Ireland-based Confideal is a complete end-to-end smart contract management service that gives businesses and individuals alike the ability to transact domestic and international deals safely and quickly. By using the provided easily adapted templates, it is easier than ever before to define and create the smart contract that addresses your needs without the need for programming skills.
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The Smart Contract Constructor
At the heart of the Confideal platform is its Smart Contract Constructor application that allows users to set the exact terms of the contract they need using a simple interface and provided templates – no programming necessary.
Here is how simple it is to create a smart contract using Confideal:
- Download and install the Chrome browser extension MetaMask.
- Buy Ethereum from any cryptocurrency exchange in order to fund your transaction.
- Log into the Confideal dashboard and click the New Contract button.
- Enter the terms and details of your agreement.
- Click Create.
That’s it! You have just successfully created your first smart contract.
Remember the Ethereum you purchased to fund your transaction? The smart contract acts as a form of Escrow for your funds, which are only released when both parties agree on the completion of the contractually agreed-to terms. Moreover, the Confideal platform provides users with pre-written smart contract templates. The platform aims to solve the problems that arise during the execution of international transactions by working on a trustless basis.
Smart Contract Templates, Use Cases and Arbitrage
Smart contracts are particularly ideal for conducting international transactions and deal-making where both parties may be subject to potentially very different legal jurisdictions. Conducting such transactions in the traditional manner can be time consuming and expensive, however, by using Confideal’s smart contract constructor they can agree on the terms of a contract between themselves and the completion criteria helping both parties to move forward quickly and cost-effectively.
In particular, smart contracts enable small to medium-sized businesses to transact deals internationally with confidence, where previously legal costs alone would have been prohibitive. Other real-world uses of the Confideal platform include:
- Freelancing service agreements and payment
- Cryptocurrency as collateral (e.g. crypto pawnshop)
- Import/export supply deals
- Escrow service
- And so much more!
Finally, in the event of any contract disputes, Confideal has a team of third-party, confidential arbitrators available, ones who are specifically familiar with smart contracts to help mediate any issues that may arise.
Confideal’s ICO and Roadmap
Confideal’s official ICO will begin on the 2nd of November 2017, where the planned maximum number of tokens they will supply will be 100,000,000 CDL with a total sum of 70,000 Ethereum to be collected. See the chart below for specific attributes, including raised funds attribution and token distribution.
Looking to the future, the company will provide the ability to design, sign and manage ICO’s, providing contracts for initial crowd sales launching in October 2017. Confideal will also launch their Arbitrage service, designed to ease any contractual problems, at the end of the 4th quarter of 2017.
For more information about Confideal and its ICO please visit confideal.io.
What do you think of Confideal’s ‘no coding needed’ smart contract management platform? How will it affect mainstream adoption of cryptocurrency and blockchain tech? Let us know in the comments below.
Images courtesy of Confideal