Most of the applications of the Blockchain technology is driven by the smart contracts, which have the capability of automating decision making and execution in most of the settings. As most of the big names across industries pour money into creating and implementing these smart contracts into their organization’s operations and workflow, smaller players with limited funds are left scampering, finding the most viable method to keep up with the evolving industry standards. In such a scenario, Confideal – a blockchain project claims to be on a mission to address various issues and solve the needs.
We at NewsBTC connected with the CEO of Confideal, Petr Belousov and asked him few questions to get to know the project better and to understand whether it really has something exciting in store for the masses.
Q: Confideal has been making a lot of noise lately in the cryptocurrency community. The platform claims to make smart contract creations walk in the park. Can you please elaborate on it?
A: The main idea is pretty well known in the crypto world: we have a very simple idea to build an ecosystem that will allow to build smart contracts from templates and as the final flourish – add the arbitration module to that. Thus, this kind of transparency is a great thing in the ICO world. The simpler the project is the easier it will be to keep all promises brought to life.
We are interested to implement all of the above to the fast growing IoT sphere.
Q: How different is Confideal from other platforms that claim to do the same?
A: The trick is that they all start to copy some things from our service. However, our competitors only build the arbitration or the templates. We are, however, building an ecosystem for both of those features. Moreover, the biggest and the main difference that other projects have only the idea of the project without a ready to use product. We have an MVP (minimum viable product) and we are working on new templates to bring them to life. Other projects have only their websites with white papers, without a ready product. In fact, only 16% of all ICOs have a ready to use product and that makes us somehow unique.
Q: Is this platform being built keeping a particular industry in mind? Where do you see the platform implemented the most?
A: There is certainly nothing particular, we have the most basic smart contract template that can suit every industry out there. To elaborate: we will introduce smart contracts with special purposes like freelancing, IoT sphere that will be supplied with sensors in order to make our smart contracts work in a proper way. Moreover, we are interested in doing smart contracts for renting or selling real estate and so many other things.
Q: Regarding the ICO, how much are you planning to raise and what will it be used for?
A: We want to raise 70,000 ETH. For what, you will ask? In order to have the ability to carry out the necessary heavy projects. The real arbitration with real law firms implemented into the ecosystem; IoT integration etc. To connect all this with hardware (for example plug your refrigerator to the blockchain, making it order the products all by itself).
Q: Any partnerships or industry associations in the making?
A: Yes, of course, we have partnerships. It is hard to survive as a business or a startup nowadays without a normal partnership. We have partnered with a lot of new projects and we will release a press release about that, just before our ICO.
Q: Do you think there will be an impact of the ICO ban in China and other places on Confideal’s crowdsale?
A: Well, on the one hand, I think it can have an impact on it, for the simple reason to lose the investors from China. However, on the other hand, we targeted our project globally and we don’t think will have an impact.
Q: Future plans?
A: We have built a very precise plan for the future in our Roadmap. You can take a look at it on our official website: confideal.io
Well, looks like Petr aced it with the last question, by implying that the team has everything in place to make their vision a reality pretty soon. With the crowdsale round the corner, we will continue to keep an eye on the developments and appraise the readers of any significant news from their end.