Grant Request by Xriba CryptoTax Reporting

Submission Date

October 30, 2021

Project Links

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Linkedin: https://www.linkedin.com/company/xriba/

Project Description

“Xriba CryptoTax Reporting” will allow Polygon dapp users to aggregate data from blockchain transactions and automatically generate the reports required to comply with tax return compliance for digital assets and cryptocurrencies, allowing Polygon users to avoid errors and problems with the tax authorities in their countries.

Amount requested

50000 USD

Milestones

1) Upfront payment to start the development of the wallet transactions reconciliation.
The outcome will be a basic tool for transaction reconciliation from Tx hashes.
Resources employed:
3 dev for 1 month - $ 10,000.00

2) Development of the automation of transaction reconciliation.
The outcome will be an automated version of the reconciliation tool that is able to reconcile transactions from wallet addresses.
3 dev for 2 month - $ 20,000.00

3) Development of specific algorithms to do PoS reconciliation.
The outcome will be a perfectioned version of the reconciliation tool that is able to reconcile specifically transactions generated from PoS staking.
3 dev for 1 month - $ 10,000.00

4) Development of specific algorithms to do reconciliation.
The outcome will be a perfectioned version of the reconciliation tool that is able to reconcile specifically transactions generated from liquidity pool staking.
3 dev for 1 month - $ 10,000.00

4 Likes

As an accountant, this is an important project. It would be better to also have user milestones versus just development milestones.

1 Like

Dear mikhailbaynes, thank you for your feedback and for your interest in our project.

Should we consider user milestones for User Experience (for example: connecting wallets and exchange accounts trough API) or you’re suggesting to create a private beta user community to test our features?

Thanks in advance

2 Likes

Yes the former, and also the latter is a given to get feedback on the project. In traditional accounting software, the critical KPI is the number of users utilising their platforms. I believe that would be a critical KPI that Polygon DAO would also want to see your platform.

I completely agree that each of the upcoming updates should have a private beta version.
We would like you to be one of the beta testers, given your feedbacks for the project.

I’d want to clarify that ours is not a cryptocurrency accounting program that replaces regular software, but rather a tool that works in conjunction with it.
The tool will calculate capital gains and cost (choosing from different methodology: LIFO, FIFO, ABC etc.) for each Polygon chain use scenario.

Our expertise is in automating calculations for later import into accounting software.

We’ll start with the most popular, such as Xero, Sage, Freshbooks and others.

1 Like

In addition with the project description above I would like to specify the benefits of our solution. The final goal is to allow Matic hodlers and Polygon dapps users to comply with their local declaration regulations and avoid future issues thanks to our solution.

Not compilIng an asset declaration form even if there’s no need to pay taxes can expose Polygon adopters to the risk of future problems with local tax authority. We want to help users to avoid this risk.

In addition, the introduction of a tool to integrate Polygon with traditional compliance needs will alleviate traditional businesses’ fears regarding regulation, allowing them to more easily enter Polygon dapp services.

1 Like

Thank you for clarity. Well done with the integrating with popular Xero, Sage and Freshbooks, give good network effects. Sure I can.

That’s right, hence your project is an important one. By the way, my accounting firm is a Xero Partner. Once great partnerships to have network effect going for the project.

We are happy to announce that Xriba will get a grant to build its services on Polygon!

An announcement will be published soon!

2 Likes

Thank you to everyone for giving us this amazing opportunity. We can’t wait to help Polygon prosper and make life simpler for all of its users. We’ll solve together the accounting and blockchain incompatibilities.

Stay tuned! We will shortly invite Polygon users to join in the testing of our solution.

2 Likes

Grant Request Status

Approved

1 Like