Auditchain plans to deploy its Pacioli validating node staking contracts to Polygon Mainnet on March 7, 2022, as part of its efforts to decentralize the $600 billion worldwide accounting, assurance, and reporting services business.
Auditchain Labs AG (https://auditchain.finance), the creator of the world’s first decentralized accounting, financial reporting, audit, and analysis virtual machine for assurance and disclosure, announced today that the Pacioli validating node staking contracts will be deployed on March 7, 2022 at 16:00 UTC.
The staking contracts are intended to meet the staking requirements for Pacioli validating nodes when they are deployed. Accountants and other AUDT holders will become validators and delegate AUDT to Pacioli node operators on the Auditchain Protocol. The Auditchain Protocol will be officially launched on June 8, 2022, at Tottenham Hotspur Stadium in London, at the Digital Accountancy Show Powered by Auditchain.
Pacioli’s Logic Engine
Pacioli is the Auditchain Protocol’s Web3 logic and reasoning engine that computes the output of each economic entity’s legitimate condition based on its financial reporting style inside a financial reporting scheme. The Pacioli client is an important component of the Auditchain Protocol, which improves the quality and trustworthiness of the world’s commercial and financial data.
Staking contracts let anyone with AUDT to delegate AUDT and make money by “backing” Pacioli node operators and participating in the new Web3 financial reporting and assurance economy. The Pacioli agent, a node.js application coupled with the Pacioli logic engine, is intended to give Pacioli node operators the ability to race to fulfill validation service requests, reach consensus on the validation of XBRL-based financial reports on the Auditchain Protocol, and collect incentives.
“The advent of a decentralized XBRL-based report model validation represents a new epoch in the annals of financial reporting by incentivizing multiple actors on the network to come to consensus on US GAAP and IFRS compliance by reporting companies,” said Jason Meyers, Lead Architect. Meyers went on to say, “The capacity for investors to aggregate data and instantly evaluate if a “as filed” financial statement is credible is a vital element in the Auditchain Protocol’s development.”
Delegated staking is used in the Auditchain Protocol for the following important roles:
- Analysis of XBRL-based financial reports in their “as filed” state.
- Prior to publishing and/or filing with regulators, XBRL-based financial models and financial statements are validated.
- As audit tools for auditors tasked with auditing XBRL-based financial statements in accordance with the recent CEAOB guidance.
- Validation and “Proof of Assurance” for Process Control NFTs that automate accounting, reporting, auditing, and analysis activities.
To operate, each validating node requires a minimum of 5,000 AUDT and a maximum of 25,000 AUDT. In the staking contracts, a minimum of 500 AUDT must be delegated. Documentation for the staking contracts will be available at https://docs.auditchain.finance.
Auditchain Labs AG
Auditchain Labs AG (https://auditchain.finance) is spearheading the creation of the world’s first decentralized accounting, audit, financial reporting, and analytical virtual machine, which automates and gives evidence of assurance on the world’s business and financial data. Auditchain Labs AG is a founding member of the DCARPE Alliance Association and is collaborating with other Alliance members to develop the Auditchain Protocol.
The DCARPE Alliance Association
The DCARPE Alliance Association is a multinational organization comprised of accounting, audit, financial reporting, legal, blockchain, investment, standard setter, and regulatory professionals. The Alliance’s mission is to adopt standards, provide education, push technological innovation, and encourage the use of the Auditchain Protocol for continuous audit and real-time digital financial reporting.