In his book “Down The Rabbit Hole: Discover The Power of Blockchain,” author Tim Lea highlights the evolution of smart contracts and their use ensuing from the blockchain.
“The term smart contract was first coined by a computer scientist Nick Szabo,” Lea writes. “In his 1996 article in the magazine Extrophy, he broadly described a smart contract as the ability to bring refined legal practices of contract law to the e-commerce protocols between strangers and the internet.”
In their most basic form, smart contracts are self-executing contracts that function within mutually agreed upon terms between two or more parties. These agreements, which are written into lines of computer code, exist as part of a distributed, decentralized blockchain network facilitating the automatic execution of contractual terms with no further involvement from any of the parties involved, including external third-party intermediaries.
This disruptive approach runs counter to the prevailing tradition of drafting and enforcing deals through involvement with external players like banks, lawyers and escrows. This practice is both time consuming and costly, especially in cases involving overseas deals. While smart contract technology helps to overcome these and other administrative and legal roadblocks, a complex set of programming skills are required to draft blockchain-based digital contracts.
One company that’s making major inroads in this new age of smart contracts is Confideal, a platform for managing and enforcing smart contracts. Based in Ireland, a hub for crypto adoption in Europe, Confideal is forging a path toward the removal of barriers to digital transactions throughout the world. The company champions transparency, opening up essential business tools to those without legal or coding skills.
“Confideal is a service designed for a wide audience from individuals to business owners, and available for everyone,” said Petr Belousov, Confideal’s founder and CEO. “Our ultimate goal is mass adoption of blockchain among real sector businesses worldwide.”
Because Confideal’s data is encrypted and protected by the Ethereum blockchain, the immutability of the agreement terms is assured. In addition, Confideal offers the following value propositions:
• An internal arbitration module with top-rated arbiters and unbiased ratings. Arbiters selected to resolve a dispute on the Confideal platform are either a qualified third-party legal firm or a professional.
• A smart contract management option that provides full control over transactions (e. g. close deals, end them, set up fines and down payments).
• Cryptocurrencies are utilized to eliminate all payment barriers. No need for intermediaries which results in lower costs.
With the groundbreaking advancements of blockchain technology, Confideal is on a steady path to bridge the gap between the smaller circle of computer programmers and coders who understand the inner workings of the technology and the larger population of average, everyday users. With efforts to move smart contracts toward mainstream adoption, efficient models of user interface become vital. With Confideal’s efforts as a visual smart contract builder, it’s clear that momentum in this space is heading in the right direction. Of course, Confideal is not only about the builder itself. The three main features of Confideal are: smart contracts, built-in arbitration, and CDL tokens. There are tons of projects out there that offer only one feature and often they don’t even have a ready to use product. Confideal, on the other hand, does have a product and the project created a complete ecosystem that comes together into a harmonious product. The built-in arbitration module is used in case of a dispute and basically it means that a third party arbitrator will help you resolve or mediate the dispute.
Confideal’s initial coin offering (ICO) will commence on November 2, 2017, under the token name “Confideal” or “CDL.” The total supply of CDL tokens will be 100,000,000 with a price breakdown of 1,000 CDL to 1 ETH. The total supply will never increase and no additional tokens will ever be released.
CDL tokens are the internal, native currency for the Confideal platform. For all transactions made in CDL, 1 percent of the contract fee is exempted. Moreover, token users can participate in voting for arbiters.
Of the total ICO supply, 74 percent of the tokens will be sold via the ICO. The remainder will be distributed as follows: 6 percent were sold during the pre-ICO; 10 percent have been set aside for the team behind the platform; 4 percent for promotional activities; 4 percent for advisors; and 2 percent for a bounty campaign.
“Following our ICO, we have a detailed roadmap planned for developing the product,” Belousov said. “It includes the launch of the arbitration module, API and widget, implementation of multiple smart contract templates for various purposes, multi-language support, integration with other technologies and blockchains. It is with this that we are excited about the future of smart contracts.”
You can reach out for more on Confideal through Telegram.
Note: Trading and investing in digital assets is speculative. Based on the shifting business and regulatory environment of such a new industry, this content should not be considered investment or legal advice.
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