Announced May 31, 2017, an independent audit for a token offering from blockchain fund Token-as-a-Service, or TaaS, is complete. Accounting and consulting company Grant Thornton LLP performed the audit.
TaaS was developed with a profit-sharing mechanism built into an Ethereum executable distributed code contract, which disburses half the fund's quarterly earnings amongst investors. TaaS told ETHNews more details about the profit-sharing:
"Every 3 months, a designated smart contract will disperse 50% of TaaS fund profits, equally spread out over the number of outstanding tokens. Intuitively, it implies that investors with a larger share of tokens will receive a higher return."
TaaS President and Co-founder Ruslan Gavrilyuk said the company relied on Grant Thornton’s reputability, experience in the blockchain sector, and global presence:
"TaaS selected Grant Thornton as its external auditor not only because of its reputation as one of the world’s top independent advisory firms, but also due to its in-depth knowledge of blockchain assets and the cryptocurrency market. With clients based in 130 countries worldwide, Grant Thornton has the requisite expertise in the global blockchain space to ensure that its findings are most valuable to TaaS investors and spectators."
“The independent audit ensures investors have full transparency into the ICO results including the total number of tokens issued and in circulation, the exact capital amount raised, the use of proceeds, and the proper token listing on crypto exchanges LiveCoin and Kuna”
Grant Thornton presented the results of the audit to TaaS management, who in turn posted it to a medium blog. The audit found that funds raised during the token offering are being allocated in the manner set forth in TaaS’s white paper.
An excerpt from the report:
As an investor platform, TaaS has made use of the Ethereum blockchain to back the trading of TaaS tokens which are available on LiveCoin, Liqui, and HitBTC exchanges. Since the token offering on March 27, 2017, TaaS tokens have risen to $1.72, a 72 percent gain.
In an effort to ensure transparency and proper records keeping, TaaS introduced a publicly available technology, Cryptographic Audit, which allows any member of the public, regardless of their ownership of TaaS tokens, to verify the fund's trading history and balances.
With audit complete, TaaS can now focus on mid-to-long-term positions as the market continues to grow.