SmartOne - Legal solutions for the crypto community
About the Project
SmartOne aims to bring the disruptive capabilities of blockchain-based enterprise to the legal sector by creating a means of access to legal services for the crypto community.
Access to these services will be gained through ownership of blockchain-based LEGAL tokens that will initially be issued through a Token Generating Event (TGE/ICO), beginning of 30th of October 2017.
SmartOne’s services include a marketplace for legal advice, automated document preparation and individual legal consulting. Our focus is on providing legal solutions for enterprises issuing tokens through TGEs, as well as the automation of documents and contracts for the financial and capital markets.
Providing legal services, we also aim to become the legal voice for the crypto community by undertaking research and development, publishing articles and entering into dialogue with regulators.
SmartOne is itself a community, designed and built by a team of legal and technical experts based in ‘Crypto Valley’, Zug, Switzerland, birthplace of some of the world’s first (non-Bitcoin) crypto currencies, like Ethereum.
The SmartOne ecosystem
SmartOne has been established as a Liechtenstein-based foundation with the intention
of serving both as a provider of legal services to TGE organizers and financial institutions,
and as an umbrella organization for the promotion of research and development
activities that are connected to the SmartOne protocol. As one of the earliest providers
of legal solutions to the blockchain market, SmartOne is also committed to developing
the wider legal and regulatory landscape for crypto communities.
Legal community platform launch
Opening of Crypto legaltech lab in Zug
Legal solutions of TGEs available on our marketplace and automation platform (e.g. white paper analysis, Howey test)
Additional legal products (e.g. tax advice, regulation & compliance, property protection)
Open source crowdfunding platform
Automation of processes, legal documents and contracts for the financial and captal markets
Classification and rating model of token
Extend the marketplace to consumers with our legal app
Legal solutions for the financial services industry, crypto banking
* General TGE structures
Over the last few months, we have seen an increasing number of new and innovative TGE
algorithms. Until recently, two types were the most common:
- Capped and fixed price
A maximum quantity of tokens is offered at a fixed price. Contributors know the
maximum amount raised. Its main drawback is the potential for oversubscription. TGEs
can be sold out in seconds and leave most of the contributors out of the project.
Sometimes subscribers try to outbid each other by offering to pay an excessive amount
of transaction fees to get in. This leads to capacity shortages on the network and large
delays in confirming transactions.
- Uncapped and fixed price
The total quantity of tokens is uncapped. As many tokens are created as people are
willing to buy. The maximum raised amount is unknown making it difficult for
contributors value the project. This type of TGE has been criticized for its greed because
such projects often receive more financial resources than can be put to good use. Due to
this criticism, new algorithms have emerged to control such offers:3
- Capped auction
A cap is placed on the maximum amount the project is seeking to raise. Contributors bid
at their desired price and state their maximum spend. A variable number of tokens are
actually sold, at the lowest successful bid price, in proportion with each buyer’s pledged
- Uncapped auction
Buyers bid at a desired price and quantity of tokens. A fixed number of tokens are sold to
the bidders in descending price order until all tokens are sold. The amount raised is not
- Capped with re-distribution
Buyers bid a desired total spend. A fixed number of tokens are sold at a fixed price, in
proportion with each buyer’s pledged total spend. Buyers’ excess payments are
refunded. There is a cap on the amount raised. This structure guarantees that everyone
can participate to some extent. However, if the sale is oversubscribed, buyers will receive
fewer tokens than they wanted to buy, and a partial refund of payment.
- Capped with parcel limit
A fixed number of tokens is sold at a fixed price on a first-come, first-served basis until all
tokens are sold. There is a limit on the total amount a contributor can buy. This is usually
achieved by capping the amount of each incoming transaction, and making it difficult for
a single buyer to send multiple transactions. This is where SmartOne comes in and
implements our KYC protocol (see below). There is a cap on the amount raised.
The following table summarises the current state of play and compares algorithms:
Obviously, it’s impossible to meet all objectives and so there are tradeoffs between the
As our aim is a fair allocation and efficient use of the LEGAL token, we have decided to
use a capped TGE with parcel limit (it has the most ticks in the table above).
We believe that this structure promotes a wider distribution of SmartOne tokens,
preventing concentration in the hands of a few, while also selling a fixed number of
One issue with parcel limitations is that one person can contribute from more than one
address, meaning that programmed participation in the TGE could result in tokens being
concentration in the hands of a few technically skilled contributors, preventing a wider
distribution of our token.
To solve this conflict, we have implemented a KYC protocol that whitelists verified
addresses. We believe this will become the standard for TGEs in the future. However, it
has not yet been fully adopted by the whole crypto community and therefore,
contributors still have a choice.
* Public Token Launch
13’000’000 LEGAL tokens are available for the Public Token Launch, which starts on the
30th of October. The TGE will take place in two stages:
Only verified contributors will be able to participate in phase 1 and will receive significant
benefits in order to encourage verification.
Benefits include: prioritization; a minimum 10% bonus (USD equivalent); partial hedging
against ETH/USD depreciation if phase 2 follows.
In order to grant verified contributors a bonus of at least 10%, the price per token is
adjusted before phase 2 starts:
As we have included a relatively small hard cap, the TGE could end during phase 1 which
is intended. Verified contributors from phase 1 are prioritized.
A secondary effect of the price adjustment in phase 2 is that verified contributors are
partially hedged against a ETH/USD depreciation.
One of our main goals is to provide broad public access to blockchain technology. LEGAL
tokens are functional network tokens within the SmartOne ecosystem. LEGAL tokens are
not for speculative investment.
We believe that people engaging with the TGE should have at least a basic understanding
of blockchain technology and so we’ve mandated that contributions must be made in
Token Launch / TGE
The LEGAL token lies at the heart of the SmartOne ecosystem. Its main role consists in the embodiment of a right: The right to membership of the ecosystem.
Alongside membership, the LEGAL token also serves as a license to use the SmartOne protocols. These enable token holders to access legal services, including the common regulatory requirements of Anti-Money Laundering (AML) and Know Your Customer (KYC) processes, through blockchain technology.
Only registered users will have membership status and thus benefit from these advantages.
Name of token : LEGAL (abbreviation: LGL)
Maximum issuance: 20 000 000 LEGAL
Public token launch: 13 000 000 LEGAL
Public token launch date: 30th of October 2017
Platform : Ethereum ERC 20 Standard
Browser wallets : Parity / MyEtherwallet / MetaMask
Currency : Ether (ETH)
Duration : Public token launch will last max. 14 days
Verification types : SMS (on-chain)
Verification benefits : Access to bonus program, prioritized
Bonus program Minimum : 10% bonus for verified accounts
Additionally 1% of new LGL tokens will be generated pe
year to reward high-quality publications
Fixing : 1 LEGAL = 0.004 ETH *
Listing : Bittrex or/and additional exchanges
Audit : Grant Thornton Switzerland / Liechtenstein
A maximum of 20 000 000 tokens will be issued. 13 000 000 tokens are available for the
public token launch and 2 000 000 for institutional contributors.
24% of issued tokens will be allocated to founders, advisors and team members; 1% will
be used for the bounty program.
Allocated tokens to non-contributors are locked in a collective account (MultiSig). 25% of
tokens will be unlocked after audit approval. The remaining portion will be released after
90 days, except for founders, for whom 15% will be unlocked every 90 days, meaning that
the founders will only have full access to their tokens after 15 months.
Use of Proceeds
Additionally, there are multiple content and links available: