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Xriba was created to bridge the traditional financial frameworks with that of the Cryptocurrency Market and to bring an increased level of transparency and accountability to all markets.
In traditional businesses, when companies receive investment and startup 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 roadmaps and timelines, taking advice and input from investors and other applied tactics. Each traditional company works differently, but a common denominator that they all have is 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 and rely on their marketing team’s tactics to convey the companies 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. The current method of evaluating a cryptocurrency company is very subjective and leaves much room for interpretation. The current method involves:
Examining the Team, team 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 partnerships of the cryptocurrency company to determine how connected they are in the overall market;
• Looking at the current market cap of the cryptocurrency and personal discernment to determine if that company is under/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 does not provide any concrete information pertaining to the financial health of a cryptocurrency company.
Xriba has developed a protocol, accounting applications and various tool- sets to address the ambiguity in evaluating cryptocurrency companies from a financial perspective; Providing cryptocurrency companies and traditional companies alike a framework for remaining transparent and accountable to their investors, supporters, and the open market.
Xriba has developed an open accounting protocol called the “Xriba Protocol” to record 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.
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. Once TokenCheck determines that the milestone is completed and delivered as the company outlined in their milestone roadmap, a portion of the crowdsale funds will be released to the company. This provides the company with a runway to complete the next milestone, while not releasing the entire sum of the crowdsale raise to the company in a single tier.
This process mimics traditional investment seed funding by releasing funds to the company in milestone theirs. It also protects crowdsale contributors and investors alike by preventing companies from conducting ‘money-grabs’ and failing to deliver on promised milestone deadline.
On top of the Xriba protocol Xriba has developed two state-of-the-art bookkeeping applications called Mastrobook and Cryptobook. Mastrobook caters to traditional businesses, while Cryptobook 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 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 Cryptobook, users will also have the ability to view the progression of the company in regards to the completion of milestones, release of funds, and details relating to milestone audits. This gives Cryptobook users and inside look on the status and financial health of the cryptocurrency company both a technological and financial standpoint.
Xriba also has created XribaPay which automatically reconcile payments within Mastrobook and Cryptobook. XribaPay is the first payment platform that allow companies to conduct financial transactions in both cryptocurrency and fiat currency.
Xriba is a next generation accounting protocol that provides transparency, accountability and bookkeeping services to cryptocurrency and traditional businesses.
XRA tokens power the usage of the Xriba Protocol and services. Many of the Xriba services are unlocked by holding XRA tokens. The greater the usage and popularity of the Xriba Protocol and Xriba transparency services, the lower the circulating supply of XRA will become.
• Xriba tokens are the payment method for services offered on the Xriba protocol;
• Users must hold XRA tokens to become Xriba Members. As a Xriba member users can browse and explore company expenditures, keep up to date on milestone and audit reports, and will be notified once new detailed milestone company reports are released;
• When XRA are spent for services on the Xriba protocol, spent XRA tokens are locked up for 6 months, after which the XRA tokens are allocated for company expenditures.
Xriba is a founding member of TokenCheck Foundation. Holding TokenCheck Foundation member tokens, such as XRA, is equivalent to a membership card:
• For companies to become members of the Foundation and to offer transparency services, they must hold TokenCheck Foundation tokens, such as XRA.
• For companies to receive transparency services and potentially a transparency stamp, they must hold TokenCheck Foundation tokens, such
• For individuals to access transparency products and services features offered by the TokenCheck Foundation, such as viewing a companies finances or detailed audit reports, the individual must hold TokenCheck Foundation tokens such as XRA.
At Xriba we believe that bringing much-needed transparency and accountability to the cryptocurrency space will help to professionalize and strengthen the sector. We believe that the current ICO and funding model needs to mature to protect contributors keep ICO companies accountable and motivated long term.
Xriba has identified several pillars of transparency and accountability:
1. The milestone-based release of funds: The startup will no longer have immediate access to 100% of the raised funds. Instead, funds will be released based on milestones. The startup proposes a milestone-based release of funds, based on the required budget to achieve each major milestone. This fund release schedule is detailed in the startup’s whitepaper and reviewed by the potential contributor during their due diligence process. Xriba will provide milestone-based smart contract templates and technical assistance for the startup to set this up correctly. The smart contract is then audited to ensure its validity and immutability.
2. Financial and technical audits: When the startup announces to have reached a major milestone, a financial and a technical audit are performed by an independent auditor. The financial audit checks the effective use of funds and the technical audit checks the development progress based on the predefined milestones. A positive audit score leads to the release of the next tranche of ICO funds. A negative score triggers a “milestone redefinition” process during which the startup can request to change the schedule for funds to be released; this request is then reviewed by the independent auditor. In extreme cases, when milestones were repeatedly missed, or no significant progress could be demonstrated, the remaining funds are distributed back to the ICO contributors. The refund process is a fail safe in case the startup was not realistic about its roadmap and milestones. All financial and technical audits are published to provide full transparency.
3. The Token Checker dashboard: A dashboard is made available to the public by Xriba. The Token Checker dashboard allows for:
• Monitoring of all transactions, spendings and potential revenues of the startup.
• Monitoring of the startup’s milestone history, including all audit scores and detailed financial and technical audit reports for all past milestone.
Xriba’s Token Checker dashboard will provide the public with much-needed objective metrics to evaluate a startup’s technical progress and financial integrity. KYC of funding wallets, AI-based tagging of transactions as well as OCR-technology for invoice/receipt scanning are applied for maximum transparency while minimizing the startup’s time spent for bookkeeping.
4. The TokenCheck Foundation: Xriba is the founding member of the non-profit TokenCheck Foundation and will deploy considerable resources to its creation. TokenCheck is a group of organizations dedicated and able to bring accountability and transparency to the cryptocurrency sector. TokenCheck will provide a wide range of services and products such as standardized due diligence checks on the team, partners and advisors or run technical and financial milestone audits. Startups that are willing to be transparent and accountable for the publicly raised funds can decide to become a Partner of TokenCheck at any point in time. Fees for the services provided are fair and transparent. Furthermore, TokenCheck will publically reach out to startups to find out if they are willing to be transparent and accountable for the publicly raised funds. Each startup’s decision, yes or no, is published on the TokenCheck Foundation website.