SMARTONE delivers fast and easy access to legal services using automation technology.

armandatomi (31)in #cryptocurrency • 7 years ago

Over the last few years,blockchain technology has been receiving significant attention from investors,corporations and entrepreneurs.Yet,it is only in recent months that we’ve been able to witness the global adoption of the first-use cases of blockchain-based products as projects have gained headlines and financing by launching Token Generating Events (TGEs),also known as Initial Coin Offerings (ICOs).These have exposed an enormous appetite from entrepreneurs for funding outside of traditional venture capital routes.Most of the projects being funded with token launch events are blockchain-based and with new ideas being launched every day,we can definitely say that the disruptive power of the decentralised economy has been unleashed.

PROBLEM & SOLUTION

The multi-billion dollar world of blockchain development has a problem: it cannot easily access the legal services it needs to continue its development as the most disruptive digital technology since the Worldwide Web.In the past year,blockchain enterprises with a cryptocurrency have crossed a threshold.Whereas they were once privately funded by a few individuals,they have now opened them selves up to a broader investor community by undertaking Token Generating Events that enable them to crowdsource funds.To reach a wider investor base,particularly the world’s financial and capital markets,enterprises need to adhere to certain regulatory standards including KYC and AML protocols.
Unfortunately,national legal systems and the legal services industries that provide access to them have not been able to keep up with the pace of technological development,leaving crypto communities in a legal no man’s land.The majority of traditional legal service providers neither understand the concepts behind blockchain technologies nor the potential impact of the growing decentralised economy that they facilitate.Their business models aren’t compatible with the fast-moving world of the tech sector,which prefers automation and unit pricing to paper-based processes and pay-by-the-hour engagements.At the policy level,very few national legal systems have managed to keep up with the pace of crypto development,resulting in a lack of regulatory frameworks designed to provide investors with confidence that the crypto enterprises and communities in which they are interested,are following at least basic,globally recognised standards of compliance.
SmartOne has designed the LEGAL token as the solution to this misalignment of the crypto and legal communities.
Designed to bridge the gap between these two sectors,LEGAL addresses the lack of access to the legal sector currently experienced by crypto communities and at the same time,creates the foundations for a legal tech ecosystem based around the SmartOne network and platform.
By enabling access to the SmartOne network,LEGAL brings crypto communities and the legal sector together. Organisations use their tokens to buy legal services and expertise that are offered via the platform.They will be able to pick their teams and select specific automated products or services that they know have been designed to serve the crypto community.The network itself offers a marketplace within which service providers and clients can meet and engage.It also brings researchers,developers,financial institutions,regulators and investors together for the first time into one crypto-focused ecosystem.Supported by the SmartOne network and the underlying SmartOne Foundation,the ecosystem will facilitate further legal tech development by providing an environment that puts financial institutions in touch with research teams; investors with developers and service providers with clients.

SMARTONE ECOSYSTEM

As well as creating access to legal services, the SmartOne Foundation serves as an umbrella organization for the promotion of projects and R&D activities connected with the SmartOne protocol. We help the Crypto community in legal matters and provide legal assistance to TGE organizers and financial institutions.
As the comprehensive provider of legal solutions to the blockchain market, we will invest significantly in R&D, legal publications, and regulatory dialogue.
SmartOne ecosystem :

Service Providers
Reward System
SmartOne Platform and Protocol
SmartOne Risk Assessment
SmartOne Regulation
SmartOne Crowdfunding
SmartOne Research and Development

ROADMAP

TOKEN LAUNCH

General TGE structures
Public Token Launch
Technical Implementation
Distribution
Audit
Use of Proceeds
User Incentives: Rewards for the Legal Community
TGE Summary

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.

Once the SmartOne TGE is complete,our focus will move to providing the tools needed to facilitate and implement successful third party TGEs.Within the SmartOne marketplace,third parties will be able to select the experts they need to help them take their blockchain ideas through to TGE completion.Initially,support will focus on the creation of white papers and the legal assessment of tokens in preparation for TGEs.From December onwards,we envisage that the expertise available on the SmartOne marketplace will also include tax,regulation,compliance and token security.Following the successful implementation of the SmartOne marketplace,attention will turn to the expansion of the SmartOne protocol.

Challenges for the LEGAL Market

The belief that the legal market is ripe for disruptive change is shared both by market participants and educational institutions (University of St. Gallen and University of Lucerne), with several factors indicating that a disruptive period is imminent:

− The legal market has changed only minimally over the last 50 years and despite a tendency towards larger law firms,market consolidation has not yet taken place.

− The predominant remuneration model in the legal sector is time-based billing,although there is a trend towards project-based fees agreed in advance with customers.The most common justification for time-based billing is that every legal case is individual,making it difficult to estimate costs in advance.

− Switzerland has specific qualities that have reinforced the legal sector’s resistance to change, including its geography,multilingualism,and individual cantonal procedures.

− The lack of price transparency has made it difficult to compare legal services and their costs.

− The current remuneration model contains no incentive for process optimization,as successful increases in efficiency would result in lower compensation.

− Current market participants have little or no interest in further market development.

The fact that the legal sector is characterised by such inertia means there’s a unique opportunity for innovative legal technology companies to position themselves in the market.Although the legal market is a major economic contributor with a global value of some USD $700 billion,it has managed to resist automation.