Smart contracts are an invaluable addition to the blockchain and cryptocurrency industry. Contract Vault aims to take this concept one step further. Making agreements on the Ethereum blockchain accessible to everyone is the project’s number one priority.
Why Does Contract Vault Exist?
Even though smart contracts are of great interest to a lot of people, they will need to evolve before mainstream adoption can occur. Contract Vault wants to bridge the gap between legal contracts and smart contracts, as the latter version is not necessarily legally binding. Additionally, the project pays special attention to the creation, management, and integration of contractual processes on the blockchain.
How Does it Work Exactly?
While eBits are quite appealing, they are still not accessible to a lot of people. Contract templates are of great help in this regard, but they are not necessarily the best solution either. Moreover, customization remains a big problem. Additionally, creating new contracts is difficult and inefficient, especially when legal issues come into play. One could go as far as to say that most smart contracts are not that smart in the first place, although the jury is still out on that one.
One point which most people overlook is that a smart contract is not legally binding by default. Contract Vault wants to address this problem by letting users construct their own customizable SmartTemplates. Additionally, they will be given access to ready-made verified and legally-enforceable templates to generate more conventional smart contracts moving forward. Lawyers will give advice and access to collaborative tools to make this project more versatile.
While all of this sounds pretty good, it is evident Contract Vault may not be for everyone. It is a platform mainly focusing on law firms, enterprises, legal professionals, and smart contract developers. As such, it makes a lot of sense for consumers to pay close attention to this platform as well. The team is confident their smart contracts can be used for virtually any purpose, which is rather ambitious.
The VLT Token
A platform such as Contract Vault cannot exist without a native token. In this case, the team will issue a VAULT token, referred to as VLT. This token will be used by consumers and other entities to utilize all of the Contract Vault platform’s features and its marketplace. Additionally, the token will incentivize content creators to maintain high-quality contracts on the marketplace.
The Road Ahead for Contract Vault
Building a legally-compliant smart contract platform will require a lot of work. For the Contract Vault team, the main focus is now on the public token sale, which will run for a few more days or weeks. A second crowdsale phase will commence in June. No further plans have been announced, although it remains to be seen how this team will ensure all of the promised functionality will be incorporated in the future.