Confideal – The Visual Smart Contract Editor
DISCLAIMER: This is a guest post by Play2Live. The information provided in this post is the responsibility of the writer.
Smart contracts are computerized transaction protocols that execute the terms of a contract. They allow us to exchange anything of value (such as money, property, and shares) in a conflict-free way that cuts out middlemen.
Confideal is a new multifunctional escrow platform. It is powered by the Ethereum blockchain, making it a completely decentralized system. The Confideal team is creating a revolutionary smart contract constructor that is designed to simplify the contract creation process and make the platform accessible to the commercial market.
The idea originated during a Moscow Blockchain Hackathon, BlockchainHack, in 2016 when the team noticed how raw and complicated most blockchain-based projects were. Hence, the platform was created with usability and practicality in mind.
The Confideal platform has already smashed through the $600,000 goal of their pre-ICO by raising a whopping $650,000 USD.
The Benefits of Smart Contracts
When an exchange takes place, a contract between the parties involved will be written as code to the blockchain. When a triggering event (such as an expiration date or a strike price) is hit, the contract will execute itself according to these terms. This enables companies, entrepreneurs, and regular individuals to enter binding contracts without having to rely on the honesty of the other party.
The individuals involved in this exchange are kept anonymous, but the contract is public. This means regulators can use the blockchain to understand market activity while respecting the privacy of the individuals involved.
Confideal Makes Smart Contracts Simple
Confideal is a unique smart contracts building platform. It has been specially designed as a visual smart contract editor that users can leverage to make deals.
It aims to create a big working ecosystem that features arbitrage. It even has a working MVP.
Confideal uses this smart contract technology to solve the principal problems bound up with modern contractual processes. This full, comprehensive environment offers a full stack of tools necessary to create, maintain, and fulfill contracts, and to resolve disputes by hiring arbitrators.
At the moment, it is one of the only blockchain-based, integrated platforms that exists for creating secure international contracts. The alternative is using the Ethereum blockchain to create smart-contracts manually. This requires programming skills or incurs the additional costs of hiring a programmer.
An Impartial Escrow Platform
Confideal provides users with pre-written contracts, eliminating the need for any programming skills. Similar services allowing non-programmers to easily create smart contracts do exist, but they do not provide arbitration services, which makes it extremely difficult to settle disputes. If a dispute were to arise, the only option would be to employ a third-party arbitrator, who is unfamiliar with the specifics of the smart contracts.
This ability to easily settle disputes in a hassle-free way is one of the major selling points of Confideal, as the platform attracts qualified arbiters to settle disputes between users. The arbiter for a particular deal is selected by both sides of the contract during its setup before the contract is signed.
This creates the optimal solution for all parties: the merchants attain smart contracts and drastically reduce the risk of trading large amounts of money with unknown parties, and the arbitrators get money.
Confideal’s ICO Contract Templates Mean There’s No More Hassle of Hiring Programmers
One of the most exciting features of the Confideal platform in the future is the ICO Contract Templates. This gives users the ability to design, sign, and manage contracts for ICOs, which will provide a smart contract template for initial crowd sale periods.
This update will be launched in October 2017.
Confideal’s Upcoming ICO
From the 2nd to the 22nd November 2017, Confideal will be hosting its official ICO to raise funds for the further development of this escrow platform. This is necessary to develop the ecosystem, add new functions, and conduct marketing activities to raise awareness about the new service.
The Confideal Token (CDL) is the main internal cryptocurrency used for payments in the Confideal ecosystem. It was developed according to the ERC20 token standard on the Ethereum blockchain, which ensures that it will be fully compatible with other projects compliant with this standard.
The total supply of CDL tokens is capped at 105.5 million units – most of which will be created during the ICO. 6.5 million of these units have already been created during the pre-ICO. The gathered funds have already been allocated towards the preparation of the ICO. Tokens not redeemed during the ICO will not be issued.
Confideal is confident about meeting the expectations of its investors. In the future, the platform well become the standard, widely-used tool for making safe deals.