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.

    Roadmap

    August 2017:

    Legal community platform launch

    September 2017:

    Opening of Crypto legaltech lab in Zug

    October 2017: 

    Legal solutions of TGEs available on our marketplace and automation platform (e.g. white paper analysis, Howey test)

    December 2017: 

    Additional legal products (e.g. tax advice, regulation & compliance, property protection)

    Q1 2018:

     KYC Automation

    Q2 2018:

    Open source crowdfunding platform

    Q3 2018:

    Automation of processes, legal documents and contracts for the financial and captal markets

    Q4 2018:

    Classification and rating model of token

    2019

    Extend the marketplace to consumers with our legal app

    Date (TBC)

    Legal solutions for the financial services industry, crypto banking

    Token Launch

    * 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
    total spend.

    • 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.

    • 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
    models.
    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
    tokens.
    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
    Ether (ETH).

    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

    Reward system:
    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

    Distribution

    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



    Bounty Campaign

    Partners

    Documents

    Additionally, there are multiple content and links available:

    SmartOne on GitHub

    SmartOne White Paper

    One Pager

    SmartOne Presentation

    Links:

    Website:https://smartone.legal/

    Telegram:https://t.me/joinchat/A5Q_tEPv...

    Facebook:https://www.facebook.com/Smart...

    Twitter:http://twitter.com/SmartOneLeg...

    Reddit:https://www.reddit.com/r/Smart...



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