Auditchain
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Auditchain Protocol
Staking Rewards
Vesting Contracts
AUDT Token
Description and functionality of the AUDT Token
Highly Unusual
We did something that no other project did. We built the Auditchain Protocol FIRST. Now we are launching the AUDT Token. Can you imagine that? We also did something that has not occurred since January 3, 2009. We started with ZERO pre mine. Also highly unusual was the decision to let the community decide, through governance, how many AUDT there will ever be in circulation.
Token Generation Event
As we stated, the genesis of the AUDT Token contract began with ZERO mint. As events occur, triggered by additional contracts, additional AUDT is minted.
The maximum supply of AUDT minted will be decided by the community. In all cases, minting occurs when claims from sales and claims for rewards are made by actors on the Auditchain Protocol.
On November 29, 2021 at 10:44PM UTC, we deployed a child AUDT Token contract to Polygon. The parent AUDT Token contract on the Ethereum mainnet is mapped to the child contract on Polygon.
Those who wish to use Polygon and avoid insane gas fees on Ethereum can connect their Metamask Wallet using this guide. After connecting your Metamask to Polygon, you can move AUDT over the Auditchain Bridge. It is easier than performing a swap and its the cheapest way to get to Polygon.
When AUDT is transferred over the bridge, a call to burn the AUDT is made to the parent AUDT Token contract on Ethereum mainnet and a second call to mint an equal number of AUDT is made from the AUDT Token contract on Polygon. This procedure insures that the balance of AUDT between the two contracts is always equal. Debit, credit. Sound familiar? No green eye shades needed.
The following contracts will trigger calls to mint AUDT:
Claim Contracts
Contracts have been deployed that allow users who are entitled to AUDT to make claims. The following contracts allow claims to be made:
- Initial Claims for Early Adopters - 15,000,000 AUDT
- Vesting for Sale Contract - 11,250,000
- Vesting for Partnerships - 25,833,334
- Vesting for Bounties - 12,500,000
- Claims by Treasury - 70,000,000
Minting Through Settlement
The EVC calls the minting function of the AUDT Token contract. The EVC is the factory contract that outputs engagement contracts between each enterprise and its cohort of validators. The EVC is capable of six separate categories of assurance. At launch, each cohort for each category of assurance will require a minimum of 3 validators. This can be changed through on-chain governance.
The number of AUDT minted for each validation by a cohort is set at launch and can be changed through on-chain governance. The figure below illustrates which actor undertakes the liability for settlement of a validation and is based on attestation levels and abstentions by validators. For the purposes of illustration, we assign a value of 1 to a payment.
Attestation Level
Reasonable
Adverse
Abstention
Enterprise
1
1
Protocol
1
1
Validator
2
AUDT is decremented from the account of an enterprise for each validation and is initially set to match the amount minted from the AUDT Token contract to each validator. The number of AUDT minted to each of the validators is set by the community of AUDT holders through governance.
Please be sure to review our whitepaper to gain a better understanding of the Auditchain Protocol and how additional AUDT is minted.
Last modified 11d ago