SmartOne aims to disrupt the legal industry using blockchain technology. Here’s our review.
What Is SmartOne?
SmartOne, found online at SmartOne.legal, is a blockchain-based platform that provides a variety of legal services to the crypto community. You can use SmartOne to access legal advice or automated document preparation services, for example.
Right now, SmartOne is focusing on providing the legal frameworks for companies preparing for token generation events (TGEs) while also automating documents and contracts for financial and capital markets.
SmartOne was built by a community of legal and technical experts based in Zug, Switzerland (also known as Crypto Valley).
In addition to providing legal services, the organization wants to become the legal voice for the crypto community. They want to negotiate with regulators, conduct research, and publish articles to construct the legal framework of cryptocurrencies.
How Does SmartOne Work?
SmartOne’s platform consists of three specific components, including:
This is a marketplace of legal experts who specialize in crypto-related issues. Crypto-related enterprises can access this marketplace to find the legal expert they need.
SmartOne aims to automate and digitize legal processes, including the creation of documents for ICOs and other crypto-oriented projects that require regulation.
SmartOne will provide legal consulting services to help companies implement and analyze token generation events, or TGEs. Some of the sample legal solutions include white paper analysis and the Howey test.
SmartOne also wants to serve as the umbrella organization for the promotion of projects and R&D activities connected with the SmartOne protocol, helping the crypto community in legal matters while providing legal assistance to TGE organizers and financial institutions.
What Problems Does SmartOne Seek to Solve?
Obviously, the crypto community is growing rapidly. However, the legal framework for token sales does not currently exist. Organizations around the world have issued tokens and cryptocurrencies, raising funds to get their projects off the ground, but many have struggled with the legal side of things.
As the SmartOne whitepaper explains,
“A lack of access to suitable legal and regulatory services means that not only are many projects receiving inadequate legal advice but they’re also unable to reach out to the world’s capital markets for investments because they’re unable to meet the regulatory and compliance requirements that the financial system demands.”
Basically, companies are being forced to meet a growing number of regulatory requirements, yet many struggle to access legal services. It’s easy to find a lawyer – but it’s hard to find a lawyer that specializes in crypto-related issues. SmartOne wants to make a marketplace where companies can easy access these services.
Who’s Behind SmartOne?
SmartOne was created in Zug, Switzerland by a team of legal and technical experts. The company’s goal is to become the legal voice for the crypto community by undertaking research and development, publishing articles, and entering negotiations with regulators.
The legal community platform was launched in August 2017, with the legal lab opening in Zug in September. By the beginning of 2018, SmartOne aims to have legal solutions of TGEs available on its marketplace, along with tax advice, regulation and compliance information, KYC automation, and other services.
SmartOne’s founders include Professor Thomas Fischer, Klaus D. Stark, Patrick Salm, and Reto Stiffler. There’s a minimum contribution of 0.5 ETH for the sale.
The SmartOne Token Sale
SmartOne will have its own token called the LEGAL token, or LGL. The token will launch on November 15, lasting for a maximum of 14 days. You can use the token to license SmartOne protocols. Token holders can access legal services through the platform.
There’s a maximum issuance of 20 million LEGAL, with a total of 13 million tokens available to the public during the crowdsale. The price is set at 1 LEGAL = 0.004 ETH, although this rate can be changed in the leadup to the token sale.
SmartOne is a marketplace where crypto-related companies can quickly and easily choose and engage legal advisors who understand the challenges posed by the industry. The company aims to help companies access legal services more easily.
SmartOne revolves around the use of LEGAL tokens, which go on sale on November 15. To learn more about SmartOne and the upcoming token sale, visit online today at SmartOne.legal.