Accounting Inefficiencies and Problem



The Solution and what 3rd parties have to say to accounting records kept on blockchain technology
Direct Link to Deloitte Article

Direct link to ICAEW

Eric Rosenberg

Steve Tendon

Why Everyone Missed the Most Important Invention in the Last 500 Years

3 Products requiring AB Tokens = 3 times the demand for AB Tokens

1. The Accounting Blockchain (TAB)
2. AB Fingertips Suite
3. AB Taxavance

1. The Accounting Blockchain (TAB)


Market Size:

- Trillions of B2B and B2C of global transactions yearly. Multiplied by 2, as most of these are currently duplicated due to isolated accounting systems — TAB is about to solve this.

Market Penetration:

- Gradual at first due to cultural shift in the way things are done. Exponential increase as more people connect as the solution provides savings for all parties involved.

- Widespread token offering is part of the strategy to catalyze and incentivize the use of the blockchain due to significantly reduced price of tokens.

- The widespread adoption of TAB is aided by first mover advantage as it is essentially the first to provide a trusted common ground whereby all parties are saving money by using it.

- APIs aided by artificial intelligence that connect the different existing accounting packages seamlessly to TAB making life easy for both the existing accounting software firms and businesses, thus making TAB the place to go to connect to the future rather than to remain in isolation.


Strengths and Weaknesses, Opportunities and Threats:

- A one-time opportunity provided by a widespread token offering which will propel the adoption and use of TAB. The dire need for real world blockchain accounting connection and the absence of a trusted common ground between accounting software platforms is a gap in the market that TAB fills in perfectly.

- TAB is not competing with competitors but rather connecting them and saving them money, providing a fast and easy way into blockchain adoption.

- Threats include the transitory period whereby businesses need to learn about the advantages that blockchain accounting offers, advocating the need for a global educational campaign. AB has a clear business plan that makes this period as short as possible and includes the widespread discounted token offering as part of this strategy and the introduction of two other platforms that boost the adoption and demand for the AB token during this period.

- Once TAB goes through the early adoption phase and into the following stages of general adoption by medium sized businesses and large corporations, the demand and load on TAB is expected to increase exponentially in the same pattern of adoption of social media due to intrinsic nature of connecting businesses.

- How will TAB be able to handle such growth? How scalable is it? And the answer to this intrinsic in the very way TAB is designed with a ground-breaking Hyperledger fabric solution that enables TAB to scale up unlimitedly and handle the growth needed for the trillions of transactions that link the global supply chain.

Unique Proposition at the right timing, and barriers to entry

- The blockchain being developed by Accounting Blockchain will be the first ever blockchain dedicated for triple entry accounting and to solve this multibillion-dollar problem.

- Being the early introducers in this class is a unique advantage. Why? Businesses would only join a blockchain if they will be able to be connected with their customers and suppliers. Any other blockchain which will come after Accounting Blockchain will need to convince businesses to get disconnected from a global network and join a network with limited connections. Which business would decide to join a different blockchain only to be disconnected and lose all the benefits of being connected in The Accounting Blockchain?

Studies show that adoption of such a game changing technology follows an exponential pattern. This means that the use and demand of TAB may be, perhaps in an over simplistic manner, be classified into three stages:

1. Early adoption

2. Market penetration

3. Widespread adoption

AB have decided to base projections on conservative values based on small fractions of the market size of global B2B and B2C transactions (less than 1%), especially for the first few years, as an educational global marketing campaign will kick in to show traditional and ongoing businesses the advantages TAB will provide when it is integrated into their accounting systems. Having said this, once the benefits are known to a user and starts saving his and his supplier’s money, the growth of the use of TAB would take an exponential form.


2. AB Fingertips Suite


Market Size:

- Millions of businesses globally are looking or will be looking for a solution to integrate their current business operations to blockchain and be able to integrate cryptocurrency in their day to day operations, benefit from the use of blockchain smart contracts, and be able to record their sensitive data into the security and immutability of blockchain. Businesses are starting and will increasingly look to turn their accounting system from an isolated record keeping software to a platform that handles their smart contracts, invoices, triple entry accounting, and payments in real time. This is the future of accounting and AB Fingertips Suite is ushering in just that.

Market Penetration:

- The gap in the market for a platform that integrates blockchain advantages into day to day running of business provides AB Fingertips Suite a unique opportunity.

- AB Fingertips Suite has the major advantage of having its architecture built with blockchain accounting in mind and is not like any other existing accounting software that has to adapt to blockchain through changes in the software but will never be intrinsically a blockchain focused software.

Strengths and Weaknesses, Opportunities and Threats:

- AB Fingertips Suite is uniquely positioned to provide a simple and easy access to the much needed blockchain advantages to everyday businesses. It is being built around blockchain and triple entry accounting, not adapting to it.


- The adoption of blockchain accounting into everyday business is still in its early stages. Some have argued in AB focus groups that introduction of such a software is a bit to early. However, AB believes that being at a very early stage in the market gives AB Fingertips Suite the opportunity to grow with the market and be right there when wide spread adoption of blockchain in accounting takes place.

Token Demand:

- Considering we are still in the early adoption phase of blockchain into traditional businesses, AB has forecast a conservative but steady growth for 2019–2021 and a faster market penetration for the years after, which is forecasted to see a widespread adoption of blockchain accounting.


3. AB Taxavance


Market Size:

- Number of crypto traders who have active wallets are growing exponentially. From 2013 to 2017 the number of active wallets has grown from 1.6m to 8.7m users!*. The rate of growth of the market is bigger every year. At the same time, regulations and enforcement on the taxation implications of using cryptocurrency pose a major headache to the cryptocurrency wallet users and traders. The large number of trades and exchanges involved makes the task of giving an accountant the job of filing taxes on crypto tedious and thus very expensive.

*Market data from: Hileman, G. and Rauchs, M. (2017). University of Cambridge. 2017 Global Cryptocurrency Benchmarking Study. SSRN Electronic Journal.


Market Penetration:

- A 1% market penetration is already 87,000 customers (2017 data) and AB envisages conservatively a growth of market share from 0.5% to 6% from late 2018 to 2022. Active wallets are mostly in North America and Europe, with a 30% and 31% share of the total market respectively, with Asia-Pacific trailing at 3rd place with a 20% market share. Latin America and Africa — Middle East have 13% and 6% market share respectively.

- Accounting Blockchain's strategy will be to start from Europe and expand to the rest of the world in stages. Tax accountants to do the job of compiling such transactions can prove to be super expensive, and online platforms charge from 49 USD to over 1,000 USD yearly depending on number of transactions. AB token holders will gain a well-discounted access to such service which will be possible for AB to deliver due to the large community of users gained by the initial token offering process.

Strengths and Weaknesses, Opportunities and Threats:

- Global system, through a growing network. This is necessary due to the fast-changing regulations globally in the sector which is a major challenge for crypto traders worldwide.

- Again, some might argue introduction of this service might be too early, but feedback from the community shows that such a service is needed now more than ever, and in the mid to long term future the use of AB Taxavance will be a life saver and a way out from the super expensive accountant and tax advisor bills.

Token Demand

- AB Taxavance has the advantage of being one of the first introducers of such a complete global crypto taxation service, and the timing of its introduction is spot on due to increasing regulation in the cryptocurrency world. Basically, any serious user of crypto currency needs such a service which means that the demand grows as the widespread adoption of crypto assets grows. AB is being conservative in forecasting market share in this sector, even though these forecasts verge on being too conservative, this still generates a great demand for AB Token.


Total Token Demand and Supply for AB Tokens

Due to the limited supply of AB Tokens, the value of AB Tokens will be determined by supply and demand forces.

AB Tokenomics have been designed in collaboration with E&S, a renowned accounting firm specialising in ICOs and tokenomics with the aim of creating a self sustainable efficient token ecosystem that gives the best value to the initial token offering contributors. This goes in line with our policy of having the AB Token spread as much as possible in the initial token offering in order to kick-start the platforms and place AB as a leader within this sector.

Securing AB Tokens during ICO stage puts the token holder in a unique position to be the first to hold tokens in the future of Accounting and to benefit from the potential that AB Tokens provides.

The tokenomics in place mean that when the demand for AB Tokens is bigger than the supply, the value increases. The bigger the distance between the demand and the supply, the bigger the movement in the value of AB Tokens.

With 3 separate demands for AB Token from different types of users rather than relying on the success of just one product, the value of AB Token can move at a faster rate.


TokenEco System Flow

Decentralised blockchain capable of securely and privately storing accounting transactions applicable to all businesses, irrespective of their size or location and linking business accounting in one common trusted blockchain.


Token Sale - Emissions and Distributions
Token Name: AB Token
Token Ticker: TAB Token
Token Standard: ERC20
Exchange Rate: 1 AB Token = $0.01 at the end of the ICO
Total number of Tokens: 22bn
Soft Cap: $4m
Hard Cap: $64.4m
Founder Vesting: Vesting ensures a long-term commitment from the founders towards the success of the project. Founders have a 3-year vesting schedule with a 6-month cliff. This means one sixth of the tokens will be matured every six months.
Vesting ensures a long-term commitment from the founders towards the success of the project. Founders have a 3-year vesting schedule with a 6-month cliff. This means one sixth of the tokens will be matured every six months.
Unsold ICO AB Tokens: Unallocated tokens that were available for sale in the ICO will be burnt.


The Accounting Blockchain Team




Bitcoin Talk & ANN
Reward: 100 to 1000 AB Tokens. ($1.00 to $10.00)
Allocated: 50,000,000 AB Tokens

Weekly AB Tokens – available at the start of the ICO.

•   Junior Members : 100 AB Tokens per week
•   Members : 200 AB Tokens per week
•   Full members : 400 AB Tokens per week
•   Senior members : 500 AB Tokens per week
•   Hero/Legendary members : 600 AB Tokens per week
   
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•   Posting above 10 posts on your local thread will not receive any AB Tokens

By the presence of this ACCOUNTING BLOCKCHAIN, it proves that the financial system and the world of currency and finance are now growing. they are aware of the blockchain technology and spread for this. Really like this progress.

Hi @ all - seems to be an interesting coin
very nice project go to moon

Couldn't agree more. Businesses who start using blockchain technology in their accounting send the message that they want to be as transparent as possible in order to boost investor confidence. Additional to that, businesses would also benefit from the following: -

1. They would drastically reduce their accountancy fees due to the fact that a large proportion of their accounting records would be automated and recorded on blockchain;

2. Save on audit fees. Auditors spend most of their time obtaining 3rd party supporting evidence to verify the transactions recorded by businesses. With blockchain technology, they will have smart contracts immediately available which come from the 3rd parties and would be able to verify the data immediately;

3. For large businesses, they can easily save money as they would no longer require to employ such a large accounting division since the work is automated;

4. Fraud and creative accounting as was with Enron would become a thing of the past as fraud would be much more difficult;

5. Taxation authorities would know which businesses to trust, those that keep their records on the blockchain as there won't be room for manipulation of records;

6. Small businesses would save their time. Rather than having to record their transactions, the majority would be automated and they would be able to focus more on their business and on their family.

I'm attaching a link to one of the videos which explains some of the many benefits The Accounting Blockchain can provide. Click here for YouTube video

Adding assurance to the crypto industry at last! I fully support this project Goodluck!!!

AB has gone through great lengths to explore the complexities of the challenges encountered by businesses and investors today and providing innovative and game-changing solutions with the sole purpose of creating a better accounting infrastructure to service the global economy.
Which particular areas do you want to occupy? Businesses / investors / providing innovative? You can have a little more specifics.

I personally appreciate this project. good team, clear roadmap. This is the basis for my belief that this will be one of the most successful projects this year. If you are a quick investment investor can not ignore this good project.

        Wonderful projekt ! I like it!

I totally impressive with your declared performance about mission statement, vision and commitment of Accounting Blockchain. I really like your project! Will be watching you. Good luck.

What is the contract, symbol, and decimal to add AB to MEW?  When will I receive the AB tokens into my ethereum wallet?