Xriba has launched its Initial Coin Offering for a new ‘open accounting’ protocol that is intended to dramatically decrease the bookkeeping effort for crypto and traditional companies whilst enabling them to ahieve a new level of transparency and accountability, and address ambiguity in evaluating cryptocurrency companies from a financial perspective. Creating a decentralized method for saving archiving and querying financial transaction records, the Xriba Protocol also includes an open API that allows any third-party company to build their own accounting applications or tools on top of.
The company has also become a founding member of the decentralized ‘TokenCheck Foundation’, which brings traditional financial market features to the cryptocurrency sector such as; seed-investment fund tiers, team member and partner verification, technological, legal and compliance auditing.
TokenCheck has developed crowdsale smart contracts with a feature called ‘Fund released milestones’ in the smart contracts, which will lock crowdsale funds up in milestones that are pre-defined by each cryptocurrency company. When a company completes a milestone, they go through an auditing process to ensure its completion, mimicking traditional investment seed funding.
On top of the Xriba Protocol, Xriba has developed two bookkeeping applications, called Mastrobook for traditional businesses and Cryptobooks for cryptocurrency business, which will decrease data entry by up to 72% using AI and ORC.
From the 7th of June, 2018, users can purchase Xriba tokens (XRA) tokens, through the Eidoo app, which can be used to pay for the suite of services offered on the Xriba Protocol. Circulating supply at launch will be 148,000,000 at a rate of $0.30 each. The soft cap is set at US $10,000,000 and a hard cap of US $19,450,500. Total supply is capped at 275,000,000.