Ethereparty announced today they have successfully completed a pre-sale of their FUEL tokens, raising $25 million worth of btc, eth and fiat.
Kevin Hobbs, CEO of Etherparty, stated that “40 percent of the total supply was set aside and sold to contributors across more than 100 countries. The remaining tokens for sale will be available to those that missed out and can take part in the public sale.”
The start-up had an agreement with Token-as-a-Service, described as a close end fund focused on blockchain assets. They were to buy “a significant amount of ETH to purchase FUEL in the pre-sale,” but just how much exactly is unclear.
“The Etherparty platform allows users with zero knowledge of smart contract programming to create an enforceable, self-executing digital agreement for all types of transactions,” Ruslan Gavrilyuk, co-founder and CEO of TaaS Fund, stated at the time.
The start-up appears to allow anyone to set up a smart contract through their platform by inputting values through a simple form to customize templates, as shown in a demo.
We couldn’t find a whitepaper or any full description of the underlying platform, but the project says they are to launch their first beta this 27th of September.
“Etherparty’s smart contract templates will focus on include peer-to-peer escrow contracts, supply chain management, token creation, sports wagering, real estate contracts, and contractor agreements,” the project says.
Which covers some of the low hanging fruits for smart contract templates, but save for the token creation smart contract, the rest appears fairly complex, especially supply chains and real estate contracts.
Moreover, it is somewhat clear whether they are receiving any legal assistance, with their team page showing no lawyer at the time of writing.
Raising questions as to whether the smart contracts can be binding, alongside potentially regulatory issues, especially in USA, if they amount to legal advice.
But something like Etherparty was expected and has been talked about for some time because most people can not code, so creating a barrier to entry.
The simple, and fairly obvious solution, is to just create smart contract templates, following the same approach as most computer programming aspects, which are based on templates or libraries. So increasing access.
The project, therefore, may face competition as others try to provide a similar service dependent on the level of demand and whether it can be monetized successfully.