Etherparty Review- The WIX of Smart Contracts?
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The number of ICOs and new tokens keeps growing instantly. Many of these ideas really make the world a better place with their enthusiastic innovations. In this article, we will discuss Etherparty and try to find out if it can be classified as one of those awesome ideas or not. To begin with, Etherparty ICO has been realized in September of 2017 and is located in Canada. The idea behind Etherparty is to provide a tool for creating smart contracts on various compatible blockchains. The price of the Etherparty coin has been constantly fluctuating since its lunch. The Etherparty price was high at the very beginning of 2018 then it dropped at the beginning of February, but this project has much more potential then you think.
What is Etherparty?
Etherparty lets its users create smart contracts with the ease of a few clicks. This way the company wants to favor the adoption of blockchain technology and make its expansion more drastic. It also tackles some of the issues that smart contracts face nowadays such as the speed, costs, safety, simplification of various agreements, which will favor both corporate and individual customers. The company tries to be as innovative, future-oriented and favorable for the blockchain users as possible. The company aims to solve the problems and achieve its goals and objective mainly through validations and automation.
How does it work?
Etherparty uses two Ethereum nodes that are hosted, one of which is for the main Ethereum network, while the other one is for testnet. This way the contracts are tested by other users before the deployment. The company is deploying a number of load-balanced Ethereum nodes which will take care of the traffic in the network and availability. Etherparty also creates a library special for smart contracts designer for users so that they can easily choose from the variety of contract templates that are user-created. The process does not require the users to have a technical background and can enable users to make transactions within blockchain as agreements with business and legal backgrounds. The processing of escrow and smart contracts will be done through EVM.
What is the technology behind it?
Etherparty works with API technologies. It plans to work with Rootstock6 so that it will be able to create smart contracts with Bitcoin.
The development of Etherparty
Etherparty has been introduced in 2017. The team behind the Etherparty ICO consists of a large group of professionals, who have experiences in management as well as blockchain. The founder of and the head of R&D – Lisa Cheng, has an experience of an adviser for new tech startups, while the CEO – Kevin Hobbs, has been working with tech companies more as a business person. The team hopes that the combination of business people and developers will make the path for Etherparty smoother.
Etherparty is a project of Vanbex group, which is a rather well-established innovator of blockchain technology. To make things more clear, the CEO of Vanbex is also Kevin Hobbs, was mentioned earlier as the CEO of Etherparty. Vanbex group has been doing similar projects since 2013 and some of the other well-known projects are Cleff, Factom, and Storj.io. The Etherparty project was inspired by Counterparty a protocol for Bitcoin that makes the process of issuing tokens easier. However, Etherparty did its best to create an improved version for Ethereum. For instance, it has included native smart contracts functionality, the mining rewards are higher, the security has increased, as well as the daily transaction volume is much more than it is for Bitcoin.
What is unique about it?
The most outstanding feature that makes Etherparty unique is targeting people who are more involved with the business world, rather than IT or blockchain technologies. Etherparty is doing its best to make the creation of tokens and smart contracts for these people as easy and attractive as possible. In order to do so, Etherparty keeps learning lessons from other similar initiatives and does everything possible to avoid making the same mistakes and to improve the previously offered versions.
- As a user, you can get a mobile app version which can work with both Android and iOS.
- Etherparty uses access management solution known as IAM and a two-factor authentication (2FA).
- In case of transferring values, the additional security check is required.
- As a user, you can drag and drop the capabilities of building a contract.
- There is a call IVR (interactive voice response).
Smart contract creation
The best part about Etherparty letting people create smart contracts is that people with great ideas will be able to implement their projects without programming knowledge. The Etherparty cryptocurrency is known as FUEL and this is the key to using Etherparty, managing the contract library, to test the safety, monitoring, fees and just the overall management process. The idea itself is a great way of evolving the blockchain technology and making it more common.
For those who do not know, beta in software development is the second round of testing a software. During the beta test part of the audience samples the product. Etherparty has done beta testing as well. Currently, one of the main features that work on the etherparty beta is the escrow contracts. The process is as simple that as a user all you need to do is filling in the details and the contract is being created.
The fundraising goal of Etherparty ICO was $65 million. During the pre-sale, they sold $24 million. There were no restrictions on the participants and anyone could partake. The accepted cryptocurrency was ETH. The social activity level and hype were high. The pre-crowd sale was over on September 15, 2017. The token sale opening date was October 1, 2017, and the closing date was October 31, 2017. The token sale ended with $33,732,247 which is the 52% of the initial goal – $65 million. Currently, Etherparty has a market cap of $60,449,361.
The token issued by Etherparty is known as FUEL. The role of the token is the utility. The token type is ERC20 and during the ICO the price of 1 FUEL was $0.1. The total supply of the tokens is 1 billion. The 40% of these tokens are for pre-crowd sale, the other 40% for crowd sale, 10% is reserved for incentivizing the partners, beta testers, and the community, 5% for selling directly on the platform and the other 5% is distributed among the team members. The team members’ tokens were locked for 6 months as soon as the crowdsale was over. The tokens that were not sold during the pre-sale went to the public scale. All the tokens that will not be sold on the public scale too will be kept on the Etherparty platform used for selling solely on the platform.
The sole purpose of FUEL tokens is for participating in the Ecosystem of Etherparty- testing, developing, operating, getting services and deployment. As part of the Terms and Conditions the users need to agree that they are not going to use the tokens for any other reasons and that they are aware of the commercial risks.
During the first release Etherparty will have:
- Changing the database to Postgresql
- Add features such as REST (Representational State Transfer) API (Application Programming Interface) support management for supply chain.
- Use Docker containers for ease and scalability.
- The model is managed with DAPP with contract factories for deployment.
- Creation of no click sign on to the platform.
- Integration of Metamask.
- Good management solution through 2FA with identity and access control.
Authentication and authorization
- Implementation of open source servers.
- Sign on with 2FA that will be done once again for security.
- ATO (account takeover) of users with preventions against frauds.
- Organizing the balancing and monitoring.
- Adding a layer between the database and backend service.
- Management of container.
- Integration to alter data without boundaries for operation
- Integration for notifications with Skype, Slack, PagerDuty, Slack
During the second release Etherparty will have:
- Mobile app for Android and iOS with push notifications.
- Notifications for logging the history of transaction, desktop, with SMS and messaging apps.
- Expand the library and add Notary services, escrow contracts with multiple people, family trusts, corporate stock, money manager, virtual democracy, timesharing, crowdfunding, multisignature escrow and vault, sales of real estate and so on.
- Integration of third-party APIs and marketplace.
During the third realize Etherparty will have:
- Ability to build drag and drop contracts.
- Improvements in the mobile app and add features like enterprise integration, integration with Google Assistant and more.
- Creation of advanced user interface for enterprise users.
- Ability to add team members, share contracts etc.
Etherparty price growth
FUEL token does not have very long history, however, so far it has had some volatile records. To be more precise its maximum growth was 12.24% within 24 hours, while the lowest was -2.17% within 1 hour. Within 52 weeks the lowest price of FUEL was $0.0208674 and the highest was $0.455393. The market cap of Etherparty was the highest on January 11, 2018 which was $209,308,103, then it went down to $41,042,548 on February 6, 2018, and as of March 4, 2018, it is $63,069,662.
How to buy Etherparty?
The Etherparty’s token – FUEL cannot be bought with fiat money and therefore, you need to exchange your fiat currency into a cryptocurrency that can be converted into FUEL. Here are the steps that you need to take in order to buy FUEL.
- Open an Etherparty wallet (learn about Etherparty wallets down below).
- Buy a cryptocurrency that later can be converted into FUEL. In this example, we will use bitcoins (learn how to buy Bitcoins here).
- Deposit your bitcoins on an exchange platform of your choice. You may find the list of the exchange websites that support FUEL down below.
- Exchange bitcoins with FUEL.
- Store FUEL in your wallet. This is one of the most crucial steps that you need to be very careful about. If you get a wallet that is not safe enough you may lose all your coins because of a malware or a hack.
As an ERC20 token FUEL can be stored on Ethereum compatible wallets. Here are some of the most common option of Etherparty wallets for FUEL.
Myetherwallet is an open-source, fee wallet that supports FUEL. Myetherwallet is a hot wallet, which means that the tokens are going to be stored online. Because of this fact, you should be more careful and should avoid storing large a number of coins on similar wallets.
Ledger Nano S is a well know hardware wallet and it can also be referred to as a cold storage wallet. In other words, the coins on this wallet are stored offline, therefore, they are safe from various cyber-attacks and are good for storing a large number of cryptocurrency. However, you should take into account that this wallet has to be purchased.
Trezor is a “bulletproof” hardware crypto wallet. This multi-currency wallet has good reputation and is recognized as one of the most trustworthy crypto wallets available in the market. However, the transaction opportunities are limited and in the meantime the wallet is costly. However, it is better to make a one-time investment in a secure wallet then lose tokens because of unsafe token wallets.
Mist is usually recognized as an Ethereum wallet, however, it supports other cryptocurrencies as well such as FUEL. This is an open source wallet that has gone through a user-test. It allows a desktop function and works with Linux too. However, it requires some technical knowledge, and the process of using it requires the user to always be updated.
Etherparty compatible exchanges
Now we will mention some of the exchange platforms that support FUEL and give some details about each one.
Binance is based in China. It gives its users an access to set the trading tools, preferred features and so on. It started as an ICO and then it has started to trade since summer 2017. It offers Basic and Advanced interfaces to exchange in order to make the simple trades easy for beginners and also provide professional options.
- Support in multiple languages.
- High liquidity.
- Can process 1.4 million transactions/second.
- Relatively lower fees both for withdrawals and transaction.
- Has programs designed to reward the community.
- There may be delays while withdrawing.
- The company is based in China and the Chinese government is against similar businesses.
- No viability for the long run.
- Some people claim that Binance collects user data.
HitBTC is based in Estonia and has been in the market since 2013. The founder of HitBTC – Dave Merrill has started the company as a joint venture for developers, finance pros, and expert traders. The initial funding was around 6 million euros. The exchange platform mainly targets the European market.
- Anonymity of accounts.
- 50+ cryptocurrencies are available.
- Low fees.
- The verification process is complicated.
- The structure may seem confusing.
- Withdrawals are rather slow.
Gate.io supports more than 20 cryptocurrencies. The website has both English and Chinese versions. The company is based in the US, in the state of Virginia. The exchange platform does not only offer a trading space but also free wallets for storing the crypto coins after purchasing some.
- Fair fees.
- An easy to use platform.
- Has a mobile app version.
- Supports more than 20 cryptocoins.
- Fiat money is not supported.
- The platform is not regulated.
- The company is relatively new.
Thus, Etherparty is aiming at the next generation blockchain technology and wants to make it as common and widely used as possible. All we have to do is stay updated and keep up with this innovative field. We hope this article was helpful you. Make sure to visit our website for more comprehensive content.
Thank you for reading and hope to see you next time!