Comparison: Smart Contract Marketplaces
In 2015 Ethereum paved the way to smart contracts which can be used in different spheres all around the world. Together with hype around blockchain technology it gave a start to formation of a niche for smart contract marketplaces. These marketplaces are platforms allowing for creation, management and deployment of smart contracts on the blockchain in a few clicks with no programming skills required. The users can select from the catalogue pre-built contracts or design their own with an easy-to-use interface. The goal of such projects is to simplify the creation of agreements between people around the world with the use of blockchain technology. This comparison review covers three projects of the kind — MyWish, BlockCAT and Etherparty.
MyWish
The project implements several blockchains for smart contracts — Ethereum, Bitcoin, NEO and EOS and allows to pay for contract services in BTC, ETH or LTC. Up to date MyWish is focused on more commonly-used smart contracts mainly involved in the ICO-related processes. The development of the project goes in accordance with the roadmap. MyWish website provides statistics according to which there are over 5.4K users and over 3,6K contracts have been created on the platform so far.
Current development stage: working platform with Bitcoin, NEO and EOS integrated and token contract creation.
Further development plans: fiat payments integration; API release for MyWish services integration; new blockchains integration (Cardano, NEM, BCH, etc.)
Website: mywish.io
BlockCAT
The project was initially positioned as a platform for creation, management and deployment of smart contracts in the easiest possible way. Though, currently the team is focused mainly on TabbyPay project that allows canceling transactions with ETH in case of being sent by mistake to the wrong address.
Current development stage: Tabby Pay platform open beta 2.0 (launched in August, 2018)
Further development plans: third-party marketplace and visual contract designer are scheduled for 2019.
Website: blockcat.io
Etherparty
Etherparty was originally presented as a contract wizard meant to remove the complexity of creating, managing and executing smart contracts on any blockchain. Currently it offers 4 main products and only one of them is a working service while the others are in R&D stage:
✔ Rocket: an all-in-one solution for launching a token distribution event (the only working service).
✔ Comet: a platform for launching security tokens and assets.
✔ Hero: a product for charity purpose.
✔ Saturn:a product meant for supply chain management
Current development stage: Rocket service is working.
Further development plan: drag-and-drop contract building capabilities, mobile app, enterprise solution, etc.
Website: etherparty.com
Similarities and differences
ICOs of the projects were ongoing at about the same time period. MyWish managed to reach its hardcap that was the lowest comparing to the other projects. BlockCAT reached its initial hardcap, though they had significantly increased it before the ICO. Etherparty raised about 50% of its hardcap and became the leader by the raised some among the others. Current market prices of tokens of all the projects are several times lower comparing to their ICO prices, though that can partly be explained by the general market trend. The evident leader by market cap among the projects is Etherparty with $6,7 million.
The overviewed projects had quite a lot in common in the beginning of their development. All three platforms are built on the Ethereum blockchain and native currencies of the projects are ERC-20 compliant digital tokens deployed on the Ethereum network. And since the main presented goal of the projects was the same, they had the same target audience and there are similar key elements to be used for creating a marketplace for smart contracts, such as smart contract constructors, dashboard and management console, SDK designed for developers, etc.
Still, the projects have been developing in quite different ways within the first year after ICO and up to date there are quite a lot of differences between them. BlockCAT and Etherparty have working products in different fields and haven’t released their main products meant for smart contracts creation yet, and MyWish is the only one that has been focusing on its original goal of creating a smart contract marketplace. Though, all the projects are still in the beginning of their way and the situation can significantly change in the long run.
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