Etherparty Is the Future of Business at the Touch of a Finger
Blockchain has exploded in the last few years, divulging what the future holds. From a business perspective, it is very exciting to see burgeoning tools on the blockchain, the likes of Etherparty, a contract wizard, enabling users to create an array of legally binding contracts at the blink of an eye and at minimal cost.
VANCOUVER, OCTOBER 24, 2017 — Traditionally, professionals are hired to create legally binding contracts between parties. Often, they are paid by the hour, racking-up a substantial bill. It is understandable as these contracts are very time-consuming to put together. They contain an infinite amount of legal jargon across a vast amount of printed paper and usually a third party is required for enforcement. The third-party enforcement is not as secure as we would like to think and when things go wrong, one must revert to the public judicial system. These proceedings are yet again, very costly and extremely time consuming. They can last months, if not years in some cases.
The future of business is about smart contracts. Smart contracts were first introduced in 1996 by Nick Szabo. They are deployed on the Ethereum blockchain, and designed to produce, within minutes, a perfectly legally binding contract at a minimal cost. These contracts are often created by computer programmers with the use of smart contract development tools. Instead of being presented on paper, they are entirely digital and written using code language. This code lays out the rules and conditions of the legal document, in the same way the printed legal jargon does, only there is no need to use a third party to enforce the terms and conditions of the contract as such. This is automatically automated by the blockchain technology, a type of ledger, that shares and synchronizes digital data that is spread across a multitude of digital platforms across the world. It contains unchangeable, digitally recorded data. The structure provides superior security in comparison to the traditional whitepaper version, it is faster to create and a lot more cost effective. The problem is that, unless you are technologically inclined and comfortable with coding, the experience has been daunting up until now.
Seeking to solve that challenge and to make it more accessible in terms of use to everyone, Etherparty launched a user-friendly interface enabling everyone with basic computer skills to successfully create a smart contract within minutes and at minimal cost. This new system has
just fast –forwarded businesses into the future. Etherparty enables businesses to move forward with their contractual ventures at a quicker and much more efficient pace, cutting down on legal expenses. Overnight businesses become more efficient and less expensive to run.
As per the Founder of the project, Lisa Cheng, “The cost of creating a Smart Contract is reduced significantly with Etherparty. Users will be able to see that they can launch a variety of Smart Contracts in minutes which would normally take months to create.”
The Etherparty platform is accessible through the new cryptocurrency, FUEL. The ICO’s public offering for FUEL was launched on the 1st of October, of this year, with an initial public offering of 3000 FUEL tokens for 1 ETH. The public offering is due to close on the 28th of the same month.
The FUEL token is the currency that Etherparty functions with and with which you can pay for the services and products you acquire on its platform. The token allows users of Etherparty to buy smart contracts, deploy them and even trade contracts on the platform.
“Fuel is a network currency to create Smart Contracts across multiple industries and platforms,” affirms Steven Lee, the Chief Financial Officer at Etherparty. “It not only represents a great investment opportunity, it is a useful currency that provides access to Etherparty which is a great way for any business to save on time and money.”
