Confideal is a new multifunctional escrow platform powered by the Ethereum Blockchain. After smashing the pre-ICO and raising a sum of 650,000 USD Confideal’s team has announced the launch of their smart contract constructor that simplifies the contract creation process, making the platform accessible to the commercial market.
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. In the case of a dispute, should the opposing parties be unable to come to a resolution, they can advise a qualified arbitrator within the platform who will anonymously judge and resolve the dispute. The platform aims to solve the problems that arise during the execution of international transactions by working on a trustless basis.
A Universal Commercial Market
The main mission of the Confideal service is to create a uniform escrow platform facilitating companies, entrepreneurs, and regular individuals to conduct transactions safely without any third-parties involved.
This is achieved by using smart contracts on the Ethereum blockchain. Once deployed, the contracts are immutable so all counterparties can be certain that their contract can only be fulfilled or broken.
Basically, by providing a platform that unites arbitrators and merchants, Confideal lets parties to be in a win-win situation: the merchants attain smart contracts and arbitrators get trusts and money.
Origins and the Concept of the Idea
The team behind the idea has experienced the difficulties involved in interacting with blockchain technologies first-hand. They initially came up with the idea after participating in a Moscow Blockchain Hackathon BlockchainHack which was held in November 2016 and, after seeing how complicated and raw most projects were, they created Confideal with usability and practicality in mind. The team has decided to officially incorporate the project and open a business in Ireland after garnering support by the Enterprise Ireland (a governmental agency in Ireland responsible for supporting Irish businesses). A member of the BAoI (Blockchain Association of Ireland), Reuben Godfrey, has also directly joined and became an advisor for the project.
Pre-ICO and ICO
Pre-ICO goal was to release 6 million CDL tokens (1 ETH = 1000 CDL) that are equivalent to 600,000 USD. The project’s pre-ICO has successfully raised 650.000 USD, surpassing the initial goal. Gathered funds has already been allocated towards the preparation for the ICO.
Funds were distributed in such proportions:
- 25% Press releases;
- 25% Marketing campaign;
- 10% Representation of the company on real events and conferences;
- 10% Legal issues development;
- 5% Community management;
- 5% Content production;
- 5% Design;
- 5% Business development and advisory;
- 10% Product development.
Speaking of the ICO it is planned that the maximum amount of tokens supplied is 100,000,000 CDL units. The total sum of Ethereum that is planned to be collected is 70,000 ETH. Tokens not redeemed during the ICO will not be issued, i.e. Only the tokens that have been bought will be in circulation.
After the ICO conclusion, release/minting of new tokens will not be made.
The official ICO is set to begin on the 2nd of November.
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Currently, the Confideal service is oriented towards the rapidly growing crypto community offering an on-blockchain solution to commercial contracts. The service will be updated in the future to suit the needs of other communities as well. One of the best feature is going to be an ability to design, sign and manage smart contracts for ICOs (crypto to crypto), to which the service will provide a contract template for their initial crowd sale periods. This update is to be launched in October 2017. Arbitrage is to be launched in the end of 4th quarter of 2017.
Machine to Machine Contracts
In the long-term, the team intends to widen the application scope of the Confideal project. IoT association of smart contracts with hardware, service delivery to other smart-contract blockchains and cross-platform contracts are few among the future updates detailed in the white paper.
Team Statement – Addressing Investor Concerns
Confideal team is positive about the expectations of the investors. No surprises here, because the project has a prosperous situation regarding legal issues (governmental support and investments). Moreover, the project has great advisors as well as big partners and supporters that are shown in the White-Paper (reference). However, so far, the biggest and strongest point of the project is the availability of the fully functional test version of the product.