Press release
PRESS RELEASE.Auditchain’s Pacioli validating Node Staking Contracts will be deployed to Polygon Mainnet by Auditchain on March 7, 2022, as part of its preparations for decentralizing the $600 billion global accounting, assurance, and reporting services sector.
Auditchain Labs AG, (https://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 it will deploy the Pacioli validating node staking contracts on 7 March, 2022 at 16:00 UTC.
Staking contracts were created to meet the requirements of Pacioli validating Nodes after deployment. Holders of AUDT (which includes accountants) will be able to delegate AUDT and become validators on the Auditchain Protocol. Official launch of the Auditchain Protocol is scheduled for 8 June 2022, at Tottenham Hotspur Stadium in London.
Pacioli Logic Engine
Pacioli, the Web3 logic engine and reasoning engine for the Auditchain Protocol, computes each entity’s valid status based upon its financial reporting style in a financial report scheme. The Pacioli client is a critical component of the Auditchain Protocol which raises the integrity and reliability of the world’s business and financial information.
The staking contracts allow anyone holding AUDT to delegate AUDT and earn income by “backing” Pacioli node operators and participating in the new Web3 financial reporting and assurance economy. Pacioli Agent, a node.js app integrated with Pacioli’s logic engine, is intended to give Pacioli operators the opportunity to race for validation service requests and to reach consensus to validate XBRL based financial reporting on the Auditchain Protocol. In return, they will be rewarded.
Jason Meyers, lead architect stated: “The introduction of a decentralized XBRL based report model validation marks a new epoch in the annals of financial reporting by incentivizing many actors on the network to come to consensus on US GAAP and IFRS compliance by reporting entities. Meyers further stated; “The ability for investors to aggregate data and immediately determine if an “as filed” financial statement is reliable is a critical phase in the rollout of the Auditchain Protocol”.
Auditchain Protocol employs delegated Staking to fulfill the critical roles below:
- Analysis of “as filed” XBRL based financial reports.
- Prior to publication and/or filing with regulators, financial models and statements based on XBRL must be validated.
- These tools are for auditors who participate in auditing XBRL based financial reports under the new CEAOB guidelines.
- Validation of and “Proof of Assurance” on Process Control NFTs that automate accounting, reporting, audit and analysis processes.
To be valid, each validating node must have a minimum amount of 5,000 and maximum amounts of 25,000AUDT. In the staking agreements, a minimum of 500AUDT must be delegated. Documentation for the staking contracts will be published under the following URL: https://docs.auditchain.finance
Auditchain Labs AG
AuditchainLabs AGhttps://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, a founding member in the DCARPE Alliance Association, is responsible for the development and implementation of the Auditchain Protocol together with other Alliance members.
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DCARPE Alliance Association
It DCARPE Alliance AssociationThe Alliance is an international organisation that includes members from the financial, accounting and audit industries. The Alliance was established to promote continuous audit, real-time financial reporting, and education through the use of the Auditchain Protocol.
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