The Big Four To Audit Tezos Foundation’s Blockchain Project

By Khushboo Chadda

BTC Wires: The Tezos Foundation has come up with an announcement that ‘Big four’ giant PwC, Switzerland branch will conduct an external audit of the finances and operations of the company. According to the official statement of the Foundation, they are the first large-scale blockchain organization to be audited by PwC.

Earlier in June, Tezos had launched its network for beta testing. In July 2017, the Foundation had managed to raise a fund of about $232 million, which was by far the largest amount received at that time through initial Coin offering (ICO). The project soon came under the scrutiny with several lawsuits being filed against it, which led to delays, finally leading to a beta network launch on June 30, 2018.

The blockchain project launched in June works on a proof-of-stake consensus mechanism when the transactions are approved by the validators. As of now, there are 26 validators which are generally referred to as balers by the Foundation. The number of validators are expected to grow in near future and currently, eight of its founding member are validators or as the Tezos dub them as bakers.   

With the involvement of the ‘Big Four’ giants, the project is considered to operate with the highest degree of integrity, eliminating chances of any kind of suspicion. According to one of the officials of the foundation, collaboration with PwC makes room for trust in the Tezos community with respect to the matters of finances and operations.

Earlier this year in March, PwC made a statement of launching a blockchain auditing service for business in the crypto world. The ‘Big Four’ giant has also claimed that several companies have already begun signing up for it, well ahead of its launch.

Following the revelation of its plan, PwC has acquired a minority stake in the VeChain, in the month of May. VeChain is a Chinese blockchain startup, which mainly deals with activities like- anti-counterfeiting, Internet of Things (IoT), and supply chain management.

Khushboo Chadda

Khushboo Chadha is a passionate blockchain enthusiast who firmly believes in the extraordinary potential of the technology.

Related Posts