NEW YORK and LONDON, June 7, 2018 /PRNewswire/ --
Xriba today launched its Initial Coin Offering (ICO) for a new 'open accounting' protocol that will dramatically decrease bookkeeping effort for crypto and traditional companies whilst enabling them to reach a new level of professional transparency and accountability, and address ambiguity in evaluating cryptocurrency companies from a financial perspective.
The mission is to provide cryptocurrency and traditional companies alike a framework for remaining transparent and accountable to investors, supporters, and the open market.
The "Xriba Protocol" records financial transaction records on a public decentralized ledger where accounts can be stored and queried. It includes an open API allowing third-parties to build their own accounting applications or tools.
Xriba 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' into 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 state-of-the-art 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 June 7th 2018 users can purchase Xriba tokens (XRA) tokens which can be used to pay for 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 greater the usage and popularity of the Xriba Protocol and Xriba transparency services, the lower the circulating supply of XRA will become.
Because Xriba is a founding member of TokenCheck Foundation, holders of XRA also become members.
Soft cap US is $10,000,000 and hard cap $19,450,500. Total supply is capped at 275,000,000.
To participate in the Xriba ICO (http://www.xriba.com), investors just need to download the free Eidoo app and use the inbuilt Eidoo ICO Engine to purchase the tokens. Eidoo's ICO engine has a successful track record of enabling investors to safely and efficiently participate in ICO's via the blockchain (http://www.eidoo.io).