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Auditchain has integrated with Polygon to reduce costs and increase transaction speed for users of the Auditchain Protocol

ZUG, SWITZERLAND – November 17, 2021 — Auditchain Labs AG, (https://auditchain.finance) the developer of the world’s first decentralized accounting, financial reporting, audit, and analysis virtual machine for assurance and disclosure, today announced that it has integrated with Polygon.

Integrating with Polygon will enable the fastest critical path to a launch and will allow the Auditchain Protocol to take full advantage of ERC standards, the Solidity development framework, and the largest development community in the blockchain ecosystem. In addition, actors on the Auditchian Protocol which include enterprises, CPAs, and Chartered Accountants will benefit from the throughput and low cost of the integration.

The first phase of the move from Ethereum to Polygon will include the deployment of the third phase of its AUDT token sale on Polygon where participants can contribute without high gas fees. The AUDT Token sale is NOT available to US persons.  

Auditchain will deploy its network client; Pacioli, a process control reasoning engine for financial state validation and its core smart contract layer on Polygon. The Pacioli network client is currently being tested by a cohort that includes CPAs and Chartered Accountants and computes the rules for the valid state of an economic entity or decentralized network based on its financial reporting scheme, and reporting style within that scheme.

Jason Meyers, Lead Architect stated: “After considering the current costs of operating on Ethereum and the computational requirements of the staking, settlement, and governance features of the Auditchain Protocol, it became clear that Polygon was the right scaling solution”.

Meyers further stated: “The Auditchain Protocol decentralizes and transforms the manner in which business and financial information is submitted, stored, searched and retrieved. Financial information submitted through the Auditchain Protocol is based on global standards and is backwards compatible with 50 regulatory jurisdictions putting it one click away from filing with regulators”.  

The public alpha launch of the Auditchain Protocol is expected to feature a library of financial reporting process controls that are standardized for the US GAAP and IFRS financial reporting schemes. Auditchain Labs also plans to include NFTs that represent audited controls for the purposes of providing proof of assurance on financial reporting process controls to financial statement auditors in the European Union who are now required under CEAOB guidance to include XBRL based machine-readable logic and data as well as human-readable financial statements within the scope of an audit engagement.

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About Auditchain Labs AG

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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About DCARPE Alliance Association

The DCARPE Alliance Association is a global organisaton consisting of members of the accounting, audit, financial reporting, legal, blockchain, investment, standard setter and regulatory community. The purpose of the Alliance is to adopt standards, provide education, drive technology innovation and promote the adoption of continuous audit and real time digital financial reporting using the Auditchain Protocol.

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About Polygon

Polygon is the leading platform for Ethereum scaling and infrastructure development. Its growing suite of products offers developers easy access to all major scaling and infrastructure solutions: L2 solutions (ZK Rollups and Optimistic Rollups), sidechains, hybrid solutions, stand-alone and enterprise chains, data availability solutions, and more. Polygon’s scaling solutions have seen widespread adoption with 3000+ applications hosted, ~600M total transactions processed, ~60M unique user addresses, and $5B+ in assets secured.

If you’re an Ethereum Developer, you’re already a Polygon developer! Leverage Polygon’s fast and secure txns for your Dapp, get started here.

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Media contact: Jason Meyers jm@auditchain.com 

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