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
ZUG, Switzerland, March 4, 2022 /PRNewswire/ — 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 for Pacioli 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 the Digital 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 new CEAOB guidance.
- Validation of and “Proof of Assurance” on Process 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
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 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.