In light of the recent crackdown on cryptocurrencies all over the world, there is a need for greater transparency in the blockchain industry. ConsenSys is a project that aims to introduce more financial transparency and has come up with an ingenious new accounting software tool, Balanc3, to solve this issue.
Earlier this week, the Balanc3 team released the financial statements of Gnosis, Aragon, and Digix. The tool makes it feasible for all token sales to publicly disclose their financial information and how much they are spending on various expenses. It will also highlight their revenues and make it easier for the investors, management, and regulators to access the financial information for scrutiny.
The Balanc3 ERC20 token platform combines data from different exchanges and blockchains, providing financial reports that are compliant to the current accounting reporting standards. The information can be easily assessed by relevant personnel teams. The balanc3 platform aims to develop a reporting tool so that the token sales can operate while following the standards financial transparency that are expected in the financial sector. The platform hopes that its efforts will be enough to regulate the blockchain industry itself, without requiring external interference from governments or any other authority.
The following images represent the financial statements of Gnosis, Aragon, and Digix. The team of Balanc3 has been working with these groups to test their platform. The Balanc3 platform contains a user-friendly interface and is extremely detailed. It contains all the financial data that a normal accounting tool would contain, such as information about assets, liabilities, and equities.
Aragon's Balance Sheet
Gnosis' Balance Sheet
Digix DAO's Balance Sheet