In the past couple of years there have been numerous cases of auditing fraud that have taken place all over the globe. When looked at more closely, it becomes clear that these issues arise primarily due to the different loopholes that exist within the current auditing system used by most companies/ organizations.
This is where Ledgerium comes in.
It can be thought of as a fully developed “decentralized accounting ledger system” that makes use of the blockchain as well as smart contracts to handle all of its transactions (viz debtor and creditor actions) in real time. As a result of this, the platform is able to provide users with unique features such as:
- Reliable Identity Verification Tools
- Authorization Control Capabilities
- Real-time Auditing Options
- Internal Business Control Modules.
More About Ledgerium LGM
The core aspects of Ledgerium which make it stand out include:
(i) Uses a Consortium Blockchain:
This is a private blockchain which when looked at from a technical aspect, can be thought of as a ledger wherein the consensus process is governed/ handled by a set of pre-selected nodes. The advantages of such a ledger include:
- Quick: a consortium blockchain has the capability of confirming transactions in real time.
- Safe: only selected individuals with the proper credentials are given seamless access across within this network.
As mentioned earlier, Ledgerium makes use of a “Permissioned Network” that allows for enhanced security and privacy on all internal transactions.
(iii) Cost Effective:
Another often overlooked aspect of this service is its ability to help small/ large organizations cut down on excessive admin costs.
How Does Ledgerium Work?
Ledgerium serves as an accounting module that comes loaded with the following three components:
(i) LIP (Ledgerium Integrity Platform):
This is the core system module which handles all of the main functions that are needed for ledger maintenance including:
- Timely data and user identification
- Secure verification and authentication
(iii) LFS (Ledgerium File System):
As the name alludes to, this is the platforms file management system. It is based on IPFS’ distribution tool which allows for increased security as well as enhanced transfer efficiency across the internal ledger.
(iv) LGM Chain (Ledgerium Blockchain):
As mentioned previously, LDM is a consortium blockchain that has been designed specifically for accounting and auditing applications. Owing to its unique framework and design, it allows for selective participation, thereby allowing for reduced risks of hacking and other such activities.
Why Choose Ledgerium?
When looked at closely, we can see that Ledgerium makes use of a proof of stake (PoS) model to reach public consensus. In addition to this, there are “three tiered nodes” that are spread across the platforms internal set up thereby allowing for maximum functionality and usability. They include:
- Consortium Peer: this is the first layer within the core stack. It has been designed to provide Ledgerium with stability as well as the capacity to update transactions within the blockchain swiftly.
- Central Node: as the name points to, this node is designed to facilitate communication and maintain the integrity of Ledgerium. At this point, it should also be noted that this platform will provide users with tokens for carrying out certain tasks.
- Client Node: this is the outermost layer that is designed for users who want to interact with the consortium peer and main node for consensus.
Who is Behind This Project?
The main person behind this entire operation is Dr Mark Sinclair. Mark is a businessperson who has been in the finance and marketing domain for over two decades. In terms of his past experience, he has worked at companies such as KPMG— as a senior manager.
Similarly, Adam Wang serves as the COO of the company. Adam has been a chartered account for over 14 years and has handled operations for companies working with super funds, F&B, and software development. Lastly, as per his LinkedIn profile, Adam has been involved with managing over 800 million AUD in super fund assets at top-tier companies.
Ledgerium LGM ICO Token Details
According the the official whitepaper, Ledgerium is planning to issue 35,000 ETH worth of LGM tokens. Out of all the created coins, only a fixed amount will be released during the sale periods. These tokens will be used for accessing the Ledgerium accounting and audit service.
Token Distribution Details
- 50% of all created tokens will be sold exclusively to potential investors.
- Another 30% will be used by the Ledgerium Research Foundation
- 15% of all tokens will be set aside and saved for the developers of this platform.
- The remaining 5% will be used for creating marketing opportunities such as bounty programs.
The usage of raised funds will be done in the following manner:
- A massive 65% of the raised money will be used to further develop the Ledgerium platform.
- Around 20% of the money will be used to cover for operation expenses such as IT, legal and consulting costs.
- The remaining 15% has been set aside for marketing and advertising related activities.
For any further details, users can get in touch with company officials via email.