Abstract
ASA Stats is the Algorand blockchain portfolio tracker for web, iOS, and Android. On top of real-time monitoring of up to five user addresses for free, the ASA Stats Point in Time will bring the possibility to evaluate user accounts at any moment in the past. After the implementation, Algorand blockchain users will be able to create transparent references for tax reporting.
This proposal implies the deployment of all the needed data and templates for US citizens tax reports for free. At the same time, users from the rest of the world will get a foundation for implementation through the ASA Stats user widgets system.
It’s not exciting but I think of this proposal as bringing the sort of utility that projects like Nimble are hoping to bring to Algorand. I like that they are starting out with U.S. but plan to build out from there. The team is well-known to the community and their milestones seem quite clear with a solid roadmap. 75,000 isn’t much though, but if they can build out a usable product on that budget then more power to them!
a lot of people including myself (although i wouldnt benefit of that proposal due to living in the US) struggle with finding exact valuations of our accounts. this would help a lot and since asastats is awesome at tracking portfolio values i absolutely support it!
not completely clear imo, the roadmap specifically mentions US citizens tho so i dont have high hopes for me personally yet
Well, we could have set our milestone/goal to prepare all the materials for all the tax reporting needs for all the world’s countries, but such a milestone would be automatically recognized as a deception.
We’ve rather picked a different angle: let’s prepare a foundation for probably most of the world and then prove the concept by implementing and providing templates/documents for only one country, US.
It is expected that by using those templates for the US, all the world countries’ citizens will be able to fill up their tax reports. Sometimes that will come down to simple USD->their currency conversion, sometimes they will need to change the titles and descriptions in the documents, etc.
On top of that, ASA Stats plans to develop a user widget system. Once such functionality is deployed, someone who has invested time in research and has got rights to deploy a widget will be able to use the existing foundation and parts dedicated to US citizens to create a widget that will be named something like “Tax reporting reference for Norwegian citizens”.
With the current head of the SEC labeling Algorand as a security this feature is of upmost importance in generating relevant tax data for U.S. users. It only further legitimizes the Algorand Blockchain in the eyes of the U.S. government and will help many users navigate their personal income taxes. Several other competing crypto-tax softwares do not completely integrate Algorand’s transaction data, leading users to double pay for tax services and still have to manually add their transaction data for Algorand.
I believe this proposal is of the upmost importance and should be considered seriously.
