How to Solve the Issue of Accountability in the Crypto World: XRIBA to Banish A

[Neitcha]

How to Solve the Issue of Accountability in the Crypto World: XRIBA to Banish Ambiguity When Evaluating a Crypto Start-up With New ‘Open Accounting’ Protocol on the Blockchain



In traditional businesses, when companies receive investment and start-up capital they are subject to an increased level of transparency and accountability. Traditional businesses remain transparent and accountable to their investors and supporters by releasing quarterly statements, working hand-in-hand with investors, maintaining clear communication of road maps and timelines, taking advice and input from stakeholders, and other applied tactics. Each traditional company works differently, but their common denominator is having quarterly statements that inform their investors and supporters of their current financial standings.

This accountability and transparency is completely missing from the cryptocurrency space.

Nearly all cryptocurrency companies fail to produce quarterly statements, relying on their marketing team’s tactics to convey the company’s current standing to both their investors and the public. This creates a transparency problem in the cryptocurrency space and makes it very difficult to properly evaluate a cryptocurrency company. Such an evaluation might comprise:

Examining the team, and its members’ and Advisors’ history;
Examining the technology offered by the company, and predicting the impact that technology will have on the technology sector;
Evaluating the cryptocurrency company’s partnerships to determine how connected they are in the overall market;
Looking at the current market cap of the cryptocurrency and using personal discernment to determine if that company is under- or over-valued compared to its market cap;
Examining the overall network traffic and number of transactions that occur on that cryptocurrency blockchain.
Each of these points are subjective and do not provide any concrete information pertaining to the financial health of a cryptocurrency company.

Xriba has developed a protocol, accounting applications and various toolsets to address the ambiguity in evaluating cryptocurrency companies from a financial perspective.

The mission: to provide cryptocurrency companies and traditional companies alike with a framework for remaining transparent and accountable to their investors, supporters, and the open market.

Xriba Protocol records financial transaction records on a public decentralized ledger. This is revolutionary for the accounting industry and creates a decentralized method for saving, archiving, and querying financial transaction records. The Xriba Protocol includes an open API that allows any third-party company to build their own accounting applications or tools on top of it.

TOKENCHECK FOUNDATION – BRINGING ORDER TO THE UNCHECKED WORLD OF FUNDRAISING ON THE BLOCKCHAIN

To support Xriba’s vision of accountability and transparency in the cryptocurrency markets, Xriba has become a founding member of TokenCheck Foundation. TokenCheck is a decentralized foundation and brings many financial features that exist in the traditional financial markets to the cryptocurrency sector, such as seed-investment fund tiers, team-member and partner verification, and technological, legal and compliance auditing.

TokenCheck has developed crowdsale smart contracts with a feature called “Fund released milestones” into the smart contracts. The fund release milestone smart contract feature will lock crowdsale funds up in milestones that are pre-defined by each cryptocurrency company. When a company completes a milestone, the company will go through an auditing process to ensure the milestone is completed. The process mimics traditional investment seed-funding by releasing funds at milestones. It also protects crowdsale contributors and investors by preventing companies from conducting “money-grabs” and failing to deliver on promised milestone deadlines.

BOOKKEEPING DISRUPTED – AI and OCR tech to decrease data entry by up to 72%

On top of the Xriba Protocol, Xriba has developed two state-of-the-art bookkeeping applications called Mastrobook and Cryptobooks. Mastrobook caters to traditional businesses, while Cryptobooks is simply Mastrobook with additional features that cater to cryptocurrency businesses. The Xriba applications use AI and OCR technology to enhance data-entry speeds and decrease data-entry time by 72%.

Both applications include a web-based dashboard in which users, investors and company supporters can view company financial records, examine expenditures and view the company’s overall financial standing. In the case of Cryptobooks, users will also have the ability to view the progression of the company in regard to the completion of milestones, release of funds, and details relating to milestone audits. Xriba also has created XribaPay, which automatically reconciles payments within Mastrobook and Cryptobooks. XribaPay is the first payment platform that allows companies to conduct financial transactions in both cryptocurrency and fiat currency.

Founder of Xriba, Gianluca Massini Rosati, said, “The crypto space needs an increased level of transparency the further the sector grows. ICOs are a great heritage from Satoshi Nakamoto and a great medium to raise funds. However if we don’t act fast it will lead to a crack in the market. We don’t want to police the market but what we’d like to see are ground rules that everyone complies with in order to move the market forward.”