Auditchain   token: ico review, security check & audits

check date
Mon Jul 05 2021
Source code
-
Address
0xb90cb79b72eb10c39cbdf86e50b1c89f6a235f2e
Status
COMPLETED
ICO Rating
10
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Overview

The Auditchain Protocol is a decentralized accounting, reporting, and assurance platform. Auditchain automates and provides proof of assurance on the financial and business information of economic entities.

Auditchain is deploying Ethereum based smart contracts for a private sale of AUDT, its settlement and governance token used by economic entities, accountants and data subscribers who adopt the Auditchain Protocol. Additional staking contracts will be deployed after listing. 45,000,000 AUDT will be available for rewards.

The Auditchain Protocol features an Ethereum based incentive settlement and on-chain governance layer for actors in a decentralized continuous audit and real-time financial reporting protocol ecosystem for assurance and disclosure. It features Ethereum based core ERC20 and ERC721 factory smart contracts which enable an increase in assurance quality, auditor independence, trustless settlement of audit, reporting obligations and the reduction of counterparty and regulatory risk.

Validators perform two functions:

  • validation of compliance with specified functional objectives of controls submitted by developers,
  • validation of financial state for economic entities.

The external validation contract (“EVC”) enables actors to transmit a request for audit, (“RFA”) to validators on the Protocol who are CPAs and Chartered Accountants and contractually engage a cohort. A new contract address is outputted by the EVC when a minimum number of validators accept the RFA.

The NFT Factory is an ERC721 contract designed as a digital rights management system for developers of process controls that can be read and understood by other computers. The controls play a role in automating the accounting, audit, reporting and analysis processes of the Auditchain Virtual Machine.

NFTs enable the allocation of royalties between the developers of process controls and the validators, each time the process control is used. Upon use, AUDT is paid by the user of the control to the developer and the validators. The NFT Factory is designed to incentivize the institution of accountancy to automate processes and undergo significant transformation from manual processes to immutable automation.

The EVC also enables economic entities to obtain external validation of its financial state from its cohort of external validators.

Security checks of AUDT token