A new ICO project called Xriba will launch today to bring a unique ‘open accounting’ protocol to the world. It aims to bring more transparency in the financial world, by helping reduce bookkeeping efforts and address ambiguous transactions easily. The company is focusing on creating crystal clear transactions possible, reducing the chances of frauds and keep trade transparent on both ends. This is the first time that an innovative blockchain concept is being utilized in the accounting industry.
The unique protocol helps in bringing the benefits of decentralization to the financial industry, which in turn in helpful in saving, archiving and querying records quickly, with lesser chances of ambiguity. It used an Open API that can be used by any third party to build accounting applications and tools. With the help of this blockchain, both cryptocurrency and traditional companies will get a benchmark accounting tool that can be used to provide fully transparent services to their users as well as investors.
The public decentralized ledger can be used to store all queries and records of transactions which are forever cemented in the blockchain once executed. The good thing about the blockchain is that it is a open platform. Organizations can develop their entire business accounting networks on the blockchain while ensuring that they follow these unique and robust protocols.
One of the most important things to note about Xriba is its status of a founding member in the TokenCheck Foundation. This decentralized network helps in bringing the features of training financing to the cryptocurrency world. Startups could now get seed-investments funding rounds while other organizations can make use of their partner verification program. Compliance with government rules, technological regulations and legal rules could also be made possible, complete with self-auditing features.
As the project is one of the founding members of TokenCheck Foundation, it gives many advantages to the users. It will use the Foundation’s crowd sale smart contracts that come with a unique feature called ‘Fund released milestones’. With the help of this feature, crowd sale funds will be pre-defined by every company and become locked into the blockchain forever. Once a milestone has been achieved, the company must perform a mandatory audit on the process which double checks its safe and transparent completion. It brings the benefits of traditional financing to the world of cryptocurrencies and will be very helpful to startups looking for seed funding.
It is not just the protocol that makes the project unique. It also has two state-of-the-art bookkeeping applications. One of them can be used by cryptocurrency business and is known as Cryptobooks while the other can be used by traditional businesses and is known as Mastrobook. Both applications using Artificial Intelligence technology and ORC systems to reduce data entry by as much as 72%.
The token currency for the blockchain, known as Xriba tokens (XRA) will go on sale today, June 7th. These can be used to pay for services on the protocol. At launch, 148 million tokens out of 275 million will be up for grabs at the price of $0.30 each. As the number of users grow larges, the total circulating supply of the tokens will become smaller. All investors will become founding members of TokenCheck Foundation.