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Topic: [ANN][ICO] Confideal | Smart contracts management service and arbitration module - page 18. (Read 15349 times)
October 30, 2017, 01:28:34 PM
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October 30, 2017, 12:16:39 PM
How is the selection for the post of arbitrators? Are there any criteria for the selection of an experienced professional?
The main criteria - arbiters need to confirm their status as professional arbiters. Arbiter is a qualified third-party legal firm or professional, chosen as an arbiter to resolve a dispute on Confideal platform. The choice of an arbiter for a particular contract is made by the counterparties themselves, before entering the deal;
If both parties know who the arbiter is, isn't it theoretically possible that - in case of a dispute - one of the parties / both parties try to bribe the arbiter?
He/they can't does/do that, a party needs to know arbiter in order choose professional, unbiased one.
I understand that but I ask myself whether there is a possibility for collusion since you know who the arbiter is. Of course the arbiter is supposed to be impartial, but what if you offer the arbiter a nice amount of cash and the counterparty of a contract does not know about it?
In theory, it is possible, but no one can feel secured against this problem in real life. Our platform decreases such risks giving you an opportunity to choose arbitrators!
Ok. So maybe for the future it is an option to have a variety of arbiters being required for a smart contract to work as impartially as possible. Much like a multi-sig it could be a solution to have several independent arbiters which have to make a judgment. Or in the future maybe it is also possible to include fully autonomously working oracles as arbiters?
But then one question arises if you include real arbiters into your system as you do it now: how are you going to achieve cost savings over standard arbitration processes as we have them now? Why would they offer their services at a cheaper price on a blockchain than in real life?
It is very simple, in real life when you resorted arbitration in court you need to pay a lot of different fees, pay your own lawyer, also, there is a possibility of flight into another country etc. Our platform removes all these costs, you pay only up to 10% of the contract amount, that's it. Arbitration on our platform is much cheaper than arbitration in real life, we took into account all these information
Is the judgment of a blockchain based arbiter legally binding? For example, what if an arbiter makes a decision and one party does not agree. What happens? Can that party still go to court and will courts accept the decision from an arbiter (which may not be an official judge)?
If both sides of deal choose non-interested arbitrator - it means that you have made a decision, of course, you can't agree with it but the national court will be definitely on the arbitrator side. If arbitrator broke the law - this is another scenario, but you can't contest the decision if you don't like that. Defeated party suffer additional costs if go to court.
October 30, 2017, 11:28:54 AM
Hi. Are there services that allow you to create smart contracts without involving third-party programmers, like yours does?
There are some similar services but they have a lot of work to do in future, all of them have alfa version of their products. Confideal has already released a working product, moreover, arbitration module is the huge advantage among competitors. Also, our token allows not only to perform deals even on million dollars but create a clear and transparent rating of arbitrators, as well CDL could be used for redemption tokens from commission fund with 50% discount.
October 30, 2017, 10:56:32 AM
By what standard was the Confideal token developed?
Our token was programmed to the ERC20 token standard. ERC-20 defines a common list of rules that an Ethereum token has to implement.
October 30, 2017, 10:44:06 AM
Hello. How do Smart Contracts on Ethereum blockchain help solve the main problems related to modern contractual activity?
Hi, Confideal resolve all key problems that exist in today’s international contractual processes trough self-programmed smart contracts based on Ethereum network!
Smart contract technology represents an ideal tool for low-risk deal-making: outlined and executed by program code, the contract between the counterparties can be fulfilled or broken only in accordance with the originally established terms. The terms of a smart contract are established before the deal is made. Then their fulfillment is ensured by software code without human interference.
Due to the technical specifics of the blockchain - the distributed database where the smart contract is stored - any interference aimed at changing the terms of the deal after it has been signed is nearly impossible. The Ethereum smart contract works as an “escrow agent”, a sort of bank cell, where the terms of the deal and the money (cryptocurrency) are stored until the contract is fulfilled. Moreover, the terms of the contract are available only to the counterparties themselves, and, in case of disputes, to the arbitrator.
October 30, 2017, 10:38:10 AM
How is the selection for the post of arbitrators? Are there any criteria for the selection of an experienced professional?
The main criteria - arbiters need to confirm their status as professional arbiters. Arbiter is a qualified third-party legal firm or professional, chosen as an arbiter to resolve a dispute on Confideal platform. The choice of an arbiter for a particular contract is made by the counterparties themselves, before entering the deal;
If both parties know who the arbiter is, isn't it theoretically possible that - in case of a dispute - one of the parties / both parties try to bribe the arbiter?
He/they can't does/do that, a party needs to know arbiter in order choose professional, unbiased one.
I understand that but I ask myself whether there is a possibility for collusion since you know who the arbiter is. Of course the arbiter is supposed to be impartial, but what if you offer the arbiter a nice amount of cash and the counterparty of a contract does not know about it?
In theory, it is possible, but no one can feel secured against this problem in real life. Our platform decreases such risks giving you an opportunity to choose arbitrators!
Ok. So maybe for the future it is an option to have a variety of arbiters being required for a smart contract to work as impartially as possible. Much like a multi-sig it could be a solution to have several independent arbiters which have to make a judgment. Or in the future maybe it is also possible to include fully autonomously working oracles as arbiters?
But then one question arises if you include real arbiters into your system as you do it now: how are you going to achieve cost savings over standard arbitration processes as we have them now? Why would they offer their services at a cheaper price on a blockchain than in real life?
It is very simple, in real life when you resorted arbitration in court you need to pay a lot of different fees, pay your own lawyer, also, there is a possibility of flight into another country etc. Our platform removes all these costs, you pay only up to 10% of the contract amount, that's it. Arbitration on our platform is much cheaper than arbitration in real life, we took into account all these information
Is the judgment of a blockchain based arbiter legally binding? For example, what if an arbiter makes a decision and one party does not agree. What happens? Can that party still go to court and will courts accept the decision from an arbiter (which may not be an official judge)?
October 30, 2017, 10:24:27 AM
when will it hit exchanges and when?
All information about listing an exchange will be announced soon!
October 30, 2017, 10:23:25 AM
What part of the dispute sum do the arbitrators receive for solving a problem?
Arbitration commission is up to 10% of the contract amount!
October 30, 2017, 10:21:09 AM
How many Confideal tokens will be released before the termination of their issue?
On sale, there will be released 74.000.000 CDL tokens
October 30, 2017, 10:16:12 AM
Can third-party law firms conduct disputes between parties within your platform?
They can, but first, they need to prove their professional status and secondly, sign up for our platform! After this procedures, they will be able to conduct disputes between the parties!
October 30, 2017, 10:02:40 AM
What is the main goal of your platform?
The main goal of our platform is to create a unique ecosystem which consists of merchants, developers, and escrow advisers. Developers create various smart contracts, as the basis they use Confideal platform. After, these deals buy merchants, conduct b2b or b2c agreements, in case of disputes - resort to arbitration. Our ecosystem is unique and if you really compare it with others you’ll see that it has the biggest potential to become a long-lasting project
October 30, 2017, 09:57:41 AM
What is the soft cap and hard cap of CDL? And the threshold? THX
Soft cap 5.000ETH, hard cap 70.000ETH. In fact, minimum 0,001 ETH, maximum is not limited but due to high demand, we may implement restrictions!
October 30, 2017, 07:17:40 AM
Can third parties view the terms of the concluded smart-contract?
October 30, 2017, 07:02:40 AM
Can there be some technical malfunction, as a result of which the terms of the smart contract will be executed incorrectly by the program code?
October 30, 2017, 06:30:39 AM
Hello. How do Smart Contracts on Ethereum blockchain help solve the main problems related to modern contractual activity?
October 30, 2017, 04:47:30 AM
How many Confideal tokens will be released before the termination of their issue?
October 30, 2017, 04:33:16 AM
By what standard was the Confideal token developed?
October 30, 2017, 03:43:54 AM
Is it possible to involve a third-party arbitrator who is not familiar with the specifics of the work of smart contracts?
October 30, 2017, 03:15:43 AM
Confideal looks very professional and promising, your project's concept is brand new, epecially for arbitration module part. I am watching this and will buy tokens from ICO.
October 30, 2017, 03:12:12 AM
Hi. Are there services that allow you to create smart contracts without involving third-party programmers, like yours does?
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