In the traditional financial industry, it is expensive and inefficient to process international transactions and settle contracts with overseas contractors and companies. According to data from the World Trade Organization, the international trade markets processed US$15-20 trillion in 2016 alone.
During a conventional international deal, both parties are required to create an escrow account through a trusted third party service provider such as a regulated bank, and to ensure the elimination of legal conflicts that may arise due to contract obligations and complications. Both the processes of settling transactions and creating contracts between two companies require a significant amount of paperwork and the involvement of trusted mediators, which can cost millions of dollars for large-scale companies.
A better solution would be to utilize smart contracts on the Ethereum protocol to execute deals and create contracts in an immutable, transparent, and decentralized ecosystem.
Confideal has introduced a platform for Ethereum network-based smart contracts that allows companies and individuals to create anonymous smart contracts and settle transactions without the need for expertise in the Ethereum blockchain or smart contracts in general. All the operations are performed in the back-end of Confideal, enabling companies and individuals to create smart contracts with ease and lower fees.
One of the major components of the Confideal platform is its smart contract constructor, a user-friendly platform for creating Ethereum smart contracts without coding. Similar to platforms like Wix or WordPress that allow companies and individuals to create websites without coding, the Confideal smart contract constructor provides a simple and ready-to-use platform which anyone can use to deploy smart contracts.
In addition, Confideal eliminates the need for programmers to run an ICO. With a token generation smart contract template, one will be able to set a name of a new token, total supply, start date and other details and simply run the campaign by a press of a button. “Uberisation” of ICOs is already here!
Again, similar to Wix or WordPress, companies and individuals can employ ready-to-use smart contract template to establish deals with overseas companies, settle transactions, and set up escrow accounts. The deployment of an escrow account is relatively simple as cryptocurrencies such as Ethereum utilize the multi-signature technology that enables multiple parties to own private keys to a wallet or to their accounts.
The Confideal development team wrote:
“It is possible to use the Ethereum blockchain to create smart-contracts manually, however that requires programming skills, or incurs the additional cost of hiring a programmer. Also, there is a number of services, that allow non-programmers to create smart contracts with the use of a simplified interface. But these services cannot be considered integrated platforms for international deals, because they do not provide arbitration services for settling disputes. In case of a dispute, the only option available to the counterparties is to attract a third-party arbitrator, who is unfamiliar with the smart contracts and their specifics.”
An initial coin offering (ICO) or token sale of Confideal (CDL) will begin on November 2 and last until November 22. The total supply of CDL tokens is 100,000,000, and 1,000 CDLs will be sold for 1 Ether, the native currency of Ethereum. The ICO of Confideal will employ a bonus system whereby early investors in the ICO will be rewarded with bonus Ether. Moreover, Confideal has launched an official bounty campaign that offers some great bonuses.
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