Smart contracts are the most revolutionary and interesting part of Ethereum’s infrastructure, but they’re quite complex and can be quite confusing to the average individual, requiring significant programing knowledge to create. Etherparty aims to create an interface that simplifies smart contract creation, allowing virtually anyone to go in and set up a contract depending on their needs.
Despite not selling out instantly, the Etherparty ICO managed to raise the impressive $33 000 000 dollars in just less than month.
Etherparty offers ready-to-use smart contract templates with no additional tools required. The contracts are legally binding and any pair of users can set up a contract. It also offers an enterprise solution where companies can upload their own documents and convert them into a smart contract, without any changes in infrastructure necessary. Although the ecosystem is currently contained within Ethereum, they do have plans to become blockchain-agnostic in the future.
“Rocket” allows users to launch and track a token generation event without any need for development. It has an easy to use interface with an experienced support team to guide you through every step.
“Hero” is a charity platform aiming to bring the benefits of the blockchain to charitable giving. This product, however, is still in early development.
“Saturn” is a supply chain management solution, allowing blockchain adaptation for the flow of goods and services. It provides a trackable method for data monitoring.
The FUEL token is used for payments within the Etherparty platform. It is said in the whitepaper that the total supply of 1 billion tokens will never be increased. The token serves as a method of validating user interactions, allowing participants to buy, execute or barter smart contracts within the platform.
The project has no major flaws at first glance. The only question is how the team will handle eventual scalability problems. They also need to make sure that the templates are bug-free, as bugs might make them exploitable and vulnerable to security breaches.
Overall, the project is solid. It does have some competition in the space, but simplifying smart contracts is very important if we are to see any sort of adaptation. The team has been pushing development, their initial products are already out, with several other in development, and they seem to know what they’re doing and as smart contracts become mainstream, we’re bound to hear more from Etherparty.
