Nanda Crypto: Contract Vault

Introduction of Contract Vault

Every crypto enthusiast knows that Blockchain technology creates contractual trust. It is a meaningful representation of the truth. That is why many other startups are already promising to improve contracts by using Blockchain. However, we think bigger.

Contract Vault is a Blockchain-powered platform on which everyone can develop, use, resell, adapt and re-use legal noise contracts. We work with world-class legal partners to create contracts that someone can do, and as easy as drag and drop.

This includes Ricardian contracts of the next generation - contracts that marry natural language contracts with Smart Contracts and thus make them legally enforceable. Smart contracts, correctly implemented, have the potential to facilitate agreements in thousands of existing and new contexts. Simply put, it is possible to fully modernize trade, reduce dependence on intermediaries, optimize digital processes, reduce transaction costs and enable fraud-proof transactions.

By making Smart Contracts legally enforceable, so that they have legal consequences in the 'real world', it is possible to make the transfer of random physical property, assets or rights fully decentralized, safe and legally compliant.

So far, smart contracts have a significant risk - because, like any powerful tool, they can go dramatically wrong without the right safeguards. The Contract Vault platform includes independent, impartial verification of Smart Contracts, lots of ready-to-use functionality and legal information on tap if needed.

Smart contracts are only as good as the legal documents that accompany them. Without them it is impossible for an outsider or a court to determine between whom and why a particular transaction took place. For contracts for which no formalities are required, Ricardian Contracts are the ideal construction for optimizing and automating these contractual relationships and processes. The use of Ricardian business-use contracts that require formalities requires changes to the current legislation in some jurisdictions. Legislators will only start to notice when pioneers active in this area present plausible solutions that offer added value.

Contract Vault is built in the heart of the Swiss Crypto valley, in Zug. Contract Vault is a platform powered by Blockchain on which everyone can develop, use, resell, adapt and reuse legal noise contracts. It is a toolkit for building contracts, as simple as drag-and-drop, a marketplace to sell them and a safe environment to see them. We are also a home for the smart contract automation of tomorrow; where satisfied contracts automatically lead to events such as changing hands or documents that are being updated. From buying a house to opening up micro payments in third world countries, Contract Vault is the new world of trust.

Contract Vault is a platform that bridges the gap between legal contracts and smart contracts, making it simple to create, manage and integrate contractual processes on the blockchain.

It is the solution to get everyone ready for the brave new world of smart contracts - and make them Truly Smart.

● LEGALLY DEFENDANT SMART CONTRACTS

Use Ricardian contracts to combine traditional legal contracts with smart contracts, ensure their legal enforceability and enable the transfer of physical property and rights to the blockchain.

● RICH ECOSYSTEM

Through the rich ecosystem of legal advisors from Contract Vault, blockchain experts and companies, users gain access to expert advice, arbitration and mediation.

● ACCESSIBLE

Our intuitive interface allows everyone to create, test and manage traditional and smart contracts with just a browser or mobile device.

● MARKET PLACE

Open, modify and implement a wide range of legally and technically controlled contract templates. Assess contract templates and discuss them directly or gain direct access to legal and technical advice.

● CONTRACT BUILDER

Create your own traditional or smart contracts or change existing contracts to meet your needs using our Visual SmartEdit tool and natural language processing.

● WHITE LABEL SOLUTION

Law firms, banks, insurance companies and other companies can offer their own white-label version of Contract Vault to their customers.

● POWERFUL

Make a contract, from simple conventional loan agreements to full Legal, Insure or Fintech applications that use on-chain and off-chain events.

● ENTERPRISE-READY

Our API enables companies to create or improve applications by integrating their existing processes with smart contracts without having to develop for months.

● DEVELOP NEW SALES CHANNELS

Companies and service providers gain access to new customers through an opt-in advertising platform that encourages users to use their services.

The Status Quo

contracts are difficult. Smart contracts are not really smart.

The legal services sector is currently undergoing a phase of deep transformation and smart contracts and blockchain technology are taking the world by storm, but how can lawyers, consumers, developers and companies benefit from these new technologies?

There are 4 problems with contracts and smart contracts that want to solve the Contract Vault platform:

● PROBLEM # 1

USE OF THE CONTRACTS

Contract templates are often poorly drafted, outdated, unclear, not really adaptable or expandable and require too much legal knowledge to use for average consumers.

● PROBLEM # 2

CONTRACT CREATION Making

Contracts are difficult, inefficient and annoying, even for legal professionals. Collaboration with customers is inefficient and usually consists of e-mailing documents back and forth.

● PROBLEMS # 3

SMART CONTRACTS

Smart contracts are complicated and expensive to implement, inaccessible to non-technical people, unsafe and are often not legally compliant. They have been developed for specific use cases and are not reusable.

● ISSUE # 4

ACCESS

Access to legal and technical advice for conventional and smart contracts is expensive and difficult to obtain quickly.

The Solution

Contract Vault is the place where this will change.

Users can build their own reusable, customizable SmartTemplates or access a wide range of ready-to-use, verified, legally enforceable SmartTemplates that can be used to generate any kind of conventional or smart contract. Lawyers can give advice, gain access to secured smart contracts and use our tools such as SmartDossiers to work more efficiently with their customers. Blockchain experts can offer their expertise and services directly on Contract Vault Marketplace. Companies can quickly and efficiently implement (smart) contracts that are tailored to their needs.

Use Cases / Integrations

The space is the limit when it comes to the use cases of the Contract Vault platform. Our unique visual editor SmartEdit supports every kind of contract.

Agreements can be modeled as conventional contracts, smart contracts or a combination of both. For example, if you lend your car to another party, you can include a security (eg in the form of tokens) to be transferred by the borrower as a validity requirement for the contract via a smart contract.

The ability to activate smart contracts using both store and out-of-chain events makes it possible to create complete blockchain applications.

Below are some recommended projects and applications that are currently being developed or planned and that build on the Contract Vault platform.

SmartShares

SmartShares aims to solve the following problems using Ricardian Contracts and Contract Vault identity services: create markets for unlisted companies and manage share swaps. Create liquidity for what is currently an illiquid asset.

Let companies manage their relationships with shareholders through Smart Contracts. Pay dividends seamlessly with Smart Contracts. Stock markets are complex and costly, so unlisted entities do not have access to liquid assets offered by an open market without the significant costs of an initial public offering, or at least the significant pain of listing on a subsidiary such as AIM. The costs are also high for those who carry out transactions.

By using Smart Contracts to symbolize unlisted company shares and Ricardian contracts to make them tradable, the cost of trading can be only a fraction of what even today's online equity platforms can offer. In addition, other non-listed company shares that have been digitized on the Blockchain allow other aspects such as voting and dividend allocation to be done more efficiently. Shareholders can also use their - now liquid - shares as securities to raise capital.

As a first step, interested companies must evaluate and amend their articles of association and shareholders' agreements, make the attribution of shares possible and lay down rules for their possible transfer. We work with notaries to ensure an efficient and cost-effective change. Once they have been cashed, the SmartShares replace the existing ones and each company carries out its own token Smart Contract with a list of shareholders and their token allocation. Making a transaction is as easy as moving rights as with every Blockchain transaction: the ledger is decentralized and the transaction is confirmed by an agreement.

We work on the processes (and they are processes, not digital tools) to ensure that the identities of the parties in a transaction can be established and linked to Ethereum addresses. Each exchange must also be signed - synchronously - digitally for a transaction to take place, and those digital signatures will also be verified. Contract Vault is a leader in Ricardian contracts; the Smart Contracts with the legal and functional qualities required to actively carry out transactions. SmartShares is a joint venture with our technical and legal partners, we have already done a lot of work on the legal framework to make decentralized trading a reality.

Our SmartShares product (a trading environment and support services for the development of trade-oriented Smart Contracts) is already under development, building on the architecture offered by the Contract Vault platform.

The Contract Vault platform can generate a variety of end products from our SmartTemplates, including:

- Conventional legal agreements, which can then be used offline in the usual way

- Legal agreements, which can be securely stored on decentralized storage and protected against manipulation using signed blockchain transactions

-SmartForms and SmartDossiers, which enable legal professionals by enabling them to communicate more efficiently with their customers and work together

- Customized smart contracts, such as Ethereum Smart Contracts

- Globally enforceable smart contracts in the form of Ricardian contracts or dual-linked smart contracts.

Token classification and use

VAULT ("VLT") is a transferable ERC-20 compatible token that is used on the Ethereum network. With VLT, consumers, law firms and companies can use the Contract Vault platform and Marketplace, while content creators are encouraged to create and maintain high-quality contracts on the Contract Vault Marketplace.

The Contract Vault Marketplace is the heart of the Contract Vault ecosystem with a wide range of conventional and smart contract templates and applications from Contract Vault itself and partners such as legal and technical experts.

VLT is used throughout the Contract Vault ecosystem, in particular to consume services or to increase visibility in the Contract Vault Marketplace:

a) Consumers can use VLT to access services such as conventional and smart contract templates on the Contract Vault Marketplace and can receive VLT by reviewing and evaluating Marketplace articles and services or by signing up for value-added services that offered by business customers.

b) Companies can use VLT to access conventional and smart contract templates and to offer their value-added services to Contract Vault users. They can receive VLT via applications with a white label.

c) Law Firms may receive VLT by creating or checking content on the Contract Vault Marketplace, using their offered contract templates or providing manual legal support to customers. They can use VLT to access smart contract templates for or on behalf of their clients.

d) Service providers, such as legal practitioners and blockchain experts, can receive VLT by offering, adjusting or controlling content, but also by offering their expertise directly to Contract Vault users. Legal professionals can also offer arbitration or mediation services in case of disputes or act as trustworthy oracles.

Delivery and allocation

Maximum token amount: the total maximum amount for the full allocation of VLT (including private pre-crowdsale for certain entities and individuals, phase I and phase II sales, as well as contributions from private entities and individuals of strategic value for the project contract vault) will are defined as a hard cap and are equivalent to CHF 45,000,000 (excluding costs arising from or related to the insertion process) (Maximum target) Vault Token LTD may, at its sole discretion, determine that the Maximum Target is achieved when the total amount of funds that has been transferred to the Smart Contract System is close to the maximum target, even if the actual number of purchases accepted by the Smart Contract System would be lower than the maximum target (eg if the total number of purchases did not coincide with exactly the maximum target).

Total supply of VLT token: the total maximum VLT supply is 900,000,000 VLT. The total amount of VLT will depend on the actual offer made during the private PreCrowdsale, the Phase I and the Phase II Sales and will be designated as the total VLT token delivery (Total VLT Token Supply).

Token sales period: the VLT sales period (Token Sale Period) begins on the date and time set to be announced on the Vault Token website and continues for a period of six (6) weeks or when the maximum token amount has been reached, depending on what occurs earlier.

a) Phase I of the Public Token sale begins on 1 May 2018 and ends on 15 May 2018. Participants in phase I will receive a maximum of 25% bonus chips (1 CHF = 12.5 VLT). A maximum of 50% of the Public Sale Pool (see below) is available during Phase I.

b) Phase II of the Public Token sale begins on 1 June 2018 and ends on 15 June 2018. All other VLTs of the Public Sale Pool (see below) are available during Phase II.

Exchange rate: the rate in the token sale is 10 VLT for each purchase equal to 1 CHF. The relative exchange rate of ETH / CHF will be presented to the participant as an estimate prior to the contribution and will be calculated by the company on the basis of an average ETH / CHF exchange rate that will be obtained from multiple independent sources at the time of the contribution.

Token distribution: the assignment of VLT is determined as explained below. Users purchasing in Phase I or Phase II will distribute VLT from the public sales pool. The total amount of VLT that is distributed from the Public Sale pool at the end of the Token sales period depends on the amount of money that is contributed.

a) The Public Sale pool consists of a maximum of 50% of the Total VLT Token Supply. The Public Sale pool is intended to be created by the smart contract system at the end of the Token Sale period and ultimately (distributed directly or through third parties) to users who have made purchases (in phase I and / or phase II)).

b) The reserve pool of the company consists of 180,000,000 VLT (ie at least 20% of the Total VLT Token Supply) and will be allocated to Contract Vault and / or its subsidiaries as a company reserve and for a long-term budget.

c) The pool Early Contributors & Advisors consists of 112,500,000 VLT (ie at least 12,5% of the Total VLT Token Supply) and is at the sole discretion of Vault Token LTD assigned to early contributors, partners, advisers and strategic partners from Contract Vault. project. The VLT in this pool may be subject to an individual lock-up period.

d) The Contract Vault Founders and Team Pool consists of 90,000,000 VLT (ie at least 10% of the Total VLT Token Supply). This pool will be allocated and distributed to individuals who have participated as managers, founders or team members, or have worked on the development of the ideas, implementations and supporting structures of the Contract Vault Project. The VLT in this pool is subject to a lock-up period and can not be transferred until 1 January 2019 (or a longer period determined by Contract Vault at its discretion).

e) The marketing pool consists of 67,500,000 VLT (ie at least 7,5% of the Total VLT Token Supply) and will be assigned to Contract Vault for distribution to the community of the Contract Vault Project (via rewards, airdrops, etc.). The effective distribution is entirely at the discretion of Vault Token LTD.