In order to have ordered and a functioning society, laws and regulations are necessary. Every aspect of the industry, public behavior, business, and pretty much everything else is now subjected to such laws and regulations. However, the fact that the rules are necessary in order for society to function does not mean that they cannot be abused.
The legal system is not without fault, and to make the best of it, anyone with a business idea needs to rely on lawyers, trusting organizations, governments, and more. This leads to lengthy processes, which are often quite complex, expensive, and often result in compromises, rather than quick resolutions.
This has been the situation in human society ever since laws and rules were invented. However, with society maturing, many believe that it is time for a change. So far, however, there was no method that could replace the current state of things. But, with the emerging blockchain technology, and its countless use cases, such a change might finally be possible, and there are quite a few projects that are exploring different possibilities. The one that interests us today is LiveContracts.
LiveContracts is a project that aims to enable people to participate in the legal system without the need to rely on governments, lawyers, and already mentioned trusting organizations and third parties. However, even without these intermediaries, LiveContracts' users would have access to the infrastructure that would allow them to turn their tokenization ideas into reality, and still remain compliant with all the local laws and regulations.
The project would allow the automation of laws and agreements without the need to give full control to the machines. People would be allowed to easily participate in the legal system without the need to blindly trust anyone, including lawyers and their governments. They could even keep track of their social media posts and referrals simply by connecting their social media accounts and Wallet IDs to their profiles on the platform. Meanwhile, LiveContract would calculate and pay out the rewards.
It is a massive, innovative step in the right direction for the legal tech, which was often so far behind in terms of automation. Simply put, describing objects and persona as structured data would be all it takes, and the system would be able to complete all the necessary procedures. This would bring the legal system to much-desired automation. LiveContracts are not the same as smart contracts, which are basically code that defines rules of transaction. Instead, it is a digital representation of an agreement of regulation that may be enforced by current laws.
To make the system work, LiveContracts will need its own cryptocurrency, and it is already working on one. The token's ticker will be LEGAL, and this will be a utility token that will hold its ICO at some point in the future.
The date of the token sale has yet to be determined, but it is known that the ICO will have a token supply of 64 million units, with a price of $0.5 per 1 LEGAL.
The project has already announced a bonus, and it offers an MVP. It will be obtainable in exchange for a number of currencies, including Waves, Dash, Litecoin, Bitcoin, Bitcoin Cash, Ethereum, Monero, and XRP. Investors will also be able to use fiat currencies, including USD and EUR. So far, it does not seem like there will be any restricted areas, nor will the project require investors to go through a KYC procedure.
|Start||July 1, 2019|
|End||September 30, 2019|
|35 days left|
Rarely do we see blockchain projects that offer solutions which are ready to be applied in the real world. Well, LiveContracts is one of those projects since, as far as I understood, their hybrid blockchain platform is already being integrated by several businesses. Not to mention that the testnet of the LTC platform has been live for quite some time now. In short, LiveContracts offers a beautifully crafted blockchain solution, so I think that LTO tokens will be in high demand very soon.
I am so bummed out by the projects that don’t fully understand the beauty of blockchain and the benefits of its implementation, but instead try to combine it with the stupidest ideas, just to get a chance to raise some money through ICO. Well, that is definitely not the case of LiveContracts. I have carefully studied all of their materials about node setup, social mining, audit trail, timestamping, and so on. In short, everything is really impressive. LiveContract is not the first project that develops a hybrid blockchain, but it is definitely the most elaborate one.
The project comes with an interesting idea, and it would certainly allow blockchain technology to establish a massive presence in the legal sector. Allowing people to bypass expensive lawyers and place their trust in the law itself, instead of a third party would also definitely help. It is an ambitious project that has a lot more work to do before being completed, but it is definitely one to keep an eye on, as it might bring one of the biggest changes to modern society after a shift towards cryptocurrencies themselves.
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