The audit of AUDITCHAIN by Dpad
With due respect to the founders and board members of this project, it’s a bit tough to interpret the concept of this project and write a review. I’ll try my best to interpret the project idea correctly.
Key Points of IDO
- IDO launching on Trustpad
- Process Control NFT
- A different project, focusing on a core sector like accounting.
- The team members are senior and experienced in different domains
Let’s explore the project in 9 parameters as we do always.
The idea is a long awaited concept bound to happen sometime, the accounting ledgers and data handling will eventually shift to Blockchain and the world of decentralized database shall exist. But that imaginative project shall have to be very dynamic to find it’s path through the hierarchical structure of the corporates. As a crypto believer we respect to the Auditchain team for leading a project in such an uncomfortable domain.
Honestly speaking about the website, it is extremely boring and outdated. It lacks in almost every aspect of web designing, specially in comparison to the crypto industry projects. The colors are not appealing, web design is boring, illustrations are very simple and boring, no trace of animations available anywhere on any page. Also it’s not that the team doesn’t care about the cosmetics, on Twitter there are many posters with motion graphic animations. Thus, by checking the website we can simply conclude that the team has web developers those are not in sync with current market trends. And believe me, it’s going to be real tough journey if the team can’t catch up with the current market trends.
The team members are senior guys from corporates, and they know their work well. We can expect their behavior to be professional most of the time. The team definitely needs addition of young people to make the project more lively.
It’s hard to analyze the feasibility of AUDT tokens at this stage, as an spectator. The token utility is not much clear from the website or Whitepaper.
On the market fit front, I think there will be high friction in onboarding clients targeting to update their accounting processes. Most of the account managers in the corporate are Boomers, and they won’t find it comfortable to update their accounting ledgers.
The team members are senior corporate people having worked in different domains. They need young people in the team. The founder is a veteran in business and technology. According to the project concept, they need to have access to the corporate client’s board room. So the experience of team members will be the reason that they will have access to corporate clients.
There are few partners related to accounting, crypto community, conferences, etc. It doesn’t seem they have put much efforts or budget in partnerships.
While treading through the whitepaper of this project, a sudden nostalgic feeling touched me, like the Whitepaper was transported directly from the ICO craze of 2017 crypto bull market. The 9 page document tries to resemble with the great original Bitcoin whitepaper. Since the document puts it straight that this is a fork of Ethereum and references the tech to the main Ethereum code, so they didn’t need to explain any of the tech behind the project.
The marketing effort is definitely visible on the social media, mainly Twitter from the past few months. Although the rigorous marketing campaign is lacking, maybe due to the limited budget. They have collaborated with whoever they could. As compared to other IDO projects, the marketing strength is quite low of this project.
After reviewing this project, the vibes are not much exciting. It’s a core infrastructural work to be done for a long term. The team can work on the core tasks, but keeping up with the fast running crypto industry shall be uncomfortable for the current team, unless they hire and accommodate new young talents from the crypto industry. The token utility can be good but the adoption of the chain by the target market seems rough.
Any suggestions are welcome on this review.
DPAD is building a decentralized protocol for crypto launchpad where anyone can raise funds for their business idea. The whole process on DPAD is decentralized and user controlled. DPAD supports the decentralization of crypto, true ownership of crypto assets. Learn more about DPAD on the following links: