Confideal will reduce transaction costs, enhance the security of funds by escrow agent, improve the speed of the dealmaking process, resolve disputes through the arbitration module and expand business opportunities for enterprises, small companies, and individuals.
All smart contracts made with Confideal are encrypted and backed up on Ethereum blockchain to ensure their autonomy and safety.
THE PROBLEM
International deals are one of the pillars of the modern economy. International trade, real estate investment, industrial-grade equipment shipment are just a few of the markets based entirely on such deals.
The market of international trade has been estimated to have had a volume of 15 to 20 trillion USD in 2016. The real estate investment market is predicted to reach almost 1.4 trillion USD in 2017.
This incredible volume of economic activity can only be maintained by thousands of international contracts signed every day. Each of those deals is associated with inevitable costs and risks. In addition to the risks which originate from exchange itself, counterparties have to spend significant resources on creating and maintaining the contract.
In order to better understand where these costs come from, let us point out three key problems that exist in today’s international contractual processes:
- Counterparties interaction (Contracting). The organization of international deals is an a priori more complex process than that of domestic contracts. For that reason, the partners tend to simplify contracting process by conducting the entire workflow via the Internet. This approach creates additional risks - it becomes possible to modify contract data without the partner’s knowledge, forge signatures in Photoshop etc.
- Arbitration. In case of disputes, there can be one more type of costs: the average cost of an arbitration procedure today is 2.5 million USD, and it takes no less than 6 months to be completed. Such losses are inadmissibly expensive for SMEs (Small and Medium Enterprises).
It is easy to notice that the majority of the factors which can lead to these problems are external. In case of strict foreign exchange regulations, the risks are created by government policy; similarly, the risks of contracting and arbitration arise from the counterparty (provided the company itself acts fairly).
Elimination of the necessity to rely on government or a counterparty can lead to significant reduction or even complete elimination of these trust-based categories of risks.
THE SOLUTION
Confideal is the platform which uses the smart contract technology powered by the Ethereum blockchain to solve the principal problems bound up with modern contractual processes.
Ethereum is a completely decentralized system which includes the tools necessary to create smart contracts, as well as its own cryptocurrency Ether (ETH) which is needed for those contracts to work.
Smart contracts are digital algorithms which describe a set of terms, which are automatically fulfilled by the Ethereum network. They enable companies, entrepreneurs and regular individuals to enter contracts with each other without having to rely on the honesty of the respective counterparty.
The terms of a smart contract are established before the deal is made. Then their fulfillment is ensured by software code without human interference.
RE-ICO&ICOOFFER
Pre-ICO
- Start of Pre-ICO: August 2017
- Purpose of Pre-ICO: Fund-raising amounting to 3,000 ETH,
- about 6% of the total token supply.
- Bonus Tokens During Pre-ICO: 50%
ICO
- Start of ICO: 01 November 2017, 00:00 CET
- Expiry of ICO: The planned maximum amount of tokens successfully sold OR22 November 2017, 00:00 CET Maximum Amount of Tokens: 100,000,000 units. Tokens not redeemed during the ICO will not be issued, i.e. Only the redeemed tokens will be in circulation. After the ICO there will be no release/minting of new tokens.
- Token Price: 1000 CDL = 1 ETH
More Info
Website : https://confideal.io/Whitepaper : https://confideal.io/pdf/confideal_whitepaper.pdf
Facebook : https://www.facebook.com/confideal.io/
Twitter : https://twitter.com/confideal_io
Author : mriansa
https://bitcointalk.org/index.php?action=profile;u=886049
