Good day,
I’m a cryptocurrency obsessed guy and have decided to start doing reviews for ICOs
The first one I would like to start on is a real doozy — Contract Vault.
Contract vault is one of the leading projects in Crypto Valley. If you don’t know about crypto valley, it a blockchain hub where Switzerland is fighting to be the centre of the Global Cryptocurrency.
The solution as summarised in the whitepaper as the following ‘A Blockchain-powered platform on which anyone can develop, use, resell, customise and repurpose legally sound contracts.’
Let me tell you three reasons why I’m bullish on this project!
- Democratisation and automation of legal contracts
Contract vault is solution which can make this overwhelming technology more accessible than ever before. This accessibility could significantly speed up the adoption of crypto and blockchain. By allowing any layman to create smart contracts, powerful blockchain solutions becomes more democratized and put in the hands of the many.
And If you think about the particular focus — legal contracts. This technology could bring huge savings on legal expenses for businesses and individuals. No offense to Lawyers, they are smart people, but they charge a lot for relatively simple legal contracts and they can because they are the experts. If you can create a smart template which anyone can use to create a legal contract then less expenses are required for simple legal tasks.
2. Multi-Blockchain potential
From whitepaper pg 7: ‘The Contract Vault platform currently uses the Ethereum Blockchain for Smart Contracts and Ricardian Contracts. However, as we have already created a layer of abstraction between our markup language SmartML and Solidity code, it is feasible to support additional Smart Contract platforms at some point in the future.’
The team state that it is feasible for this protocol to be used on other blockchains. Contract Vault will already be on Ethereum, an established blockchain, however, it has the flexibility to be created on top of other blockchains, examples such as Cardano or EOS.
Cryptocurrency is one of the most dynamic technologies in the World. It is continuously changing therefore for CV to have this mutability gives it far more staying power especially when we get to that point in time where many coins will likely get laid to rest in a crypto graveyard.
3. Alpha Release
They have an alpha in June, just as their ICO finishes. Projects which have prototypes do better that projects which do not in terms of return on investment. For example ICON (ICX) released their testnet around the time of their ICO and look at how well they did. There many other examples of this happening. Credits (CS) released an Alpha and they flew out the gates.
Prototypes show that teams are not just blowing air, it shows they are actually making progress. It builds investor confidence that the team will deliver.
There are many other reasons but these particularly three make me very bullish on Contract Vault. This project has huge potential.
As always, do your own research.
