Agrello — The past and the future (a complete overview)
Blockchain has come a long way, and most of the tech community have realised its importance. However its adoption in the real world has barely begun. Most crypto projects have focused on different types of blockchain infrastructure so that in future applications can be built upon it (eg. Ethereum, Qtum, Lisk, etc). But this is like building the TCP IP protocols for the Internet. These are vital infrastructure, but the real economic value of the Internet came from real world applications like Facebook, Google. Similarly, it is the real world blockchain Apps that the masses can use, that carry the most potential.
The most promising use cases of blockchain are where critical data can be stored in a distributed way such that it can be easily authenticated, is immutable, and easily verifiable by any authorised party. That is why crypto currencies have been the most prominent use cases. The next obvious application is making legal contracts smarter and storing them on the blockchain. This will have the following benefits:
1. Making legal documents transparent and visible to multi parties.
2. Writing them in the form of computer executable codes, thus ensuring clarity in the way clauses are written, minimising future disputes, and easy dispute resolution in courts.
3. Storing on the blockchain means avoidance of unauthorised tampering, and making any amendments clearly visible.
4. Interfacing with external data sources (oracles) that would automate the execution of conditions, based on the clauses in the contract. (eg. Payments, Liabilities, Warnings, etc)
Currently, implementing such contracts on Ethereum involves programming on Solidity, exposing key secret contracts to the programmers. This is also extremely expensive and time consuming. The vast number of lawyers who draft legal contracts have no programming experience, let alone blockchain programming.
This is where Agrello comes into the picture. A team of legal professionals in Estonia saw this big opportunity and started building an Agrello Smart Contract builder that would translate legal XML syntax into machine readable blockchain code. Agrello started building the engine and eventually launched an ICO for fundraising. As per the concept, Legal professionals with some basic idea of XML syntax can develop smart templates that work over the Agrello core engine. These templates can be developed for numerous use cases by a community of legal experts and be sold using Delta Tokens to users who would like to make contracts using these templates.
Another interesting feature of Agrello is that it aims to be blockchain agnostic and the core engine can translate smart contracts into multiple blockchain syntaxes ensuring interoperability in the future. (https://blog.agrello.org/agrello-homesteads-on-ethereum-but-remains-compatible-with-other-ecosystems-6669e0b572f0)
Project Status
Based on the information released by Agrello in the public domain, the core product engine has already been developed and a MVP will be launched around November. Two complementary real world use cases are already being developed and close to release in 2017. While one is addressing the Crypto space the other is an Industrial Context:
- Crypto Loan Contracts: This is being launched with Blockhive as a client (somewhere around beginning November 2017), where the Agrello Engine will be used for Crypto Loans and ICOs and agrello platform will be used for creating a smart contract, KYC and digital signing procedure. Once implemented, this could pave the way for Agrello to provide such contract services to multiple ICOs. (Ref: https://blog.agrello.org/here-we-go-618e62902c77).
To develop their Digital Engine, Agrello has already announced partnership with Viewfin (Metaverse Project) (Ref. https://blog.agrello.org/agrello-partners-up-with-viewfin-to-develop-digital-identity-engine-ca32e3a5ef87 ) - Employment Contracts in Industries: This is being developed in collaboration with Electronics Manufacturer Incap (First use by December 2017). Agrello will implement its technology to automatically allocate labour on INCAP’s assembly lines, based on employment contracts and production plans. The calculation of salaries and employment schedules will also be automated through Agrello’s technology. (Ref: https://blog.agrello.org/agrello-partners-up-with-electronics-manufacturer-incap-d5fb66367180 )
Based on these two applications, templates will be built to test the Agrello Smart contract core, and then next year will be opened for more generic cases. The biggest application in the project readmap is leasing and rental contracts especially for Real Estate. Big leasing firms will find it extremely useful for creating leasing contracts in a fly.
Investment Analysis
Project ICO tokens were released around mid September and were priced between 0.0001 to 0.00013 BTC. Currently the tokens are being traded at Hitbtc, Yobit, Mercatox and Etherdelta and available for extremely cheap prices and could provide very good returns when the products start rolling out. Some of the core USPs of this project are:
1. It is comprised of a strong legal team with years of legal experience, that really understand the requirements of a legally binding contract. This is as opposed to other projects of this nature such as Etherparty and Blockcat that are focussing on smart contract templates for other use cases that do not require such a strong legal knowledge (eg. Cellphone contracts).
2. It has already industrial clients like Incap and Blockhive.
3. It has the backing and support of established Legal firms like Lextal and Atella both of which plan to incorporate Agrello into their contractual process from next year. Infact one of the core team members, Margus Poola is an Attorney at Lextal. (https://lextal.ee/en/margus-poola-estonian-office-takes-part-startup-agrello/)
4. It is based in Estonia, which has one of the most crypto friendly laws in the world. Agrello is also active in working with public and private institutions to establish Estonia as a blockchain hub and push for blockchain friendly regulations in Europe.
Its been a month since ICO, and with products ready to be launched around the corner, according to CEO Hando Rand, marketing will be revamped with the product release .
(https://www.reddit.com/r/Agrello/comments/743ps3/ceo_hando_rand_shares_his_future_strategy_for/) .
This will allow the token to grow organically instead of a pump and dump, and fits with Agrello’s long term vision. Agrello is also developing a new website with details of products and a revised roadmap. They are planning an AMA on 20 October where more details are to be revealed. They already have a very active community on Telegram.
Why is Delta so cheap now?
A small percentage of initial investors were disappointed with manual distribution of tokens that took them a few days to receive and a long internal auditing process. They were also disappointed with the lack of marketing immediately after token sale and poor communication. Hence they started selling the tokens leading to a price drop. However the volume of trade is extremely low (currently around 4 BTC per day).
However, it is common for Startup Projects to take some time to build a stronger communication strategy. Agrello has improved in this area, and is now implementing weekly Friday updates, AMA and better marketing. With most investors holding and waiting for product launches in a month, this could be a promising entry point for new investors.
Agrello Community Telegram Link: https://t.me/agrello
This is not an investment advice, but intended to be an informative guide about the Agrello Project.
The author is an academic and a researcher on Blockchain Applications and Crypto Investments
