SEO Description: According to the whitepaper, Contract Vault is a platform that is powered by Blockchain, which was designed to enable anyone develop, use, resell, customize, and repurpose legally sound contracts.
Contract Vault; Agreements on the Ethereum Blockchain.
If you are a cryptocurrency enthusiast, then you are already aware of the contractual trust inspired by the Blockchain technology. This has encouraged a lot of start-ups to try to improve contracts through Blockchain. Contract Vault is designed to do this, and more.
However, before we delve into what Contract Vault can do, how about a brief description of what it is?
WHAT IS CONTRACT VAULT?
According to the whitepaper, Contract Vault is a platform that is powered by Blockchain, which was designed to enable anyone develop, use, resell, customize, and repurpose legally sound contracts. In partnership with world-class legal minds, the team behind this project intends to make it so easy to create a contract that, anyone will be able to.
This include advanced Ricardian contracts, which combines smart contract with natural language, hence making them legally binding.
What does Contract Vault intend to achieve, you ask?
This platform is developed to bridge the gap which exists between Smart Contract and Legal Contract. This is expected to enable tokenization and physical assets to be transferred on Blockchain. Thus, expanding the possible usage and adoption of Smart Contracts.
Contract Vault intends to create a vibrant ecosystem where individuals, businesses, legal professionals, and Blockchain developers will have access to an open marketplace. According to the whitepaper, Contract Vault is designed to be the new world of trust.
This raises a question;
WHY IS CONTRACT VAULT TRYING TO CREATE THIS?
The first thing you should know is that, Contract Vault is not trying to replace the law with Smart Contract. Rather, the platform is trying to expand the law through the use of Blockchain and Smart Contracts. Thus, creating new opportunities for agreements to be;
- Verified
- Witnessed
- Questioned
- Arbitrated
This will introduce an element of trust and fairness to millions of new transactions. So, to answer the question of why this platform exists, it was created to make contracts less complicated and accessible to everyone.
This will not only change the world of trade and agreement as we know it, it’ll also inspire trust in all the parties involved.
THE CONTRACT VAULT PLATFORM; HOW IT WORKS
There are multiple tools and services involved in creating, distributing, and executing traditional and next-generation smart legal agreements in an easy manner on the Contract Vault platform. Some of them are outlined below;
SMARTTEMPLATES
SmartTemplates are one of the most important part of the platform. They are reusable document that contain a combination of legal prose and Smart Contract code. These include, variables, conditionals, Smart Contract logic, Metadata, calculations, identity, signatures and Sub templates.
Anyone without legal technical know-how will be able to create different types of contract using these SmartTemplates. All they would need to do is complete an easy-to-use form.
SMARTEDIT
The fact that this platform is designed for everyone (not just lawyers and engineers) makes it necessary to have an easy way of creating SmartTemplates. This is what the Contract Vault editor, SmartEdit is for.
It offers the average users easy access to all the features that are available on the templating system. Nevertheless, power users will still be able to use the mark-up language if need be. This makes it possible for anyone to create templates on an environment that looks like a word processing application.
These templates include;
- Legal Agreements
- Dynamic Legal Agreements
- Ricardian ContractsNow that you are familiar with the tools, how is it supposed to work? Through the market place which provides easy access to contract templates. Let’s get into it.
THE MARKETPLACE
The first thing you need to know about the marketplace is that all the content and services there can be purchased with the VLT token. The base prices are in fiat to avoid the volatility of cryptocurrencies. However, the end price in VLT is calculated by the platform.
Using the marketplace begins with a user creating a SmartTemplate. When this is done, the user has the option of publishing it in the publicly available marketplace for everyone or in the private instance marketplace for clients only.
The classification and discoverability of a SmartTemplate in the marketplace is based on features such as the applicable jurisdiction, price, language, and notes. Authors will be able to set the price for the template. The pricing option can range from an unlimited amount of contract draft to a one-time contract generation.
Aside from SmartTemplates, the marketplace is expected to offer other services which include manual and automated technical audits, arbitration, and legal reviews.
Like the rating system used in the SmartTemplate service, users will receive rewards every time they rate and review a service or service provider used.
THE APPLICATION
Contract Vault offers a vast amount of applications. These include;
• SmartShares
• SmartICO
• Will Execution and Donations
• Publishing
• Market Lending
• Farmland Investing
This brings us to an important part of this article, how can you get the Vault token?
THE VAULT TOKEN SALE
As said earlier the Contract Vault is based on the Vault token, with the ticker name VLT. It is an ERC compliant utility token, deployed on the Ethereum Network.
Here is everything you should know about the Vault token sale;
PHASE 1 OF THE PUBLIC TOKEN SALE
This token was made available on the 1st of May 2018 at the phase 1 of the public token sale. Individuals that participate in this event are expected to receive up to 25 percent bonus tokens. The public are supposed to buy the token for the price of 1 CHF for 12.5 VLT.
Please note that only 50 percent of the token supply will be made available for this event.
PHASE 2 OF THE PUBLIC TOKEN SALE
The second phase of the public token sale is expected to begin on the 1st of June, 2018. The remaining VLT token will be made available for this event.
TOKEN DISTRIBUTION
The total supply of token is 900,000,000 VLT and according to the website, will be distributed thus;
Half of the total supply, i.e. 450 Million VLT, will be used for the public sale. Another 180 Million VLT will be kept in the company reserve and be used for long-term budget.
Early contributors and advisors will receive 112.5 Million VLT, while the founders and team behind the platform will receive 90 Million. The remaining 67.5 Million VLT will be used for marketing and bounty services.
DISTRIBUTION OF FUNDS
The more than half of the proceeds, 60 percent, will be used for development and content creation. Twelve percent of the fund will be used for the development of market and business, while another 10 percent is used as operational expense.
Eight percent of the fund will be reserved for contingencies and unforeseen cost, and the remaining 10 percent will be equally divided between infrastructure and legal expense.
Source
Website: https://www.contractvault.io/
Twitter: https://twitter.com/Contract_Vault/
Telegram: https://t.me/cvchat
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