Auditing plays an important role in any business, but no more so perhaps than in ICOs. Successful ICOs have said they will bring in reputable companies to audit them, which lends them an added element of legitimacy. While ICOs may be adverse to involving big players in the traditional investment market, auditing can serve an important purpose in demonstrating your commitment to transparency, a crucial value in the ICO market.
IBC provides ICO audit report services, providing an alternative to more traditional companies that don’t have as good of an understanding of the ICO landscape and process.
An audit generally covers areas such as:
• Reviewing structures of data protection governance working to ensure your ICO is in compliance with various data protection stipulations and regulations.
• The electronic and manual management of records containing personal data
• Requests for personal data, the sharing of this data, and agreements with third parties.
• The process in place to ensure adequate security over personal data held by your ICO
• Financial records and distribution
• Verification of expenses and capital
Multi-Sig Wallet Services
IBC also offers Multi-Sig Wallet services, another key way to give your ICO credibility, given it can securely safeguard your tokens. Generally, they’re used to limit the risk of an individual or entity taking off with your funds, and to reduce the risks were one person to be incapacitated or lose their key, a problem that has plagued the industry.
At its core, a multi-sig wallet from IBC is a smart contract that exists on the blockchain. The way it functions is fairly simple. There is a number of of people who have various permissions to carry out certain actions. Rules and regulations on how many of those people have to agree before something happens allows for multiple points of verifications. Actions could include things such as receiving tokens or ether and submitting various kinds of requests such as who a token should go to and how many of them.
IBC has the expertise to set up wallets for whatever needs you have, ensuring the security of your ICO, while giving you the bandwidth to focus on the most important part of your ICO – the service or product.
ICO Auditing for Producing ICO Audit Reports Helps Solve ICO Credibility Challenges
ICO auditing yields ICO reporting and ICO audit reports that can help assuage both internal development teams and external investor concerns. Per Bitcoin.com’s now infamous report (link: http://www.castellodiamorosa.com/), approximately 50% of 2017 ICOs have already failed, with several more going dormant while retaining investors funds. Whether you are on the development team side or are an investor, ICO auditing and the efforts to produce ICO audit reports confirm to all stakeholders that a blockchain project’s ICO offers legitimate value.
ICO Reporting from Trustworthy ICO Auditing Firms Becoming a Necessity
ICO reporting standards have increased in response to litigation from dissatisfied ICO investors and regulatory burdens. Blockchain consultants, like IBC Group, recognized the need for ICO auditing. Producing ICO audit reports and focusing on ICO reporting has served to underpin recent ICO valuations because investors have a higher degree of confidence the development team can fulfill the project objectives.
ICO Auditing Reports Secure ICO Investors and Teams from Unnecessary Liability Exposure
ICO auditing reports stem from a process beginning with ICO auditing. The ICO auditing team generates ICO reporting documents after each phase of an ICO audit. The ICO auditing phases include: plagiarism check, conceptual uniqueness verification, technical documentation and references, graphics and image verification, financial analysis, legal compliance, and market confirmation. An ICO auditing multidisciplinary team will assess each area for generating ICO reporting documents that verify the worth of the project.