It is very common that when dealing with legal documents we face various problems such as notaries, seals, or worse, even falsifications and endless situations that force us to consider that the era of legal paper documents should be extinguished. The blockchain technology can be the best ally of this possibility and understanding this the people of SmartOne brings us their proposal.
SmartOne wants to motivate stronger legal and regulatory advice for blockchain-based projects, and especially for ICOs, since so far many projects can not reach the global capital markets for investment because of regulatory pitfalls. SmartOne will also create an ERC20 token. The token, LEGAL (LGL), will act as a gateway to a new legal technology ecosystem and will be available through an initial supply of currencies from October 2017.
The basic objective of SmartOne is to provide legal services for block chain-based businesses. They identify a serious problem, which is the lack of access to adequate legal and regulatory services for blockchain projects to reach their potential.
The SmartOne team claims that at the policy level, very few national legal systems have managed to keep pace with cryptographic development, resulting in a lack of regulatory frameworks designed to provide investors with the confidence that cryptographic firms and interested communities require.
LEGAL, an Ethereum-based token, is designed to provide access to legal services, linking cryptography and legal communities. In addition to providing access to legal services, LGL tokens will form the basis of a network-based legal technology ecosystem and SmartOne platform. The network will revolve around three key solutions; in the first place, legal consulting through the analysis of ICO projects, secondly automation and digitization of legal processes and thirdly the market.
SmartOne also aspires to a broader mission such as becoming the voice of the cryptography community for legal issues conducting research and development, publishing articles and engaging in dialogue with regulators.
LegalOne, NextLex and SKUANI are the original cohort of legal service providers, and these SmartOne partners have invested more than $ 1 million in the project. The introduction of an open source crowdfunding platform is also foreseen for 2018, in which anyone can participate using the Ethereum block chain, sending ether or LGL tokens and automating various legal processes.
For its initial offering of coins, SmartOne has planned two stages; a pre-launch phase, where early investors can get a 10 percent premium, and the contribution phase. The total amount of LGL chips offered is 20 million with a price of 0.0040 ETH per token in the first phase, and a minimum of 0.0044 ETH in the second phase.
SmartOne wants to create a new ecosystem that brings technology and regulation together. Tokens will give holders access to legal advice and other legal processes, as well as access to the market, which will be extended to consumers with an application in 2019.
More details about the project can be reviewed in the SmartOne whitepaper.