Etherparty Update November 2017

Etherparty is a blockchain technology company that develops smart contract applications powered by the FUEL token. We are currently developing a platform that allows users to create smart contracts on any compatible blockchain without having any programming knowledge. The Etherparty beta is currently live and if you would like to try it please visit our website to sign up.

We have recently completed our token distribution event. We cannot express enough gratitude to our contributors who supported us through this journey. We appreciate all the feedback and hope to highlight key questions regarding the event and the project in these recurring updates.

Token Distribution Event Update

The Etherparty token distribution event had a private and a public component. The private contribution per token was locked at $0.10 per FUEL, with an incremental bonus as group contribution targets were reached, to a maximum of 35% additional tokens. Ether, Bitcoin, and FIAT were accepted.

The public event had a four-week sliding scale price and Ether was accepted.

WEEK 1: 3000 FUEL / ETH
WEEK 2: 2250 FUEL / ETH
WEEK 3: 1700 FUEL / ETH
WEEK 4: 1275 FUEL / ETH

Fuel Event Stats:

Total Contributions (Public): 4,611
Ether Received (Private + Public): 76,639
Bitcoin Received (Private): 344
USD Total (Private + Public): $33,583,044
Event Timing: Oct 2–29 2017 9:00 AM PST

Our Event Challenges

We had a very successful private sale and will be applying what we learned to the Etherparty token sale model, which will be released next year. On the other hand we had hoped to have more success on the public raise, but believe we have learned from the impeding factors and will have a better product as a result. We have identified what was not working and moving toward building a better product and company.

Security — On the morning of our start date, the token distribution event site was compromised by an attacker who altered the contribution address. We identified the issue and replaced the site in less than an hour, nevertheless found it challenging to recover the momentum from the sale launch. If you would like to read more about the security breach please do so here.

In the days prior to our public sale, we also found ourselves victim to an e-mail phishing scheme. The attacker in that case managed to obtain a list of Bitcointalk user account emails, and send them all a fake Etherparty contribution website and address. While this was beyond our control, in the future we would like to look at providing Etherparty contracts with a Ethereum Name Service registrar. This would clarify that you can only contribute to “*yourCompany*.eth”, and thus eliminate the losses due to spoofing.

The fast evolving cryptocurrency landscape. As countries, governments and regulators learn to navigate through this technology revolution, we are not immune to changing factors and rules placed on the industry. We understand the space is growing quickly, becoming more competitive and saturated. Therefore more companies, including our own, have to conduct more research, exhaust more resources and are not meeting their targets. This also impacts participants who now have to sift through and verify more information in order to verify a company’s credibility and authenticity. However, we believe learning from these mistakes and adopting these new regulations and trends will allow us to fast track and develop a more solid platform.

What does that mean for our contributors?

There were 347,861,595.405879801631192615 tokens remaining to be sold when the event completed. These tokens can not be traded off-site, and the private keys to the addresses that hold them remain on the Etherparty platform. Until the release of our mainnet application, they are out of circulation unless they are sold at minimum $1 to customers directly before then.

The current circulation can be seen here: https://etherparty.io/q/cs, it updates live as more tokens are sold by the platform. It includes the 10% reserved by Etherparty to incentivize community, beta testers, and strategic partners.

Thanks again to all the contributors. We have been working hard on building a platform where those tokens hold immense value for businesses and individuals alike, and the response to the beta questionnaire has been invaluable for us to continue our market research and develop a product that is ready for market next year.

Q&A Update

“How are you going to cater for all token models?”

• We are identifying the most in-demand models and will be launching with market demand in mind. However, we have been actively working on an ethical crowdfunding model that will allow an honest crowdfund operator to hit their funding goal while providing transparent and fair private and public sales. We hope to write an in-depth piece about this soon. As any contract we launch could get deployed thousands of times, we need to do our best to help the community grow in a positive way.

“Would love to see cross chain smart contracts sooner than later (BTC + ETH)”

• We are actively working with the Rootstock team to integrate our system with Bitcoin as soon as possible. We hope our product launch is with RSK support and additional blockchains will be looked at on a chain-by-chain basis. This will give us a massive competitive advantage as our users will be able to launch contracts on the Ethereum and Bitcoin networks.

Beta Feedback

More contracts for the average Joe and maybe a carousel view with infographics to show them what the process is like.” & “More options for contracts” & “More types of smart contracts”

• We are working on contracts for both individuals and businesses, as well as fleshing out our current implementations. If you have any great ideas, we’d love to hear them. Send us a message at support@etherparty.io

“More confirmation steps to make sure people don’t create accidental contracts”

• Our researchers are currently gathering requirements from our user groups and the design team has been busy developing the new interface to ensure each decision is much more digestible. We are striving to be the shopify for smart contracts so ensuring users understand the process and are confident that they will be deploying contracts that meet their needs is very important to us. You can see our progress in the dev update below.

“A user should be given options to choose based on the process. For example, for escrow contract, average users may not know all the conditions that are required. Instead, they should be given options to add/delete at least the basic criteria to give the glimpse for user flow”

• We are moving to a more modular approach for the product release. The current beta is a proof of concept to highlight how easy it can be to deploy contracts on the blockchain. In the coming weeks we will explain what contract types we will be developing.

“Will we be able to add whitelists?”

• Yes, we will add a whitelisting mechanism to the crowdfund as we think whitelisting will be an important feature to ensure our contracts meet regulatory/company requirements.

“Is the price of the contracts in the beta the real prices? I’m worried they’re too expensive”

• No, the prices of the contracts have yet to be determined. The product release will not mirror the current implementation, and the costs will be based on complexity of the contracts. We are looking to develop a simple and competitive pricing structure for users who would want to deploy peer to peer escrow contracts, but still powerful enough that the same basic contract could be fleshed out to handle a serious, multi-layered arbitration system — which would have a higher FUEL price.

Development Update

With the beta feedback in mind, we’ve been rebuilding the interface and contract creation tool. We take all feedback into account but due to the high volume we may not have the time to respond to everyone individually.

We’ve also been rethinking how to create dynamic, flexible contracts that can be expanded upon after deployment, by starting with a variety of sensible base contracts with modular components. This will take a lot of risk off the user as these contracts will likely need to be updated/developed. Much like a website is created and developed over time.

New Contract Types

We received valuable feedback that our escrow contract favored the seller. We have added two new resolution methods, including third-party arbitration, as demonstrated in the updated tutorial video, and will be deploying this to existing beta users very soon.

If you have any questions or comments, we’d love to hear them. Send a message to support@etherparty.io

Disclaimer

Please be advised that the purchasing of FUEL tokens are solely for the purpose of receiving services, participating in the Etherparty Ecosystem, and supporting the development, testing, deployment and operation of the Etherparty Ecosystem as set forth in the Etherparty Smart Contracts Inc. (Etherparty) Crowdsale Terms and Conditions (the Terms and Conditions). You have acknowledged to and agreed with Etherparty that you are aware of the commercial risks associated with Etherparty, the purchase of FUEL tokens and the Etherparty Ecosystem, and you have acknowledged to and agreed with Etherparty that you are not purchasing FUEL tokens for any other purposes other than use and consumption on the Etherparty Ecosystem, including, but not limited to, any investment, speculative or financial purpose.