Contract Vault is, to put it mildly, an exciting concept and is currently at phase 1 of their token sale and right now they are offering a very generous 25% early bird BONUS !
So, I had a good read through their White Paper which is 34 pages long, well presented, full of useful diagrams and contains information that is written in a very understandable fashion. I’ve read countless white papers in the past and I must say that this one has been very professionally produced. Importantly, they also have a very solid team — more about that later.
So what is Contract Vault?
Well in their own words:Contract Vault is a Blockchain-powered platform that enables anyone to develop, use, resell, customize and re-purpose legal agreements, Smart Contracts as well as entirely new categories of agreements without legal or technical knowledge on theEthereum BlockchainSo
let’s look closer. We know that legal documents need to be stored in a safe place and somewhere that they cannot be tampered with. We also need to be able to have proof of the time they were written and signed, who the signing parties are and of course, their authenticity. Hello Mr Blockchain! The Blockchain ledger is perfect for this. Right from the genesis block to the most recent block in the chain, the immutable Contract Vault Blockchain is where legal documents are held. However there is much more to Contract Vault than this. …Enter Smart contracts.
What is a Smart contract?
Let’s look at an example. With the Contract Vault’s system, If I want to produce or complete a legal document and place it onto a decentralized ledger, I am immediately getting verification from all authorized parties, yet I’m also cutting out the middle man and thus saving costs. So the document is automatically enforced by all those concerned, eliminating the standard law costs that we are so accustomed to. The document or contract is also fully confirmed and verified by making use of the Etherium Blockchain.
Contract Vault say they are working with world-class legal partners (you can see an example of their many partners at the bottom of their main web page), to make creating contracts something that anyone can do, and as simple as using ‘drag-and-drop’. This also includes next generation Ricardian Contracts, which makes use of a cryptographic hash function and It is a method of recording a legal document in ‘readable text’ and securely linking it to other systems like say, accounting or an employment system.
The excellent selling point for me, is their easy to use Platform which incorporates 'SmartEdit' (to create Smart Templates), and also contains many other tools to make the creation of the Smart Contracts a breeze. Go and take a look at their white paper for a complete breakdown of the process and full explanation of their fantastic platform.
The Contract Vault Market Place
To enable us to make use of contract templates, we can go to the Contract Vault’s Market Place area. Here we can buy contract templates and services using the Contract Vault’s VLT token.
Prices will be indicated with a fiat value and the VLT token will be dynamically allocated at time of the purchase. Again, there’s a lot more detail within their white paper.
In a nutshell, I think the application possibilities are endless!
For example, they also have specific applications that cater for:
Stock Market listings — SmartShares
ICO services — SmartICO
Estate management, inheritance planning and Wills.Publishing and Market Lending and even Farmland investing!
In summary, the more I read about Contract Vault the more I see every day applications making use of the Contract Vault system. The fact that the whole interface will be straight forward and easy to use, means that anyone will be able to make use of the Contact Vault system without needing a degree in Computer Science!
Also, don’t forget the savings on the usual massive legal costs along the way.
Meet the Team
Finally, a little bit about the team. I counted a total of 13 on their web page and they all have LinkedIn profiles for a start, even the advisors. The CEO Founder and Managing Director Gordon Mickel has been working as a freelance Lead Developer for companies such as RUAG Defence, Kaba Schweiz, PostFinance, Novartis, Swisscom and Basler Versicherungen. He also has a wealth of experience with software delivery, and studied computer Science at the University of Basel. Perica Grasarevic Founder & Chief Counsel. Perica holds a Master of Law degree from the University of Zurich and developer Daniel Killenberger holds a Bachelor’s Degree in Computer Science. You can often see them popping into their Telegram group to give advice and information.
Go to: https://t.me/cvchat it’s a great Telegram group!
They also have an impressive team of well seasoned advisors covering all kinds of legal and technical aspects.
Finally, as every ICO reviewer will tell you, do your own research and make your own mind up but if you want to buy into the Contract Vault ICO do it now and get that 25% bonus by visiting: https://www.contractvault.io/token/
Andrew Willis — Independent researcher, promoter and Adviser to ICO and crypto-currency related enterprise
Good review of Contract Vault there, I just joined their Telegram chat. Thanks
Hi - nice write up, I also wrote a review of CV's ICO - I liked it too. One point overlooked was the "Stock Market listings — SmartShares", it will be interesting to see where that one goes!