ICO Review: Smarter Contract Token (SMTR)
The law of the contract is what defines most of our everyday engages especially in the business circles. It exists because more often than not the people who get into agreements do not adhere to social rules of humility, honesty, integrity, and professionalism. For instance, a party to a contract could be expected to perform a certain undertaking but may fail to deliver but instead claim otherwise and demand the other party to honor their part of the contract. Contrary, the other party may claim that the deal was not sufficiently executed and therefore this causes a dispute. Current methods of dispute resolution exist that permit an aggrieved party to seek legal redress.
This process typically involves the partaking of third parties that include attorneys and legal counsel. A typical example would include getting an attorney, and paying a retainer for their services for the entire period that the case would be in the settlement. Then the complainant would file a complaint and summons. Next would be to get a bunch of witnesses sometimes at a cost, go through depositions. Finally, the case ends up in court and the court sessions are usually paid for by the complainant. Sometimes the case would be determined in favor of the complainant or not and further processes such as appeals and collecting judgments would follow.
In contrast to this whole gruesome experience, Smarter Contract Token is offering an alternative that uses the blockchain. It redefines what it means to resolve disputes and significantly reduces the costs and time of dispute resolutions. It leverages the blockchain to crowdsource third party different fields that will help resolve disputes through an online platform with the help of smart contracts.
Smarter Contract Token offers a simple example of how the platform would work. If say for instance Tom and Peter get into a contract where Peter is hired to undertake a painting job at Tom’s house. This contract is submitted to the platform and encrypted and secured by smart contracts. Once Peter claims to have completed the job Tom will be required to give a value of either ‘TRUE’ or ‘FALSE’ to signify whether the job is indeed done. If Tom and Peter agree on the positive value then the funds owed to Peter are released, however, if the two parties disagree, experts on the subject matter will be required to intercede on the dispute and help resolve it. Both parties will be required to submit their evidence supporting their positions and the experts will give a determination on the submitted evidence. If the determination is that the job is done then funds will be released to Peter. If the job is not done, then Peter will be required to finish it as agreed in the contract terms. The costs and fees of the dispute resolution will be paid by the losing party.
Use cases of smart Contract Token
Freelancing between clients and freelancers
Crowdfunding between investors and project teams
E-commerce industry between buyers and sellers
And several others use cases that involve two parties and trust element is involved.
Open Sale: March 5th, 2019 15:00 UTC to June 11th, 2019 15:00 UTC
Token ticker: SMTR
Token Sale Cap: $2,500,000 (USD)
Tokens Created: 60,000,000
Tokens Available for Sale: 50,000,000
Tokens Retained by Smarter Contract: 10,000,000
Acceptable Currencies: US Dollar, Litecoin, Ethereum, Bitcoin, and Bitcoin Cash
Minimum Purchase Size: $100 (USD)
Vladimir Dubovskiy (CTO) - https://www.linkedin.com/in/dubovskiy
Ashish Bhatt (CEO/ CPO) - https://www.linkedin.com/in/arbhatt
Ji Guo - CMO
Steve Blinn - Solidity Engineer
Sumair Muhammad - Solidity Engineer
Jamil Sukhera - Solidity Engineer
The Smart Contract Token is a solid project with a viable use case. The project is under hyped but the ICO goal is moderate enough to be achieved.