Confideal, a unique smart contract management service for individuals and businesses that allows its users to create and make safe, fast and anonymous deals powered by Ethereum blockchain technology this week released their Smart Contract Constructor for a demo.
Below we will take a closer look at how the smart contract constructor works, some use cases, and rights that Confideal token holders will receive.
The Confideal Smart Contract Constructor is first and foremost a user-friendly platform for creating Ethereum smart contracts without coding, making it accessible to all. The smart contract constructor application allows users to explicitly set the terms of a transaction, thus acting as an impartial escrow agent. The Confideal platform provides users with pre-written smart contracts removing the need for any form of programming skills.
Confideal is expecting that the first users of Confideal will be individuals and companies who are already involved in cryptocurrency-based businesses because they are more aware of the advantages of this technology. Use case examples include:
• Miners can create equipment supply contracts, cloud mining power rental contracts;
• Blockchain-based companies may use contracts for providing services and/or employment contracts;
• Exporters and Importers can make international supply deals with smart contracts;
• Real estate agents may use a cryptocurrency-based escrow service.
However, smart contract technology together with technological advancements in other areas has unlimited opportunities. Some of them are:
• International delivery of cargo using GPS-trackers
• Freelancing securely without involving third parties
• Renting hotel rooms with IoT devices (smart locks)
• Car leasing with automatic payments
For more examples, check out the Use Cases section of the Confideal website and their white paper.
Confideal Token (CDL) & ICO
The Confideal Token (CDL) is the main internal cryptocurrency used for payments in the Confideal ecosystem. The token was developed according to ERC20 token standard on the Ethereum blockchain, ensuring its full compatibility with other projects compliant with this standard.
The total supply of CDL tokens is limited and cannot be more than 105.5 million units (or lower, depending on the distribution of bonus tokens during the ICO). Most of the CDL tokens will be created during the ICO. The price of 1000 CDL tokens will be equivalent to one Ether (ETH).
Owning and using CDL tokens gives three basic rights:
1. When using the primary feature of the Confideal platform – making international deals with the use of smart contracts – it is possible to pay your counterparty with the CDL tokens. In that case, the payer will be free of the 1% fee, which is applied to payments in all other cryptocurrencies.
2. Within the arbitration system that exists on the Confideal platform, there is a rating of arbitrators which is used to ensure the high quality of arbitration. One of the factors which determine the position of each arbiter in the rating is the voting done by CDL token owners. This way, the CDL token owners have a right to directly influence one of the most important parts of the Confideal platform. When voting, 10 CDL tokens are equivalent to 1 vote. So, an owner of 1000 CDL is able to give 100 votes to 1 arbitrator or to distribute them to several ones.
3. Confideal guarantees that it will buy CDL tokens in exchange for ERC20 tokens of other projects (Bancor, Aragon, BAT, Gnosis etc.), provided the amount of those tokens is enough to conduct the exchange. The tokens of other projects will be accumulated whenever a contract is paid for in one of those tokens on the Confideal platform. They will be stored by the Confideal company, in order to guarantee the option of an exchange. This way, if a CDL holder ever wants to get rid of their stake for any reason, they will always be granted an option to exchange them for a different ERC20 token. The tokens will be exchanged in 1 to 1 ratio in USD equivalent.
The Confideal ICO for CDL tokens starts on November 2nd, 2017. Everyone can participate in our token sale except residents and citizens of USA, Singapore, Canada, China and South Korea due to regulations regarding cryptocurrencies and ICOs in these countries.