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Auditchain To Use NFTs for Accounting and Disclosure Controls

Press Release: The launch of the world’s first decentralized accounting, audit, financial reporting virtual machine will feature non-fungible tokens for Proof of Assurance of disclosure controls and to allocate royalties between creators and validators of control logic 

July 20, 2021 – ZUG, SWITZERLAND – Auditchain Labs AG, ( the developer of the world’s first decentralized accounting, financial reporting, audit and analysis virtual machine for assurance and disclosure, today announced a new NFT creation platform that will allocate royalties between curators and validators of global standard logic-based accounting and disclosure control components. 

Accountants. reporting managers, CFOs, controllers, and financial analysts will now be able to use the Auditchain Protocol to write, validate and own logic-based accounting and disclosure control “assets” that substantially automate accounting, financial reporting, audit and analysis processes using a global standard syntax on the Auditchain Protocol.

Non-fungible tokens representing the controls are issued to the curators, and royalties are allocated between curators and validators who audit and provide assurance that the machine-readable logic works correctly. Royalties will be allocated in AUDT, the settlement and Auditchain Protocol governance token.  

As more and more of the world’s accountants and professionals create and contribute more and more controls to the virtual machine, members of the institution of accountancy can move from performing manual tasks to writing controls that automate internal control logic and controls over financial reporting while building a portfolio that generates income and opportunities for liquidity. 

The external validation of the controls will occur within ISAE independent engagement standards on the Auditchain Protocol and will solve major challenges for other auditors involved in financial statement audits by providing proof of assurance knowledge graphs. This represents a critical solution for reporting entities and the audit profession in Europe who are now obligated to include machine-readable data and logic within the scope of their financial statement audit engagements under new CEAOB guidance issued in late 2019 .

The financialization of machine-readable accounting logic and controls using NFTs is a major breakthrough and represents the opportunity for the world’s accountants and professionals to accumulate a portfolio that annuitizes their income each time their controls are used and provides opportunities for liquidity events for the assets they create.

“While NFTs have fired the imagination of creators of art, music and collectibles, this represents a limited use case for the technology so far,” said Auditchain project founder Jason Meyers. He continued:

“On the Auditchain Protocol, NFTs  will be  a major financial incentive for professionals to create the controls the world needs, contribute to the virtual machine and for the institution of accountancy to innovate in a truly transformative way.”

Auditchain also reported that Charles Hoffman, CPA, who helped create the XBRL global standard syntax for financial reporting, was recently appointed as a Product Manager for Auditchain. Mr. Hoffman’s appointment included the contribution of all of the controls created by him over the years which are now the basis of the XBRL based US GAAP Reporting Scheme and are used by most companies who file financial reports with the SEC and ESMA. The first set of NFTs on the Auditchain Protocol will feature all of the controls created by Mr. Hoffman.  

“NFTs represent a tremendous opportunity for professional accountants to monetize their accounting knowledge. The combined capabilities of NFTs and the capacity XBRL offers in terms of expressing machine-readable rules is very innovative. I am excited to be a part of this project.” stated Mr. Hoffman

Users of the Auditchain Protocol will consume the control components similar to how software itself uses plugins. The Auditchain financial report creation and rules validation engine ingests the logic represented by the NFTs and automates the constraints, structure, mathematics, compliance, computational output and external validation of the financial state of an economic entity.  Auditchain is also the first protocol to use the ERC-721 standard in the commercialization of software. 

A token generation event is underway for non-US users of the Auditchain Protocol. Enquiries can be sent to 

About Auditchain

Auditchain ( ) is the world’s first decentralized accounting, audit, financial reporting and analysis virtual machine that automates and provides proof of assurance for the world’s business 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.

About DCARPETM Alliance Association

The DCARPE™ Alliance Association is a global organization consisting of members of the accounting, audit, financial reporting, legal, blockchain, investment and regulatory community, The purpose of the Alliance is to provide education, drive technology innovation and open source engineering, develop, launch and promote the adoption of continuous audit and real time digital financial reporting using the Auditchain Protocol.

Visit the AuditChain website for more information:

Follow AuditChain on Twitter, on Facebook, or meet the team on Linkedin

Media Contact: 

Company Contact: Jason Meyers

The post Auditchain To Use NFTs for Accounting and Disclosure Controls appeared first on NullTX.

Source: nulltx

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Decentralized Gaming Platform DeFi11 Launches IDO After $3.5M Private Sale

Press Release: DeFi11, a decentralized gaming ecosystem, is introducing major changes to both revamp the platform and make it fairer to users as part of an expansion fuelled by recent funding.


17th June 2021, New Delhi, India – Fantasy sports have gained massive popularity in recent years. The market is expected to grow by 7% by 2024. However, a lack of regulation has allowed companies to exploit users. Many fantasy sports and virtual gaming platforms have been accused of publishing false volumes, creating fake winners, and misusing user data. DeFi11 was created to stop these unfair practices, providing a safe platform for the users. Powered by blockchain, DeFi11 eliminates centralization and maintains user privacy. In addition,  DeFi11 will tokenize gaming assets using non-fungible tokens (NFTs), allowing users to access features like liquidity pools, prediction-based smart contracts, and staking.


Touted as the first DeFi-powered fully decentralized gaming ecosystem in the world, DeFi11 is introducing changes for better gamification of its platform. DeFi11’s team recently announced a collaboration with Polygon (formerly Matic) to integrate its layer 2 solution with a new protocol. The new smart contract-powered protocol aims to improve the scalability and security of the platform. Some of the core benefits that smart contracts would offer include data abuse checks and the prevention of financial fraud. The creation of dummy winners – a fraudulent practice common among fantasy games – can also be restricted using smart contracts. 


NFT and Decentralization


While NFT-gaming was always a prime feature of DeFi11, it has now decided to fully integrate NFTs into its gaming ecosystem. The tokenization of gaming assets means that NFTs can be collected and traded within the game for the first time. The introduction of NFTs will also help to create a live 3D experience in the game.


Moreover, DeFi11 is developing a revolutionary P2P interaction feature that will pioneer the prediction market. Set to deploy in phases, the P2P interaction feature will be completely self-functioning without the need for any intervention from a third party. In its bid to further decentralize the gaming ecosystem, DeFi11 is trying to open source all the platform’s code.


Recent Developments


For DeFi11, the recent months have been quite eventful. The company was the silver sponsor of the 6th Global DeFi Congress that was held in Dubai in February this year. In May, DeFi11 announced joining hands with TDeFi, a prominent name in the NFT and DeFi world that has helped many startups over the years. Through this collaboration, DeFi11 aims to further expand its NFT space. DeFi11 also announced partnering with Biconomy, a multi-chain transaction infrastructure, to solve the issue of micro-transactions within the game. Finally, DeFi 11’s most recent funding round managed to raise just $3.5 million, resources which it will use to support further development of its unique gaming platform. 


Upcoming Announcements


Indeed, over the next few months, DeFi11 will be making a number of major announcements and rolling out several new features. This includes a second fundraising round, followed by a campaign geared towards promoting its upcoming IDO. A complete overhaul of the company website, with more details and features, is also in the works. DeFi11 also announced the successful launch of its beta app on June 1.


Further down the timeline, DeFi 11 plans to launch post-IDO staking, start a referral and bounty hunting program, and announce several partnerships all aimed at boosting the platform’s userbase. All precede the announcement of the platform’s first-ever IDO, the details of which will be announced later this year. 


About DeFi11


DeFi11 is a decentralized gaming ecosystem primarily centered around fantasy sports and NFT gaming. It is powered by DeFi or decentralized finance, an umbrella of financial applications that utilize blockchain. As the first crypto-fantasy gaming ecosystem of its kind, DeFi11 strives to solve the issues of transparency, accountability, and security that often plague the world of fantasy sports.


DeFi11 offers complete transparency and anonymity to its users. It believes in complete decentralization of the platform – including P2P transactions without involving the house. Through randomized winner selection and community governance, the platform is attempting to eliminate bias and fraud. 


For more information about the DeFi11, visit their website


Follow DeFi11 on Twitter.

Stay up-to-date via DeFi11’s blog.

Join the discussion on DeFi11’s Telegram community (also available for Korea, Indonesia and Vietnam). 

Read the DeFi11 Whitepaper here.

DEFI11 is the source of this content. This Press Release is for informational purposes only. The information does not constitute investment advice or an offer to invest.