Tezos, a well-known cryptocurrency and blockchain company that is essentially a platform for smart contracts and decentralized applications, has hired the “Big Four” company PricewaterhouseCoopers (PwC) to audit their finances and operations.
In their press release, the Tezos foundation described that PwC Switzerland would be employed as their external auditor. They also mentioned that this was the first time a large-scale blockchain organization was accepted by one of the “Big Four” for external auditing.
The Foundation is committed to operating with the highest degree of integrity in the service of our mission to support the Tezos protocol, ecosystem, and community. Engaging a top-tier independent external auditor ensures that the Tezos community and its observers can trust our operations and use of finances.
We believe that accountability and trust will be central pillars of any successful entity operating in the blockchain space. We are excited to make progress towards this goal with PwC Switzerland acting as our independent external auditor.
The activities of the Tezos Foundation have been controversial within the Blockchain space ever since they managed to raise a staggering $232 million in their initial coin offering (ICO) in July 2017. This was followed by several lawsuits, launch delays, which was eventually followed by their beta network launch on June 30, 2018. Their beta network utilizes a proof-of-stake consensus mechanism whereby every transaction is approved by a set of validators, known as ‘bakers’. There are 26 such bakers with the number expected to increase in the near future.
A week back, PwC also announced their intention to participate in a research trial involving Blockchain Technology and Cryptocurrencies with the other “Big Four” firms: namely Deloitte, EY, and KPMG. Such advances by major auditing companies would only be beneficial towards promoting the mainstream adoption of Blockchain Technology and would also help make them more secure and trusted amongst the crypto ecosystem.
This is not the first time PwC has partnered with blockchain companies – three months ago, they announced their partnership with VeChain, the Singapore-based blockchain company that focuses on financial services.
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