Confideal is a smart contract platform that promises to integrate real economic value into blockchain technology. Find out how it works today in our review.
What Is Confideal?
Confideal is a smart contract platform that aims to create, manage, and enforce smart contracts in an easier way than ever before. Confideal wants to help businesses take advantage of smart contracts. It has features like a built-in arbitration module for dispute resolution. And, you can pick top-rated arbiters from across the Confideal network.
Overall, Confideal describes itself as “a revolutionary opportunity for enterprises, small companies, and individuals to deal without intermediaries.”
Obviously, smart contracts have tremendous potential across the business world. However, building smart contracts also requires coding knowledge. Confideal is one of several companies seeking to help enterprises take advantage of smart contracts without having deep technical skills or a full-fledged IT department.
How Does Confideal Work?
Confideal consists of three core modules:
- Smart Contract Builder: This is a user-friendly platform that allows users to create Ethereum smart contracts without any coding knowledge.
- Arbitration Module: Confideal has real live arbiters standing by to resolve disputes. These non-biased, experienced arbiters and legal firms can settle disputes right in the Confideal platform.
- CDL Token: This is an internal currency that lets users access Confideal’s services for free. As a CDL token holder, you can also vote for arbiters.
Confideal already has a working platform in place. You can use that platform to create your own smart contract. You’ll need to have a Chrome browser with the MetaMask extension installed. Once you open the page, just open your dashboard and click “New contract”. You’ll need Ether to make a smart contract (you’re building a smart contract on the Ethereum blockchain).
Confideal uses Ethereum for its smart contracts today. However, the company claims they’re monitoring emerging platforms like Tezos, EOS, district0x, and others:
“If they develop a good product with high demand and adoption, we will definitely consider expanding our service to other blockchains,” explains the official website.
Uses For Confideal
Who can use Confideal? Who can benefit most from easy-to-use smart contracts? Here are some of the targeted use cases:
- Individuals: Confideal can be used in real estate deals, by landlords, for car leases, for using cryptocurrency as collateral, or for online freelancers.
- Small Businesses: Small businesses can use Confideal for internal trade, international trade, automatic royalty payments, ordering services from agencies, and offline services, among other uses.
- Large Enterprises: Large enterprises can use Confideal’s smart contracts for container delivery, internal deals, long-term contracts with delayed or step-by-step payment, chained contracts (derivatives), multilateral contracts, and more.
- Online Businesses: Confideal can help online businesses launch ICOs, create ERC20 tokens, build an affiliate system, or create an e-commerce store.
The Confideal Token Sale
Confideal’s ICO begins on November 2. The token is named “Confideal”, or CDL. There’s a total supply of 100,000,000 CDL Tokens, with the price set at 1,000 CDL = 1 ETH. The total supply will never increase, and no further tokens will be issued.
Bonuses are available throughout the ICO.
Out of the total supply, 74% of tokens will be sold through the ICO. 6% were sold during a pre-ICO. 10% are reserved for the team; 4% for promo activities; 4% for advisors, and 2% for a bounty campaign.
CDL tokens are the internal currency on the Confideal platform. If you make transactions in CDL, you are exempted from the 1% contract fee and can participate in voting for arbiters.
Who’s Behind Confideal?
Confideal’s team won the blockchain hackathon in Moscow in Q4 2016. By Q1 2017, they had launched their first alpha version (their MVP).
Confideal is led by Petr Belousov, Andrei Baibaratsky, Egor Khromov, and Philipp Khomenok.
The company is based in Heritage Business Park in Cork, Ireland.
Confideal is a user-friendly platform for creating smart contracts. You can create a smart contract on Confideal with no knowledge of coding required. Businesses can use Confideal to reduce the need for intermediaries. Another nifty feature of Confideal is that the company has a network of experienced arbiters who can step in to resolve any disputes.