Analysis of EtherParty – User-Friendly Smart Contract Compiler - Crush Crypto

Analysis of EtherParty – User-Friendly Smart Contract Compiler

Summary

  • Project name: EtherParty
  • Token symbol: FUEL
  • Website: https://etherparty.io
  • Whitepaper: https://etherparty.io/wp-content/uploads/2017/09/white_paper.pdf?8e1d88
  • Hard cap: 86,666 ETH (using the first week conversion rate; public crowdsale ICO contributors own 40% of total token supply if hard cap is reached)
  • Conversion rate: 1 ETH = 1,275 FUEL
  • Maximum market cap at ICO on a fully diluted basis: US$62 million if hard cap is reached assuming current Ether price of $280 and pre-sale contribution of $25 million
  • Bonus structure: 1 ETH = 3,000 during week one, 2,250 FUEL during week 2, 1,700 FUEL during week 3, and 1,275 FUEL during week 4
  • Presale or white list: Pre-sale is over
  • ERC20 token: Yes
  • Crowdsale date: October 1 to 31, 2017 (please refer to EtherParty’s website for the most up-to-date information)
  • Token distribution date: By October 31 the latest depending on contribution progress
See our video summary (video is 10:40 long):

Project Overview

What does the company/project do?

Etherparty makes smart contract accessible to everyone without requiring programming knowledge.

Currently, in order to write a smart contract on Ethereum, you need good knowledge in Solidity, the programming language behind Ethereum. Development is time consuming and costly. Finding good Solidity developers is difficult. Building the infrastructure to test your code for bugs is expensive.

Etherparty solves this problem. Etherparty is a contract wizard that removes the complexity of creating, managing and executing smart contracts on any blockchain. Using Etherparty, users simply utilize templates that work suit their purpose; no expertise of programming necessary.

The core use cases that Etherparty’s smart contract templates will focus on include peer-to-peer escrow contracts, supply chain management, token creation, sports wagering, real estate contracts, and contractor agreements. 

Features of Etherparty include the following:

  • No other tools required – no need to install anything else like Geth, Meteor, or Mist to run smart contracts.
  • Smart contract templates – contract drafts are available and ready to execute.
  • Legally binding contracts – users can easily access simple legal agreements and add terms such as conditionality. The contract will be legally binding under the law placed in the contract.
  • Enterprise solution – companies can integrate and upload their own documents and turn them into a smart contract, without changing their current infrastructure.

There are other blockchain projects aiming to tackle the same problem but with different focus. Here is a brief comparison between Etherparty, Blockcat and Agrello.

  • Blockcat is focused on small independent contracts, individual use cases.
  • Agrello is trying to take on legal processes specifically. 
  • Etherparty focuses on enterprise contracts, securely audited and update, multi-chain publishing.

Here’s an introductory video of Etherparty (video is 2:32 long):

How advanced is the project?

Etherparty has a working beta product live on the Ethereum Ropsten testnet. Demo of the beta can be found at the end of this report. The final product will undergo extensive redesign and UX testing. It is expected that the launch on the main Ethereum network will occur early next year.

Etherparty’s long term goal is to be blockchain agnostic. The team has a partnership with Rootstock and will work with them to enable smart contract creation with Bitcoin. In the future, they will look at integrating other blockchains into the Etherparty ecosystem.

Here are some of the milestones that Etherparty is planning to achieve. 

Release one: September 1 to December 31, 2017

  • Build REST, API and Paas
  • Metamask integration
  • 2FA authentication.

Release two: January 1 to May 31, 2018

  • Adding a large contract templates and library.
  • Mobile app launch on Android and iOS.
  • Oracle system – server to integrate third party APIs.

Release three: June 1 to December 31, 2018

  • Drag-and-drop contract building capabilities.
  • Add team members, share and annotate contracts, and collaborate on new contract templates.
  • User created templates.

What are the tokens used for and how can token value appreciate?

FUEL is the token that powers the Etherparty platform. Users will pay for access to the platform’s functions, which includes access to the smart contract library, security monitoring tools, and a network monitoring dashboard.

Contracts will require FUEL tokens. Because the price of FUEL may fluctuate, Etherparty will peg contracts to a fixed amount of USD, and adjust the amount of FUEL required to execute the smart contract based on this fixed price.

In the future, FUEL will serve as access for smart contracts on multiple blockchains, integrating these disparate blockchains into one unified view within the Etherparty platform.

As FUEL tokens are required to perform different actions on the platform, the more usage Etherparty has, the more valuable FUEL tokens should be.

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Team

Etherparty has a large team of 23 as it is developed by Vanbex, a blockchain consultancy company since 2013. Vanbex is a member of the Enterprise Ethereum Alliance

Below are the bios of the core team members:

Lisa Cheng, Founder & Head of R&D – Background in business development and product strategy. Founder of Vanbex Group, involved in Mastercoin. Previously worked at SAP and ADP.

Kevin Hobbs, CEO – CEO of Vanbex Group, founder of The Genisys Project. Previously worked in Ensign Energy Services, FIRMA Foreign Exchange, and DealSoftware.

Derek Spratt, Executive Chair – Over 35 years of experience in the Canadian tech space. He founded 2 wireless tech companies, PCS Wireless and Intrinsyc Software, raising more than $200M and employing over 500 people globally.


Opportunities

  • The project is run by a solid team at Vanbex, a blockchain consultancy company since 2013. Vanbex’s clients include Dash, Aeternity, First Blood, ether.camp, Factom, Storj, etc.
  • The use of smart contract hasn’t even scratched the surface yet. With the development of dApps and blockchains continuing to solve the scalability issue, It is expected that smart contract usage will experience exponential growth in the coming years.
  • Etherparty’s long term goal is to be blockchain agnostic – they can benefit regardless of which blockchain will emerge as the dominant one.
  • Contract templates and library will continue to grow. Eventually, many of the corporate functions can be performed using Etherparty, including voting and ballot box contracts, notary services, multi-signature escrow contracts, family trusts, money manager, crowdfunding, timesharing, real estate sales, and supply chain management.

Concerns

  • Etherparty is not the only project working on this and it may not be the winner. As mentioned above, projects like Blockcat and Agrello also work on making smart contract easier for non-technical users.
  • If blockchain cannot solve the scalability issue, there may be limited usage of smart contracts.
  • The team needs to test the templates extensively to make sure there is no bugs. If there are any security flaws in their templates, many users could be affected and it would damage Etherparty’s reputation.

Conclusion

Overall, we are neutral about this ICO for its short-term potential but like its long-term potential. Our thoughts of the tokens for short term and long term are as follows:

For short-term holding

Neutral. They are raising a total of around $50 million from presale and crowdsale combined. People could pool their funds together to participate in the presale and it would cannibalize the demand for the public crowdsale.

If the crowdsale doesn’t reach hard cap by the end of week 1, it is unlikely that people will contribute much afterwards because the conversion rate drops off substantially after week 1.

For long-term holding

Good. The potential for the project is very large. If Etherparty can really deliver on its vision, it is going to allow people without coding knowledge to create and execute smart contract at the push of a button.

This is going to accelerate the blockchain adoption rate of individuals and companies and at the same time, drive a lot of usage of FUEL tokens.

As Vanbex Group, the team behind Etherparty, advises enterprises on blockchain technology and applications, they understand what their clients’ needs are. Therefore, I believe Etherparty has a good chance to succeed.


For more information about the ICO, please visit the following links:

Website: ​https://etherparty.io/

Whitepaper: https://etherparty.io/wp-content/uploads/2017/09/Etherparty_WhitePaper.pdf 

Blog: https://medium.com/@etherparty

Youtube: https://www.youtube.com/channel/UCwBzpneop1za6w4DYJJgsIQ

Here is a demo of the Etherparty beta (video is 2:31 long):

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