Agrello is designed to be a cross-organizational network. It calls itself blockchain-agnostic. “You can’t simply infer by default that every organization will use Ethereum blockchain,” says Agrello Chief Scientist Alex Norta. “Some organization might prefer to use Quantum, Lisk or a variety of other such platforms.” Some even take Ethereum and make it their own.
Agrello therefore seeks to place legal systems on a blockchain (or multiple blockchains), and has adapted a multi-blockchain approach to legally-binding smart contracts.
With that said, the company announced last week it would ‘homestead’ – that is, primarily build upon – the Ethereum blockchain system.
But, Agrello doesn’t believe blockchain can do such heavy lifting on its own, pledging to integrate artificial intelligence with the blockchain technology pioneered by Ethereum. Belief-desire-intention (BDI) software enables AI agents to prioritize action. Agrello contends this is the only way to make smart contracts work.
By fusing the world’s of artificial intelligence and blockchain, Estonia-based Agrello strives to deploy a distributed platform the legal system. While the platform has announced compatibility with multiple blockchains – including Metaverse, Antshares, Lisk, Qtum, RSK, Ethereum Classic, and NEM – its developers announced last week it would develop its fundamental prototype on Ethereum.
Agrello’s platform could enable everyday users to create their own legally-binding agreements on a blockchain through smart contract agreements. Central to its design is the automation of resource allocation in its multi-blockchain system, according to the blog post by the company announcing the Ethereum focus.
Smart contracts, the Ethereum-technology explored by blockchain consortiums, has heretofore been inaccessible to the everyday user, the company contends. Especially when it comes to an official use such as the legal industry. Agrello is determined to create ‘plain English’ smart contracts. That Agrello’s system includes a “graphical interface”, says the company’s Lead Engineer, Alex Norta, will make smart contracts easy to assemble.
It’s easy to see why Agrello would incorporate the Ethereum blockchain. Having been experimented upon by multinational technology firms and financial institutions, developers flocked to Ethereum quicker than any other blockchain format, including Bitcoin.
“Operating at the intersection of the legal system, financial institutions and disruptive technologies, Agrello is highly dependent on the establishment of good industrial relationships with the off-chain world,” wrote Hando Rand, Agrello Chief Executive Officer, in the company’s blog post. “We regard the work done by the Ethereum foundation on this matter as invaluable, and seek to be an active player in the field, lending our hand to promote this effort even further.”
Rand added in the blog: “Agrello employs Artificial Intelligence modules, graphical interfaces, and text-to-code compilers, which will naturally have to operate off-chain,” writes “The function of the blockchain in the Agrello system is mainly as a record-securing device. Proofs of performed obligations, hashes describing Agrello smart agreements, and logs of activity are stored and time-stamped on the blockchain, providing the immutability the Agrello system demands, while the rest of the system can securely run on the client side.”
Agrello’s plan is to make its smart contract technology courtroom ready. “Once we feel comfortable, that our technology can provide for what I explained before, we are also looking to play this through in several courts around the world to already create a precedent, so that our users find it easier to use our contracts in court themselves,” Hando Rand told Crypto Coins News. “We are heading the route that all people doing the contracts have gone through identity verification, which is revealed in a sufficient manner to the opposing contract party.”
Despite a dedication to development on Ethereum, Agrello will still develop features for Metaverse, Antshares, Lisk, Qtum, RSK, Ethereum, Classic and NEM.
The advantages of each one of the systems are different.
Metaverse highlights its Digital identity functions. Antshares highlights anti-money laundering and know your customer advantages. Lisk highlights blockchain application and sidechains. Qtum highlights its mobile functionality for business. Rootstock (Rsk) highlights its security by merge mining. Nem underscores its API Access, built-in Multisig, a unique Proof-of-Importance (POI) algorithm. Ethereum is known for decentralized applications and smart contracts.
With diverse platforms to choose from, Agrello’s announcement of its homestead as Ethereum, hints that Ethereum is continuing to attract developer talent among other cryptographic assets. By homesteading on Ethereum, furthermore, Agrello will be able to issue an ERC-20 token.
Featured image from Shutterstock.
Last modified (UTC): June 17, 2017 19:48