AUDT Token
Description and functionality of the AUDT Token
The AUDT Token powers the Auditchain Protocol, the world's first financial state disclosure and decentralized "Proof of State" external validation expert network.
Integration with the Auditchain Protocol enables any reporting entity to communicate financial disclosure and provide proof of financial state to its stakeholder community. It also puts a reporting entity one click away from filing with 60 jurisdictions across 100 regulatory agencies.
The genesis of the AUDT Token contract began with ZERO mint. As events occur, triggered by additional contracts, additional AUDT is minted. See Vesting Contracts.
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.
Staking - A minimum of 5,000 AUDT is needed to "operate" a Pacioli Node. This amount is subject to governance. Anyone who holds a balance of AUDT can "delegate" their AUDT and "back" a Pacioli Node operator and earn passive income.
Settlement - Who Pays?
- Reporting Entities
- Data Subscribers
Settlement - Who Receives Payment?
- Validators
- Process Control NFT Creators
All obligations on the Auditchain Protocol are settled in AUDT. Users such as enterprises pay for access to the Luca Suite for taxonomy, report model and financial state reporting. Passing financial state to external validators running Pacioli for state validation requires settlement. Validators receive AUDT as payment for fulfilling validation requests. Royalties are paid in AUDT to creators of Process Control NFTs and are also paid to the validators who prove that the Process Control NFTs work correctly. Subject to governance, subscription payments by data subscribers who access premium levels of financial state are allocated between reporting entities, validators and the developers of the Auditchain Protocol.
Governance - Monetary policy is set by the community of AUDT holders through adjustments to the amounts paid for each validation performed by validators. 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
Contracts have been deployed that allow users who are entitled to AUDT to make claims. Please see Vesting Contracts.
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.
Please be sure to review our whitepaper to gain a better understanding of the Auditchain Protocol and how additional AUDT is minted.