ContractVault
ContractVault - Next Generation Agreements for Everyone
hello peoples, we met again in Kingsraid ICO explaination. Today im here to explain about Contract Vault
so, here it is
Introducing Contract Vault
Every crypto-enthusiast knows that Blockchain technology creates contractual trust. It is a meaningful record of truth. That is why there are plenty of other startups already promising to improve contracts by using Blockchain. However, we are thinking bigger.
Contract Vault is a Blockchain-powered platform on which anyone can develop, use, resell, customise and repurpose legally sound contracts. We are working with world-class legal partners to make creating contracts something that anyone can do, and as simple as drag-and-drop.
That includes next generation Ricardian Contracts – contracts which marry natural language contracts with Smart Contracts and thus making them legally-enforceable. Smart Contracts, implemented correctly, have the potential to facilitate agreements in thousands of existing and new contexts. Simply put, it is possible to modernise trade entirely, reducing the reliance on intermediaries, optimising digital processes, lowering transaction costs and enabling tamper-proof transactions.
By making Smart Contracts legally-enforceable so that they have legal consequences in the “real world”, it is possible to make the transfer of arbitrary physical property, assets or rights entirely decentralised, secure and legally compliant.
Until now, Smart Contracts have come with significant risk – because like any powerful tool, without the right protections, they can go dramatically wrong. The Contract Vault platform includes independent, impartial verification of Smart Contracts, plenty of off-the-shelf functionality, and legal resources on tap if needed.
Smart Contracts are only as good as the legal documents which accompany them. Without them, it is impossible for an outsider or a court to ascertain between whom and why a particular transaction took place. For contracts which do not require formalities, Ricardian Contracts represent the ideal construct for optimising and automating these contractual relationships and processes. Using Ricardian Contracts for use cases that require formalities will require amendments to current laws in some jurisdictions. Lawmakers will only begin to take notice when pioneers active in this area present plausible solutions which provide added value.
Built in the heart of the Swiss Crypto Valley, in Zug, Contract Vault is a Blockchain-powered platform on which anyone can develop, use, resell, customise and repurpose legally sound contracts. It’s a toolkit for building contracts as simply as drag-and-drop, a marketplace for selling them and a secure environment for witnessing them. We’re also a home for tomorrow’s smart contract automation; where fulfilled contracts automatically lead to events like money changing hands or documents being updated. From buying a home to unlocking micropayments in third world countries, Contract Vault is the new world of trust.
Contract Vault is a platform that bridges the gulf between legal contracts and smart contracts making the creation, management and integration of contractual processes on the blockchain simple.
It is the solution to get everyone ready for the brave new world of smart contracts - and make them Truly Smart.
● LEGALLY-ENFORCEABLE SMART CONTRACTS
Use Ricardian Contracts to combine traditional legal contracts with smart contracts, ensuring their legal enforceability and enabling the transfer of physical property and rights on the blockchain.
● RICH ECOSYSTEM
Through Contract Vault's rich ecosystem of legal advisors, blockchain experts and businesses, users gain access to expert advice, arbitration and mediation.
● ACCESSIBLE
Our intuitive interface allows anyone to create, test and manage traditional and smart contracts using only a browser or mobile device.
● MARKETPLACE
Access, customize and deploy a wide variety of legally and technically audited contract templates. Rate and discuss contract templates or access legal and technical advice directly.
● CONTRACT BUILDER
Create your own traditional or smart contracts or modify existing contracts to suit your needs using our visual SmartEdit tool and natural-language processing.
● WHITE LABEL SOLUTION
Law firms, banks, insurances and other businesses can offer their own white-labelled version of Contract Vault to their customers.
● POWERFUL
Create any kind of contract, from simple conventional loan agreements to entire Legal-, Insure- or Fintech applications that leverage on-chain and off-chain events.
● ENTERPRISE-READY
Our API enables enterprises to create or enhance applications by integrating their existing processes with smart contracts without spending months developing them.
● DEVELOP NEW SALES CHANNELS
Businesses and service providers gain access to new customers through an opt-in advertising platform which incentivizes users for using their services.
The Status Quo
Contracts are hard. Smart contracts aren't truly smart.
The legal services industry is currently entering a phase of deep transformation and smart contracts and blockchain technology are taking the world by storm - but how can lawyers, consumers, developers and corporations reap the benefits of these new technologies?
There are 4 issues with contracts and smart contracts that the Contract Vault platform aims to solve:
● ISSUE #1
CONTRACT USAGE
Contract templates are often poorly drafted, out-of-date, unclear, not truly customisable or extensible and require too much legal knowledge to use for average consumers.
● ISSUE #2
CONTRACT CREATION
Contract creation is hard, inefficient and tedious, even for legal professionals. Collaboration with clients is inefficient and usually consists of emailing documents back and forth.
● ISSUE #3
SMART CONTRACTS
Smart contracts are complicated and expensive to implement, inaccessible to non-technical people, can be insecure and are often not legally compliant. They are developed for specific use-cases and are not reusable.
● ISSUE #4
ACCESS
Access to legal and technical advice for conventional and smart contracts is expensive and hard to obtain quickly.
The Solution
Contract Vault is the place where this will change.
Users can construct their own reusable, customisable SmartTemplates or access a wide range of ready-made verified, legally-enforceable SmartTemplates which can be used to generate any kind of conventional or smart contract. Lawyers can provide advice, get access to secure smart contracts and use our tools such as SmartDossiers to collaborate with their clients more efficiently. Blockchain experts can offer their expertise and services directly on the Contract Vault Marketplace. Businesses can quickly and efficiently implement (smart) contracts tailored to their needs.
Use Cases / Integrations
The sky is the limit when it comes to the use cases of the Contract Vault platform. Our unique visual editor SmartEdit supports any kind of contract.
Agreements can be modelled as conventional contracts, smart contracts or a mixture of both. For example, if you lend your car to another party, you can include a security (eg. in the form of tokens) to be transferred by the borrower via a smart contract as a validity requirement for the agreement.
The ability to trigger smart contracts using both on- and off-chain events enables the creation of complete blockchain applications.
Below are some featured projects and applications currently in development or being planned that build on the Contract Vault platform.
SmartShares
SmartShares aims to solve the following problems with the help of Contract Vault’s Ricardian Contracts and identity services: Create markets for unlisted companies and manage the exchange of shares. Create liquidity for what is currently mostly an illiquid asset.
Allow companies to manage their relationships with shareholders via Smart Contracts. Pay dividends seamlessly with Smart Contracts. Stock markets are complicated and expensive, so nonlisted entities have no way of accessing the liquid funds offered by an open market without the considerable expense of an IPO or at least the significant pain of listing on a subsidiary market like AIM. Costs are also high for those executing trades.
By using Smart Contracts to tokenise non-listed company shares and Ricardian Contracts to make them tradeable, the cost of dealing can come down to a fraction of what even today’s online share platforms can offer. Furthermore, with non-listed company shares digitised on the Blockchain, other aspects such as voting and dividend allocation, for example, can be done more efficiently. Also, shareholders can use their - now liquid - shares as securities to raise capital.
As a first step, interested companies need to evaluate and amend their statutes and shareholders agreements, enable the tokenisation of shares, and set rules for their transfer, if any. We are cooperating with notaries to ensure an efficient and cost-effective amendment. Once tokenised, the SmartShares replace the existing ones, and each company runs its own token Smart Contract which holds a list of shareholders and their token allocation. Making a trade is as simple as moving entitlements as with any Blockchain transaction: the ledger is decentralised, and the transaction is corroborated by agreement.
We are working on the processes (and they are processes, not digital tools) to ensure the identities of the parties in a trade can be established and connected to Ethereum addresses. Each exchange must also be digitally signed – synchronously – for a trade to take place, and those digital signatures also verified. Contract Vault is a leader in Ricardian Contracts; the Smart Contracts with the legal and functional qualities required to execute trades actively. SmartShares is a joint venture with our technical and legal partners, we have already put significant work into the legal frameworks to make decentralised trading a reality.
Our SmartShares product (a trading environment and support services for the development of trading oriented Smart Contracts) is already in development, building on the architecture provided by the Contract Vault Platform.
The Contract Vault platform can generate a variety of end-products from our SmartTemplates, including:
-Conventional legal agreements, which can then be used offline in the usual manner
-Legal agreements, which can be saved securely on decentralised storage and made tamper-proof using signed blockchain transactions
-SmartForms and SmartDossiers, which empower legal professionals by enabling them to communicate and collaborate with their clients more efficiently
-Customised Smart Contracts, such as Ethereum Smart Contracts
-Legally-enforceable Smart Contracts in the form of Ricardian contracts or dual-linked smart contracts.
Token Classification and Usage
VAULT (“VLT”) is a transferable ERC-20 compliant digital utility token deployed on the Ethereum network. VLT enables consumers, law firms and corporations to utilize the Contract Vault platform and Marketplace while incentivizing content creators to create and maintain high-quality contracts on the Contract Vault Marketplace.
The Contract Vault Marketplace is the heart of the Contract Vault ecosystem providing a wide array of conventional and smart contract templates and applications by Contract Vault itself and partners such as legal and technical experts.
VLT is used throughout the Contract Vault ecosystem, in particular to consume services or to increase visibility in the Contract Vault Marketplace:
a) Consumers may use VLT to access services such as conventional and smart contract templates on the Contract Vault Marketplace, and may receive VLT by rating and reviewing Marketplace items and services or by signing up for value-added services provided by business customers.
b) Businesses may use VLT to access conventional and smart contract templates as well as for offering their value-added services to Contract Vault users. They may receive VLT through white-labelled applications.
c) Law Firms may receive VLT by creating or auditing content on the Contract Vault Marketplace, usage of their offered contract templates or providing manual legal support to clients. They may use VLT to access smart contract templates for or on behalf of their clients.
d) Service Providers such as legal professionals and blockchain experts may receive VLT by providing, modifying or auditing content but also by offering their expertise directly to Contract Vault users. Legal professionals can also provide arbitration or mediation services in cases of disputes or act as trust-worthy oracles.
Supply and Allocation
Maximum Token Amount: The aggregate maximum amount for the entire allocation of VLT (including private Pre-Crowdsale for certain entities and individuals, the Phase I and the Phase II Sale, as well ascontributions from private entities and individuals of strategic value for the Contract Vault Project) will be defined as a hard cap and amounts to the equivalent of CHF 45,000,000 (excluding fees arising from or related to the contribution process (Maximum Goal). Vault Token LTD may, at its discretion, determine that the Maximum Goal is reached when the aggregate amount of funds transferred to the Smart Contract System is close to the Maximum Goal, even though the actual amount of purchases accepted by the Smart Contract System would be less than the Maximum Goal (e.g. if the aggregate amount of purchases does not sum up to exactly the Maximum Goal).
Total VLT Token Supply: The aggregate maximum VLT supply will be 900'000'000 VLT. The aggregate amount of VLT will depend on the effectively made supply during the private PreCrowdsale, the Phase I and the Phase II Sale and will be referred to as total VLT token supply (Total VLT Token Supply).
Token Sale Period: The VLT sale period (Token Sale Period) starts on the date and time set to be announced on the Vault Token Website and continues for a period of six (6) weeks or the moment when the Maximum Token Amount has been reached, whichever occurs earlier.
a) Phase I of the Public Token Sale will begin on 1th May 2018 and end 15th May 2018. Participants in Phase I will receive up to 25% bonus tokens (1 CHF = 12.5 VLT). A maximum of 50% of the Public Sale Pool (see below) will be available during Phase I.
b) Phase II of the Public Token Sale will begin on 1th June 2018 and end on 15th June 2018. All remaining VLT of the Public Sale Pool (see below) will be available during Phase II.
Exchange Rate: The rate in the Token Sale shall be 10 VLT for every purchase equivalent to 1 CHF. The relative ETH/CHF exchange rate shall be displayed as an estimate to the Participant prior to the contribution and calculated by the Company on the basis of an averaged ETH/CHF exchange rate which shall be acquired from multiple independent sources at the time of the contribution.
Token Distribution: The allocation of VLT will be determined as set out below. The users purchasing in Phase I or Phase II will be distributed VLT from the Public Sale Pool. The aggregate amount of VLT that will be distributed from the Public Sale Pool at the end of the Token Sale Period will depend on how much Funds are contributed.
a) The Public Sale Pool consists of a maximum of 50% of the Total VLT Token Supply. The Public Sale Pool is intended to be created by the Smart Contract System at the end of the Token Sale Period and ultimately distributed (directly or via third parties) to users that have made purchases (either in the Phase I and/or the Phase II).
b) The Company Reserve Pool consists of 180,000,000 VLT (i.e. at least 20% of the Total VLT Token Supply) and will be allocated to Contract Vault and/or its affiliates as a company reserve and for long-term budget.
c) The Early Contributors & Advisors Pool consists of 112,500,000 VLT (i.e. at least 12.5% of the Total VLT Token Supply) and will at Vault Token LTD’s discretion be allocated and distributed to early contributors, partners, advisors and strategic partners of the Contract Vault Project. The VLT in this pool may be subject to an individual lock-up period.
d) The Contract Vault Founders and Team Pool consists of 90,000,000 VLT (i.e. at least 10% of the Total VLT Token Supply). This pool will be allocated and distributed to persons who participated as managers, founders, or team members, or worked to develop the ideas, implementations and supporting structures of the Contract Vault Project. The VLT in this pool are subject to a lock-up period and will not be transferable until 01 January 2019 (or such longer time as determined by Contract Vault in its full discretion).
e) The Marketing Pool consists of 67,500,000 VLT (i.e. at least 7.5% of the Total VLT Token Supply) and will be allocated to Contract Vault for distribution to the community of the Contract Vault Project (via rewards, airdrops etc.). The effective distribution will be fully at the discretion of Vault Token LTD.
Token Details
Token: VLT
Publisher Token: Token Vault LTD
Received: Ethereum ERC-20
Total supply: 900,000,000 VLT
Minimum Target: 1,000,000 CHF
Maximum Target: 45.000.000 CHF
Sales Token
Pre-Crowsale: 1st Dec 2017 - 31st jan 2018
Phase I: May 01, 2018 - May 15, 2018
Phase II: June 1, 2018 - June 15, 2018
TEAM
Conclusion: Contract Vault is a Blockchain-powered platform on which anyone can develop, use, resell, customise and repurpose legally sound contracts. With Contract Vault, people with no legal or programming knowledge will be able to design and execute legally enforceable and highly functional contracts for any purpose. From trading shares or selling Fine Art to unlocking micropayments in third world countries, Contract Vault is creating a new world of trust – and that makes our work a global opportunity.
With the quite solid team from both development and legal aspects so we feel execution risk is low. They are promising a beta in July.
In terms of long term goals there is more risk – legally enforceable digital contracts requires legislative changes, which will take time to occur. Its very likely that even if the platform succeeds, it may take years for regulations around the world to change to accommodate this new legal framework.
Visit Contract Vault for more info:
Website: https://www.contractvault.io/
Twitter: https://twitter.com/Contract_Vault
Telegram: https://t.me/cvchat
Author
Bitcointalk Username: pembangkang
My profile: https://bitcointalk.org/index.php?action=profile;u=1958446;sa=summary
EthAddress: 0x54A5AF4F2d47Cb1670BAD4361A63219f27fcAd3C
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