Xriba Launches An Open Accounting Protocol
Xriba has reportedly launched its Initial Coin Offering (ICO) for a new “open accounting protocol” that is claimed to dramatically decrease the bookkeeping effort for crypto and traditional companies whereas helping them reach a new level of professional transparency and accountability. One may wonder what`s the goal of such efforts. It is reportedly focused on providing a framework for remaining transparent and accountable to investors, supporters, and finally the open market. Speaking of aims, it`s worth spending some time to explain how the company is supposed to achieve them. The “Xriba Protocol” records financial transaction records on a public decentralized ledger, where accounts can be stored and queried. It features an open API that allows third-parties to build their own accounting applications or tools. Except for that, Xriba has also become a founding member of the decentralized “TokenCheck Foundation” that brings traditional financial market characteristics to the cryptocurrency sector like seed-investment fund tiers, team member, and partner verification, technological, legal and compliance auditing. One of the features that have been introduced is the “Fund released milestones” into the smart contracts. According to PR Newswire, this will lock crowdsale funds up in milestones that are pre-defined by each cryptocurrency company. The process mimics traditional investment seed funding and works in the following way: when a company completes a milestone, they go through an auditing process to ensure its completion. But the Xriba Protocol is not the only new thing to be readily available. From June 7, 2018, users can buy Xriba tokens (XRA) tokens that can be used to pay for suite services that are offered on the Xriba Protocol. The circulating supply at launch will reportedly be 148,000, 000 at a rate of $0,30 each. The greater the usage and popularity of the Xriba Protocol and Xriba transparency services, the lower the circulating supply of XRA will become, as the press release makes clear. Yet, many investors are still doubtful of cryptocurrency ICOs as many scams have been present recently and it`s incredibly difficult to know whether certain ICO is reliable at the time of investment. Read the full article
