD and the projects launched on the platform.