XRIBA Association is born: Blockchain and accounting, two sides of the same coin
XRIBA Association is born: Blockchain and accounting, two sides of the same coin
Blockchain

XRIBA Association is born: Blockchain and accounting, two sides of the same coin

By Amelia Tomasicchio - 7 Dec 2021

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Blockchain technology is disruptive, there is no doubt. But it is also complicated and remains a mystery to many. Certainly it is not for Xriba, a project born in 2018, which uses blockchain technology to simplify operations related to a very delicate issue: that of accounting.

After the development phase of artificial intelligence to automate accounting registration – which led to the birth of the XribaBooks platform – today the project is preparing to design new products and, through the Xriba Association, to promote its objectives.

What is the Association and what is its purpose

One of the objectives that cannot be separated from any blockchain project is to create a decentralized governance control system that ensures the active participation of users, token holders and the main actors of a blockchain ecosystem.

The Xriba Association is a non-profit organization that deals with the management of XRA tokens, and carries out coordination and organization activities for Xriba projects involving all the players in the Xriba ecosystem: developers, stakeholders and token holders.

To this end, the association will equip itself with a DAO system that will allow its members to vote and make decisions regarding token development and management objectives.

A DAO (Decentralized Autonomous Organization) system, refers to a revolutionary way of managing organizations, making use of smart contracts and blockchain technology to provide them with transparency, immutability, autonomy and security.

DAOs aim to find practical solutions to have decentralized governance.

The Xriba DAO will allow all XRA token holders, including those who are not members of the association, to propose and vote on changes to the token economy, blockchain development roadmaps, and to propose new features of Xriba services.

To vote, it will be enough to stake your XRA tokens on the appropriate DAO smart contract.

The Xriba association directs the development of the project based on four main values:

  • Simple and easy – The goal of the organization is to establish an ecosystem in which it is easy to interact and whose services are easy to use, in order to allow the greatest number of users to participate in the activities of the Xriba community and to benefit from its services.
  • Transparency is everything – Transparency and sharing are two words that come to mind when thinking about the blockchain. The association makes Xriba’s blockchain business transparent, as well as providing regular news and updates on Xriba projects, the XRA token, and new collaborations and initiatives being conducted by its founding members.
  • Interoperability is the key – There are a multitude of blockchains available today, each with their own ecosystem, potential and users. It is not possible to be limited to being present on a single blockchain, the Xriba Association wants to make the ecosystem as interoperable as possible, so that it can reach the largest number of projects and users, in order to involve them in achieving its goals.
  • Token holders are in command – The Blockchain is built on the principle of decentralization. Aware of this, the Association aims to increase the involvement of the Xribers community in the governance of blockchain innovations and the future Xriba sidechain, through the DAO system and its communication activities.

To become a member, there are a number of prerequisites, including XRA staking.

The members of the association are divided into three distinct groups based on the amount of tokens staked: Founder Members, Ambassadors and Supporters.

The Founder Members are all the companies that have signed the articles of association of the association and are directly involved in the development of Xriba software. Ambassadors are organizations and companies that have staking a predetermined amount of XRA. While all other XRA holders who have staked XRA are considered Supporters.

Founder Members and Ambassadors will have the power to promote changes within the Xriba ecosystem in terms of development and token policy, while Supporters will only be able to express their consent or dissent. The weight of the vote will be proportional to the amount of XRA deposited in staking on the DAO.

These are just some of the good reasons to stock up on XRA.

Xriba blockchain
Abstract digital technology background concept. Motion of digital data flow. Transferring of big data. Transfer and storage of data sets. , block chain, server, internet.

A new policy on the XRA token

The XRA token was launched on the Ethereum Blockchain using the ERC20 standard. A maximum of 275,000,000 XRAs was established as the total supply of the token.

The token performs several functions within the Xriba ecosystem:

  • It enables holders to vote in the Xriba Association DAO system by placing their tokens in the appropriate smart voting contracts;
  • Will power Xriba Sidechain: Notarization fees for blockchain accounting data will be paid in XRA and validator nodes will be purchasable by Xriba token holders.

With the birth of the Xriba Association, also comes a new token economy for XRA: starting January 1, 2022, based on volumes of Xriba software licenses sold, Founder Members of the association will buy and burn XRA. A so-called “burning” will be initiated.

In the case of Xriba dAPP, 15% of the total price will be burned, and in the case of XribaBooks, 15% of the portion of the license that covers AI development will be burned.

According to an initial estimate, about 18 million XRAs will be burned in three years.

The forecast is segmented by product and based on XRA/USD exchange rate growth and the number of licenses sold per year.

XRA’s new token economy will go into effect on January 1, 2022. All tokens that would have been burned if this new economy had been in effect from the beginning will be burned by December 31, 2021.

The white paper is continually being updated.

Bottom Line / In conclusion / And finally

Xriba, after having developed the accounting software XribaBooks, and having built a bridge that allows the transition from the Ethereum blockchain to BSC through the conversion from XRA to BXRA, while preparing to launch a new software for the accounting of crypto transactions, has accomplished one more goal: that of creating an Association to make democratic the decisions that revolve around its destiny.

Is this perhaps the future of companies? Is it pioneering or a gamble?

One thing is certain: the Xriba team has never stopped since the company’s inception, bringing to light several products and optimal results. What will be the next milestone for this group?

 

Amelia Tomasicchio

As expert in digital marketing, Amelia began working in the fintech sector in 2014 after writing her thesis on Bitcoin technology. Previously author for Cointelegraph and CMO at Eidoo. She is now the co-founder and editor-in-chief of The Cryptonomist. She is also a marketing teacher at Digital Coach in Milan and Business Developer at MEXC for the Italian market.

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