Fun

Auditchain Announces Mainnet Deployment of its Staking Contracts for its Pacioli Validating Nodes

News Feed - 2022-03-04 02:03:09

Auditchain Announces Mainnet Deployment of its Staking Contracts for its Pacioli Validating Nodes press release


PRESS RELEASE. Auditchain will deploy its Pacioli validating node staking contracts to Polygon Mainnet on 7 March, 2022 as it prepares to decentralize the $600 Billion global accounting, assurance and reporting services industry.


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.


The staking contracts are designed to fulfill the staking requirements forPacioli validating nodes upon deployment. Holders of AUDT, which include accountants, will become validators and delegate AUDT to Pacioli node operators on the Auditchain Protocol. The Auditchain Protocol will officially launch at theDigital Accountancy Show Powered by Auditchain on 8 June, 2022 at Tottenham Hotspur Stadium in London.


Pacioli Logic Engine


Pacioli is the Web3 logic and reasoning engine on the Auditchain Protocol that computes the output of the valid state of each economic entity based on its financial reporting style within a financial reporting 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. The Pacioli agent, a node.js application integrated with the Pacioli logic engine is designed to equip Pacioli node operators with the ability to race to compete to fulfill validation service requests, and reach consensus on the validation of XBRL based financial reports on the Auditchain Protocol and earn rewards.


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”.


The Auditchain Protocol utilizes delegated staking for the following critical roles:  Analysis of “as filed” XBRL based financial reports. Validation of XBRL based financial models and financial statements prior to publishing and/or filing with regulators. As audit tools for auditors involved in the audit of XBRL based financial statements under the newCEAOB guidance.  Validation of and “Proof of Assurance” onProcess Control NFTs that automate accounting, reporting, audit and analysis processes.


Each validating node requires a minimum of 5,000 AUDT and a maximum of 25,000 AUDT to run. A minimum of 500 AUDT must be delegated in the staking contracts. Documentation for the staking contracts will be published under the following URL: https://docs.auditchain.finance


About Auditchain Labs AG


AuditchainLabs 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.


Discord|Twitter|Telegram|LinkedIn|Facebook|Reddit|YouTube


About DCARPE Alliance Association


TheDCARPE Alliance Associationis a global organisation consisting of members of the accounting, audit, financial reporting, legal, blockchain, investment, standard setter 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.


Twitter|Telegram|Facebook|LinkedIn


 


  Tags in this story Auditchain


This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release. Bitcoin.com Media


Bitcoin.com is the premier source for everything crypto-related. Contact ads@bitcoin.com to talk about press releases, sponsored posts, podcasts and other options. Study: 77% of Saudis Aware of Cryptocurrencies, Only 18% Currently Buying and Selling EMERGING MARKETS | 1 hour ago Brooke Shields, MAKE International, Casper Association and WISeKey Unveil First Secure NFT Minted From Space Featuring Shields’ Digital Imagery PRESS RELEASE | 2 hours ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleWhile the Fed Monitors the ‘Ukraine Situation Closely,’ Powell Still Expects a Series of Quarter-Point Rate Hikes Next articleLeaked Images Suggest Opensea Plans to Add Solana-Based NFT Support More Popular NewsIn Case You Missed ItVenezuela Might Be Affected by Russian Banks" SWIFT Suspension


Analysts from Venezuela have expressed their worries about the expulsion of a number of Russian banks from SWIFT, an international messaging system that allows the interconnection of banks. These measures could affect the finances not only of Venezuela, but also ... read more.EU Data Act Proposes Shutdown Function for Smart Contracts Leaked Images Suggest Opensea Plans to Add Solana-Based NFT Support South African Crypto Exchange Valr Raises $50 Million in Series B Funding Round US Senator Urges Regulators to Increase Scrutiny on Crypto as It Risks Undermining Sanctions Against Russia

News Feed

MicroStrategy stock set to gain 30% if BTC hits $150K in 2025 — Analyst
Alex O’Donnell2 hours agoMicroStrategy stock set to gain 30% if BTC hits $150K in 2025 — AnalystThe valuation assumes continued aggressive Bitcoin buying by MicroStrategy.1057 Total views6 Total sharesListen to artic
Russian PM Says Digital Assets Are ‘Safe Alternative’ in Foreign Trade, Urges for Ruble Payments
Russian PM Says Digital Assets Are "Safe Alternative" in Foreign Trade, Urges for Ruble Payments Russian Prime Minister Mikhail Mishustin has praised digital assets as a payment in
What we know about Kamala Harris' views on crypto
Tristan Greene4 hours agoWhat we know about Kamala Harris" views on cryptoWith Joe out of the race, all bets are off.6584 Total views1 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this ar
US Law Enforcement Traces Bitcoin Transfers to Nab ‘Largest’ Child Porn Site
A U.S. federal grand jury indicted a South Korean citizen for operating the largest child porn site by volume, where visitors spent millions of dollars worth of bitcoin to pay for the illegal content.
Swiss Savers View Cryptocurrencies as Option, Now That Bank Accounts Don’t Save Them From Inflation
Swiss Savers View Cryptocurrencies as Option, Now That Bank Accounts Don’t Save Them From Inflation Cryptocurrencies are gradually becoming a viable alternative for savers in S
Report: 75% Have Heard About Crypto in Spain, According to the CNMV
Report: 75% Have Heard About Crypto in Spain, According to the CNMV The results of a new report commissioned by the CNMV, the securities watchdog in Spain, have found that three ou
Governments Need to Stop Dismissing Crypto as Illicit Payments and Reckless Speculation, Says El-Erian
Governments Need to Stop Dismissing Crypto as Illicit Payments and Reckless Speculation, Says El-Erian Mohamed El-Erian, an adviser to Allianz and Gramercy Funds
SEC Chair Gensler Discusses How Securities Laws Apply to Crypto Tokens — Won’t Say if Ethereum Is a Security
SEC Chair Gensler Discusses How Securities Laws Apply to Crypto Tokens — Won"t Say if Ethereum Is a Security The chairman of the U.S. Securities and Exchange Commission (SEC), Ga
Messari Founder Ryan Selkis Announces Senate Run for 2024 — ‘Enough Talk’
Messari Founder Ryan Selkis Announces Senate Run for 2024 — "Enough Talk" Ryan Selkis, the founder of Messari, a cryptocurrency research company, has announced he will be running
Ana Paula Pereira13 hours agoCanada’s court deem emoji valid as a contract agreement: ReportThe case sought to determine whether a Canadian farmer had agreed to sell tons of flax to a grain buyer in 2021 by replying wi
Prashant Jha12 hours agoWorldcoin opens up WLD reservations for unverified usersWorldcoin project has remained controversial right from its announcement and is currently facing regulatory trouble in multiple jurisdiction
Chainalysis Launches Program to Store and Sell Seized Crypto Assets for Governments
Chainalysis Launches Program to Store and Sell Seized Crypto Assets for Governments The blockchain intelligence and surveillance company Chainalysis revealed the