What Is Clarity Project?
The Clarity Project is developing a blockchain-based application for small business owners, designed to help them organize and securely store their business records, and also gain access to credit and investments that they might not typically have. The company is also releasing its own cryptocurrency, the CLRTY token, which is being used to fund the project's development and will eventually be required to pay for a subscription to the service.
Who Is Behind Clarity Project?
The Clarity Project's team is based in the UK. The company's four executives have extensive experience in management and finance, though their biographies in the project's whitepaper don't mention any background in software development.
The company's roadmap notes that its executive team has been attending numerous conferences around the world devoted to blockchain technology. However, the company still has fewer than 500 followers across all of its social media pages, and it doesn't appear to have received any significant coverage from online publications. The project will likely attract more attention as its ICO proceeds and it begins to release its product.
How Clarity Project Smart Business Blockchain Data Manager Works
The Clarity Project's primary product is a blockchain platform designed to store financial and business data, including employee contracts, insurance forms, banking records, regulatory reports, and more; the company claims that virtually any business document can be stored on its blockchain.
The company is developing an API to integrate with QuickBooks, Xero, and other popular accounting software, making it easy to migrate existing documents into the system. All user data is fully encrypted and anonymized, and users are able to control how they share it.
While users can simply rely on the Clarity Project as a secure storage system, the platform's main utility is its software to compare and analyze users' anonymized financial data. The platform includes features to create insightful charts, compare efficiency with other businesses in the same industry, and to share this data with lenders and investors who are eager to support small businesses.
The Clarity Project's platform will require a monthly subscription that must be paid using the system's internal cryptocurrency, the CLRTY token; both users and investors must pay to access the platform. However, the company notes that it plans to introduce a “lite” or trial version that will be available for free.
Clarity Project CLRTY Token ICO Details
The Clarity Project's internal cryptocurrency, the CLRTY token, is built using the ERC-20 standard, and it appears that its ICO is accepting only Ethereum. The company's ICO will begin sometime in early July of 2018 (they don't provide an exact date), and will end on November 22 of that year.
The ICO will be divided into five rounds, with significant discounts for earlier buyers; in the first round, one Ethereum will buy 3,000 CLRTY tokens, while in the fifth, they will buy only 700. The company's whitepaper mentions in passing that a private pre-sale already took place.
A total of 240,000,000 Clarity tokens will be created, and nearly all of them – 220,000,000 – will be sold to the public. The company states that it will implement a “buy back and burn” program in order to stability the currency's value, which will continue regularly for several years until only 20 million CLRTY tokens are available.
The Clarity Project's whitepaper mentions that the company will complete a charitable donation for each token purchase; investors can vote on whether they’d like the company to focus on planting trees, keeping girls in school in developing nations, or providing entrepreneurship training in impoverished communities.
Clarity Project Verdict
Businesses won’t find much benefit in the Clarity Project's system if they simply use it for secure storage – there's plenty of free software for encryption – but if its analysis software provides valuable insights, or its lending platform helps connect them with investors, then the platform could be a very valuable tool.
However, the company and its product are still very early in development: they aren't beginning actual work on the platform until the second quarter of 2019, and they plan to launch a preliminary version near the end of that year. Investors in the CLRTY token should examine demand for the platform, and consider that they won't gain a return on their investment for at least one year.