Description and functionality of the AUDT Token
We did something that no other project did. We built the Auditchain Protocol FIRST. Now we are launching the AUDT Token. 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.
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.
We are in the process of developing a two way bridge for moving AUDT back and forth between Ethereum and 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 will be able to move AUDT over the Auditchain Bridge when its deployed. It is easier than performing a swap and its the cheapest way to move AUDT back and forth.
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.
Settlement - All obligations on the Auditchain Protocol are settled in AUDT. Enterprises pay for validation. 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 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
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.