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Auditchain Project and Token Economy Overview

Subject to protocol adjustments and improvements, AUDT tokens will be purchased staked by each enterprise. AUDT is used by each enterprise to join Auditchain. AUDT is deducted from the stake account of each enterprise to pay for implementation, smart contract deployment, transaction validation, continuous audit, and enterprise expansion. Holders of AUDT will have rights to access and use the services of the Auditchain network. AUDT will also be used to associate with a digital identity application which will identify each enterprise user and each Federated Node, operator. AUDT will not bear any voting rights or any rights to current or future equity in Auditchain or the network.

Application and Service Providers, Any user may develop and/or provide a service to the Auditchain network for consumption by other users. The developer or provider of any such service or application must pay AUDT Fees for network certification, installation, testing, validation and SOC certification of such service or application using AUDT. Upon launch of the service or application, users will pay AUDT to the developer for the use of the service or application and the developer will earn AUDT. In addition, transaction fees associated with the use of the service or application are earned by nodes on the network for providing the computational power to complete the transactions provided by the service or application. 

Staking Incentive for Nodes, Federated and Non-Federated nodes are required to purchase and stake AUDT. A collateral stake is posted by every node to a secure multi-signature wallet to ensure uninterrupted services are provided to the Auditchain network by each node. Any node that ceases to provide service to the network will be penalized through the deduction of AUDT from their staked account. Deductions will be determined by the level of service and length of time service is not provided by the node. Additionally, deductions are made from the staked account for non-compliance with network and service protocol. 

Value Exchange AUDT is the unit of value exchange in the Auditchain network. AUDT is the creator and driver of the transactional economy of the Auditchain network and the services provided. Similar to gas on the Ethereum Network, AUDT Fees are the Auditchain Network atomic unit of value determined by the network for the payment of fees for transactions, computations, and certification. AUDT Fees, unlike Ethereum gas, are valued in local currencies. In one example; subject to network conditions and priority USD $.0001 worth of AUDT may be paid to the validating Non-Federated node for a single transaction in the US. 

Mining Rewards, Auditchain is secured through a Proof of Work (PoW) Proof of Stake (PoS) consensus mechanism. Auditchain mining rewards will be allocated as follows: 42.5% of the block reward goes to Non-Federated nodes (PoW miners), 42.5% go to Federated nodes (PoS miners) and 15% is allocated to Auditchain and its affiliate for the continued development of the network and education of the Auditchain community. Utility Fees, AUDT is paid by enterprise users to all nodes for the computation of transactions effected by the enterprise on the network. A priority fee is added to the cost paid by the enterprise for transactions requiring a higher priority. 

The total supply of AUDT at the genesis block will be 250,000,000 which includes (i) 160,000,000 to be sold in the TGE, (ii) 25,833,333 to be distributed to the team, (iii) 25,833,333 reserved and distributable to advisors, (iv) 25,833,333 reserved and distributable to partners and providers of applications and services to the Auditchain network and (v) 12,500,000 reserved and distributable in connection with bounties. See “Token Allocation”. In addition to the initial AUDT token supply and subject to block times, consensus proposals and improvements, approximately 12,500,000 additional AUDT tokens will be rewarded to all Federated and Non-Federated nodes per year which amounts to approximately 237 AUDT tokens per block. Below is a chart of the infation curve which results in the debasement of the initial supply of 250,000,000 AUDT at the initial rate of 5% per annum which is disinflationary. 

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