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October 19 2017

ICO Alert Report: Etherparty

ICO Alert Report: Etherparty

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What is Etherparty?

Etherparty is a smart contract creator that will allow anyone, even those without any programming skills, to create a smart contract. A smart contract is a protocol that helps people exchange money, property, shares, or anything they deem of value in a transparent, secure and conflict-free way. In essence, a smart contract facilitates transactions by eliminating third party verification systems. Etherparty’s platform creates these contracts in a cost effective and secure manner.
Etherparty’s goal is to make smart contract creation accessible to the general public.
 — Etherparty Team


ICO Alert: How is the Etherparty FUEL token used within the platform and why is it needed?

Etherparty: FUEL tokens are required to access Etherparty. The Etherparty platform allows users to access the contract library, security testing, monitoring, and management of the entire smart contract process.
FUEL is a transferable ERC-20 compliant digital token deployed on the Ethereum network. It is the in-app currency that powers the Etherparty platform.
The FUEL token serves as a method of validating a user’s interactions and will allow them to buy or execute smart contracts on the platform.

ICO Alert: Etherparty is aiming for mass adoption of smart contracts by creating an easy-to-build smart contract platform. What type of users do you foresee using this platform to build smart contracts? Strictly other cryptocurrency projects, or is it possible for non-developer folks to use this as well?

Etherparty: By democratizing access to smart contracts, Etherparty unleashes the speed, cost-reduction, scalability, and security benefits of the technology for individuals and businesses.
Etherparty’s great ease of use opens its user potential enormously, towards:
- Businesses in real estate, legal, and supply chain management
- Everyday non-developer users
- Cryptocurrency projects in this space which will be even more transparent and secure.

ICO Alert: What is the process for users to create a smart contract?

Etherparty: Etherparty defines a modular architecture with separated storage contracts that allow the functionality of your deployed contracts to be upgraded as the smart contracts evolve, keeping your data preserved. All contracts start with our base, secure templates.
Private keys for your Ethereum addresses on the Etherparty platform are stored in a locked vault that only you have access to. State management follows modern best practice hashing standards. The same standards for smart contract security are applied to the platform itself, which is continually monitored.

ICO Alert: Etherparty will have a web application where users can build smart contracts. Will the associated smart contract library be loaded with any template-style smart contracts for users to use immediately, or is the community responsible for the build-out of the library entirely?

Etherparty: The associated smart contract library will have a starting base of templated contracts that will become more user and industry specific as the user-base grows.

ICO Alert: Aside from users, Etherparty also has enterprise solutions. Does the team currently have companies interested in using the platform, or will more announcements be made down the road?

Etherparty: Enterprise is a big focus for Etherparty, we have detailed out a development roadmap for API. We firmly believe that processes in enterprise use cases can be better managed through automated contract fulfillment ranging from supply chain, trade finance, real estate, law, and payments.

ICO Alert: How does Etherparty ensure security for its users, especially with this technology and in an ecosystem that is so new?

Etherparty: Before users can deploy our smart contracts, they have to go through a diligence process on Etherparty itself. This will prevent the misuse of our platform
Smart contracts are written in Solidity, a contract-oriented, high-level programming language whose syntax is similar to that of JavaScript. We have an experienced development team and we also had a third-party, Zeppelin Solutions, audit our code to make sure we’ll be able to deliver the most secure and functional product.

ICO Alert: How far along is the development of the Etherparty web application, mobile application, and overall project? When can users expect to use a testnet/Alpha version of the platform?

Etherparty: Etherparty already has a beta application live on the Ropsten network with several smart contract templates that are audited and can be created right now. The next milestone is our redesign, which is ahead of schedule and getting feedback from our ICO contributors.
We’ll be launching the application on the Ethereum mainnet in early 2018.

ICO Alert: Etherparty functions through a subscription service model. What does each tier of subscription provide users and how much does each tier cost?

Etherparty: The application is structured as a tiered subscription service that starts off with limited access to the platform features and ability to execute one to two contracts per month.
The second tier will be set with a higher contract limit, while the third tier will increase upon the previous tier, with even higher limits, functions, processes, and integrations.

ICO Alert: As a non-Etherparty question, we like to ask for unique predictions for the ICO/cryptocurrency space. Where do you and the team see the space in the next 3–5 years?

Etherparty: We will be the destination tool for publishing smart contracts on any of the top public blockchains.

Crowdsale Information
The Etherparty crowdsale began on October 1, 2017 and ends on October 29, 2017. The Etherparty token (FUEL) is an ERC-20 token and Ether is the only accepted form of contribution. Under the current bonus, for every 1 Ether contributed, you will receive 1,700 FUEL tokens. The full bonus schedule is as follows:

Token Distribution Information
There is a total of 1,000,000,000 FUEL tokens being created, with 80% being sold across the presale (complete) and crowdsale (live). Tokens will be distributed to contributors immediately after contribution and when the transaction is confirmed. Tokens will be locked until October 29, 2017.

40%: Presale (complete)
40%: Crowdsale (live)
10%: Future incentives for beneficial efforts to the platform
5%: Etherparty team members (locked for six months)
5%: Etherparty platform (these tokens will be sold on the platform)

Use of Crowdsale Proceeds
55%: Development
18%: Sales
18%: Marketing
9%: General and administrative costs

Lisa Cheng, Founder and Head of Research and Development
Lisa Cheng is the founder and head of R&D of Etherparty. She currently serves as an advisor for emerging tech startups and has expertise in business development and product strategy. Her background includes Fortune 500 companies, enterprise sales, big data, and SaaS.

Kevin Hobbs, CEO
Kevin Hobbs is the CEO of Etherparty and founder of The Genisys Project. He brings over a decade of management experience to the firm after working in a variety of professional roles. He is interested in how blockchain technologies innovate how business will be done in the future.

Steven Lee, CFO
Steven is an experienced financial executive with a career focus on growing early to mid-stage technology companies. He has expertise in business expansion, fiscal and operations management and has hands-on experience in business leadership and business unit development.

Derek Spratt, Executive Chair
Derek has over 35 years of experience in the Canadian tech space. Derek founded and ran two wireless tech companies, PCS Wireless and Intrinsyc Software, raising more than $200 million and employing over 500 people globally. Derek’s role with Vanbex is as executive chair, providing leadership to the company.

For a full list of team members and advisors please visit the Etherparty website.

Social Media
Telegram: https://t.me/etherparty
Twitter: https://twitter.com/etherparty_io
Facebook: https://www.facebook.com/etherparty/
Youtube: https://www.youtube.com/channel/UCwBzpneop1za6w4DYJJgsIQ
Github: https://github.com/etherparty
Reddit: https://www.reddit.com/r/etherparty/
Medium: https://medium.com/@etherparty
Bitcointalk: https://bitcointalk.org/index.php?topic=2005965

View the Etherparty Website here.

View the only comprehensive list of active and upcoming ICOs here.

(1) Etherparty Website, Etherparty, (2017)

(2) Etherparty Whitepaper, Etherparty, (2017)

Topics: Smart Contracts, Blockchain, ICO, Cryptocurrency, Finance