World’s first RegFi protocol is deployed to mainnet 

AUDITCHAIN Labs AG has successfully deployed Pacioli.ai - the world’s first Web3 RegFi (regulatory finance) protocol - on mainnet.

Pacioli features a decentralised physical infrastructure network (DePIN) of Pacioli Nodes that read, understand and detect inconsistencies in machine-readable reports and disclosure infrastructure.

The protocol was deployed to Polygon on November 22, 2024 at 16:55:38 EST, with plans to deploy to additional Ethereum Virtual Machine Layer 2s. The first on-chain analysis of an XBRL financial statement was validated at 11:34:03 EST on November 26, 2024.  

Auditchain says it aims to move all XBRL-based reporting and validation on-chain. Over 25,000,000 XBRL based reports are filed annually with over 200 regulators in 65 jurisdictions. 

It features a user-friendly model-based disclosure automation management suite with XBRL output that substantially raises internal control over disclosure controls and eliminates the need for outsourcing to third parties.

Pacioli has XBRL disclosure automation across the following reporting schemes:

• European Union - Market in Crypto-Asset Regulation (MiCAR) for Crypto-Asset White Papers
• United Arab Emirates (UAE) - Virtual Asset Regulatory Authority - (VARA) for Virtual Asset White Papers
• European Union - European Sustainability Reporting Standards (ESRS) for Sustainability Reporting
• International Financial Reporting Standards (IFRS) for corporations and for SMEs 
• United States Generally Accepted Accounting Principles (US GAAP)