Smart contracts are without a doubt one of the most effective and innovative applications of blockchain technology to arise from the decentralization revolution. Smart contracts provide parties with the ability to create “trustless” agreements that are executed by code on the blockchain itself, and offer a wide range of different applications from lending, to betting, and even in real estate applications.
The smart contract ecosystem that is present in the current blockchain environment, however, can be somewhat convoluted. As smart contracts are written and executed in programming code, they can sometimes be difficult to understand “under the hood”.
An upcoming initial coin offering run by smart contract optimization platform Razoom is set to change the landscape of smart contracts as it exists today, and aims to standardize the way in which smart contracts are written, executed, and arbitrated.
In this article, we’ll take a look at the Razoom platform and find out what it plans to offer. We’ll also break down the specifics of the impending Razoom initial coin offering to help you determine whether it’s worth participating in.
What Is Razoom?
Razoom is driven by the goal of “displacing paper contracts from the business world”. The core concept of the Razoom platform is the standardization of smart contracts with the assistance of artificial intelligence, delivering meaningful and insightful information regarding the specifics of any given smart contract via a simple graphical interface that functions on all types of operating systems.
The major advantage offered by Razoom is the simple and user friendly graphical interface it offers for the management of smart contracts. By applying artificial intelligence to this task, Razoom aims to make it possible to quickly create, read, and verify any smart contract on any device.
The artificial intelligence solution offered by Razoom also includes a contract verification test, which, after execution, transfers funds to a counterparty. Interestingly, Razoom then stores executed smart contracts into a secure database that is then used as a resource that is analyzed by the Razoom artificial intelligence.
The Razoom AI then uses the insights delivered by the execution of successful past contracts to create recommendations and hints for other platform users. The platform also uses their artificial intelligence system to provide question-and-answer chat functionality, instant messaging, and a social network within the platform ecosystem.
The decentralized nature of the Razoom platform allows for extremely fast and simple smart contract creation. Users of the Razoom platform are able to utilize a range of pre-built contract templates that are categorized into a range of different applications. When a contract is created and executed correctly, it is then placed into the contract template database for other users to view.
How Razoom Works
The Razoom platform is designed with ease of use in mind. The platform aims to streamline human interactions through an extremely simple and effective contract creation and execution method.
Users of Razoom simply download the Razoom app, create an account, and register their cryptocurrency wallet. After selecting from a range of smart contract templates or creating a new smart contract from scratch, users are able to then select a counterparty, fill the specifics of the contract, and then submit the contract to Razoom for execution.
Razoom boasts a single point of entry for all participants and a multicontractive environment- users are able to send multiple counterparties a common format contract from one single system. Overall, the Razoom system will reduce the cost of participation for all parties, and offers a streamlined, encrypted, and secure method of information transmission.
The Razoom ICO
In order to generate the capital required to realise the development of their platform, the Razoom team intends to launch an initial coin offering in which the native token of the Razoom platform- RZM tokens- will be available for purchase.
The Razoom token pre-sale is currency underway, and will end on the 24th of December 2017. The Razoom ICO itself will launch in February 2018, and conclude on the 1st of March 2017.
During the Razoom ICO, several steps of pricing for RZM tokens will be available, listed as follows:
- 1st step = 0.00105 Eth
- 2nd step = 0.00118 Eth
- 3rd step = 0.00135 Eth
- 4th step = 0.00152 Eth
- 5th step = 0.00169 Eth
- 6th step = 0.00187 Eth
- 7th step = 0.00204 Eth
- 8th step = 0.00221 Eth
300,000,000 RZM will be released during the token sale, of which 75% will be available for purchase. A further 25% will be reserved for the Razoom platform team and company. After the conclusion of the token sale, all unsold tokens will be burned.
Razoo is a promising platform that could potentially revolutionize the way smart contracts are drawn up, executed, and arbitrated. If you’re interested in getting on board with the Razoo platform, it could be worth getting in while the pre-sale is still in effect.