Auditchain,The World’s First Decentralized Financial Disclosure and Assurance Protocol to List on BitMart Exchange

3 min readApr 7, 2022

BitMart, a premier global digital asset trading platform, will support Auditchain (AUDT) on April 7, 2022. For all BitMart users, the AUDT/USDT trading pair will be officially available at 05:00 AM EDT.

What is Auditchain?

Auditchain is the world’s first decentralized accounting, audit, financial reporting, and analysis protocol that automates and provides proof of assurance on the world’s business and financial information. Accountants and professionals write and own accounting, financial reporting, audit and analysis Process Control NFTs that pay royalties in AUDT each time they are used on the Auditchain Protocol.

AUDITCHAIN NETWORK GOVERNANCE AND ACCESS

Monetary policy is set by the community of AUDT holders. Changes in functionality are immediately invoked upon the passage of a vote on the following functions:

Changes to the amount of rewards paid to validators through inflation
Changes to the amount of rewards matched by the reporting entity
Changes to the allocation of proceeds from data subscriptions between members of a cohort
Changes to the minimum balance required for continued compliance by a reporting entity (fair warning)
Changes to the minimum number of validators in a cohort
Changes to the minimum percentage of validators in a cohort required to achieve consensus

Early enrollment to stake Pacioli Node operators is now available for all holders of AUDT

ROBUST UTILITY

Institutional investors will be able to use AUDT on the Auditchain Protocol to submit large volumes of financial reports and perform analysis and gain critical insights on the reliability and integrity of XBRL based financial statements filed with regulators.

Retail investors will be able to use AUDT to pay for subscriptions to perform their own analysis and immediately identify if reporting entities comply with accounting rules and disclosure requirements. Additional artificial intelligence based anomaly detection tools will enable investors to make informed investment decisions.

Reporting entities will need AUDT to engage validators to detect and remediate inconsistencies prior to filing XBRL based financial statements with regulators.

Validation engagement for reporting entities is performed using the external validation factory contract, ‘EVC’ on the Auditchain Protocol. The EVC allows reporting entities and creators of Process Control NFTs to engage validators. The EVC automates the settlement of obligations among the parties to the EVC using AUDT.

CPAs, Chartered Accountants and other professionals who are seeking to future proof their career and participate in the new decentralised professional services, financial reporting and assurance economy can now obtain the AUDT token from Bitmart to act on the Auditchain Protocol.

About BitMart

BitMart Exchange is a premier global digital assets trading platform with over 5 million users worldwide and ranked among the top crypto exchanges on CoinMarketCap. BitMart currently offers 800+ trading pairs with one of the lowest trading fees in the market. To learn more about BitMart, visit their Website, follow their Twitter, or join their Telegram for more updated news and promotions. Download BitMart App to trade anytime, anywhere.

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About Auditchain

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.

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Auditchain,The World’s First Decentralized Financial Disclosure and Assurance Protocol to List on BitMart Exchange

Written by Best John