While the global blockchain ecosystem continues to expand at a high rate of speed, adoption of blockchain-oriented technologies is still relatively low. This is primarily due to the fact that there are only a small number of user-friendly systems which employ smart contracts for daily transaction purposes.
Etherparty is a digital platform that aims to maximize blockchain speeds and reduce the costs associated with individual transactions. Not only that, through the use of unique smart contracts, Etherparty is able to facilitate the adoption of crypto technology in a highly cost-effective manner for individuals as well as businesses.
Another important aspect of Etherparty is that it greatly simplifies the process of setting up complicated contractual agreements in an accessible yet secure fashion. The infrastructure used by the system is designed to streamline internal processes such as authentication and automation, thereby allowing for increased workplace productivity and efficiency.
The current iteration of this platform also allows for the creation and funding of ERC20 or ERC223-compliant tokens. Not only that, there is also an option to utilize the system’s native smart contracts for sports betting between two or more users.
- Etherparty is completely self-sufficient and does not require users to install other third-party software such as Geth, Meteor, or Mist to execute smart contracts.
- To make the process of setting up agreements easier, the system comes with smart contract templates that are ready for implementation.
- All contracts issued by Etherparty are legally binding.
- Users have the option to add specific terms and conditions to their contracts before they are published.
- The platform is market ready and can be adopted by enterprises without having to overhaul their existing digital infrastructures.
To start off with, Etherparty makes use of two hosted Ethereum nodes, of which one is used within the actual Ethereum network, while the other is implemented within the testnet. This unique setup allows all of the contracts to be tested before they are deployed for real-time use.
Visual representation of the network architecture
Also, the platform makes use of multiple, load-balanced Ethereum nodes to adequately manage high-volume traffic. As a consequence of this, internal transactions are much more streamlined, and the overall availability of the system remains high at all times.
Future iterations of the system will include a larger library of pre-defined smart contracts which users can pick and choose from. One can think of Etherparty as a marketplace where blockchain enthusiasts can come together to harness the true potential of smart contract technology.
Snapshot of the app interface
From a usability standpoint, we can see that the contracts can reflect any type of agreement or bet in a legal or business context. Etherparty also comes with AI modules that help track and monitor all of the issued contracts. Not only that, the inbuilt EVM can also be used to process the escrow and instructions of the smart contracts itself.
Other key features include:
- Speed: the Etherparty platform is able to work directly in conjunction with the Ethereum network. This means that there are no delays or hangups when a contract needs to be executed.
- Flexibility: one of the most underrated aspects of Etherparty is that it allows contract entrants to grant access to a third-party mediator or arbitrator in case of any disputes.
How Etherparty Works
Etherparty makes use of a tiered subscription model that starts off by providing users with limited access to the platform’s features. To be more specific, the first tier only grants users the ability to execute one to two contracts per month. The second tier has a higher contract limit, while the third has even more functions, processes, and integration abilities.
Contract deployment sequence and overview
It should also be mentioned that all native smart contracts are governed by a virtual currency called Fuel. This token will serve as the platform’s validation currency and will allow for smoother internal operations.
Since the price of a single Fuel token is subject to fluctuation, all contracts will be pegged to a static USD amount. Thus, in case there is a major shift in the crypto market, only the number of Fuel tokens will have to be adjusted so as to accommodate the price variation.
In order to make smart contract execution simpler and more efficient, Etherparty also has:
- An API which features a drag-and-drop interface
- A user-friendly smart contract creator
About the project
Lisa Cheng is the founder of the company. She is also in charge of R&D for Etherparty and serves as an advisor for a wide range of emerging tech startups. Owing to her educational background, Lisa is able to share her expertise within domains such as business development and product strategy.
Kevin Hobbs is the current CEO of this venture. In addition to his work at Etherparty, he is also the founder of the Genisys Project. Kevin has worked with a number of high-profile companies in the past and has been in the digital sector for nearly two decades.
Lastly, Steven Lee is the CFO of this company. According to his LinkedIn profile, Steven is an experienced financial executive whose expertise lies in diverse fields such as:
- Business expansion
- Fiscal and operations management
- Business unit development
Token Performance History
Since the introduction of Fuel token in the global crypto market, the currency has performed fairly.
Fuel token lifetime performance chart (courtesy of CoinMarketCap)
Initially sold for US$0.029, Fuel quickly gained traction. In January of this year, the currency hit its value high of US$0.43.
During the past couple of months, the value of Fuel has been declining steadily, and as of March 21, 2018, the price of a single token stands at US$0.066.
With Etherparty looking to completely digitize the way in which individuals and companies do business, it will be interesting to see how this platform fares on the international blockchain market in the coming months.
Since crypto adoption is at an all-time high, it is expected that the use of automated smart contracts will soon become the norm within different industries and market sectors. If that turns out to be the case, we might see a sharp increase in the value of Fuel tokens.
However, before investing in this currency, individuals should do a bit of research on their own in order to assess the pros and cons of the associated platform.
If you would like to start investing in Etherparty, Fuel trading pairs are currently being offered on various exchanges such as Binance, Gate.io, HitBTC, and ACX.