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The startup economy is exploding, but because most of the players in the space are small companies, they often lack the resources to make the right decisions in many key areas. These include business formation and shareholder arrangements; intellectual property and trust; funding; and trading (including buy/sell agreements with customers and suppliers).
Startup businesses have historically relied on legal contracts to assist them in most of these areas, but again, the lack of capital resources hampers their ability to make the right decisions. As a result, these expensive agreements have involved restrictive regulations and time consuming governance.
Nor have traditional legal contracts solved issues such as cross-border finance, trade enforcements and a lack of transparency for return on investment.
Blockchain Offers A Solution
Blockchain technology allows solutions to many of the issues. A dedicated suite of smart contracts developed by industry specialists, partnering with small business platforms, will drive the next generation of business transparency and contract execution at much lower costs.
The SMRT Project will provide templates for executable contracts focused on the ecosystem of startups and small businesses, providing the ability to automatically enforce contracts that allow them to trade and function efficiently – at minimum cost.
The SMRT ecosystem will provide interfaces for centralized, decentralized and private marketplaces. Smart contracts will make these marketplaces more efficient by reducing the need for third parties such as banks in managing the transfer of assets and money, and in enforcing the rules of trade.
The SMRT smart contracts will reduce friction and costs, and facilitate the enforcement of these agreements in all key areas of business.
Users will be able to modify the SMRT templates using an interface or a service provider to help them. Platform providers and service providers will have their own area to integrate the smart contract capabilities with their own platforms and businesses.
The smart contracts being offered are Ricardian contracts which combine smart software contract code with a natural language contract so that interpretation and ambiguous situations can be resolved. Many of the smart contracts will also be supported by a separate dispute resolution contract, involving arbitration enforced in national or state courts.
The foundation of the SMRT ecosystem is the SMRT token, which will come in two varieties.
The token available during the ICO will be on offer with an additional 50% bonus for contributors during the pre-ICO. The pre-ICO crowdsale token known as SMRT will be the only one traded on crypto exchanges.
The other token will be purchased at list price, currently estimated to be approximately $2.
Tokens Used To Purchase Contracts
Both tokens can be used to purchase any SMRT smart contract templates.
Some SMRT project team members are currently working in an advisory capacity, while holding high profile jobs in industry, government and academia. Others are working full time to build the infrastructure.
“The technology offers some very exciting opportunities, but as legislators internationally, we must also make sure that consumers have trust in it,” said Syed Kamall, a member of the European Parliament who is a regulatory advisor to the SMRT Project. “Blockchain and smart contracts will be a game changer for startups.”
Upon completion of the ICO, the team will be expanding to bring onboard in-house software developers, lawyers and finance specialists.
The pre-ICO hardcap will be 90 million SMRT. The crowdsale hardcap is 210 million SMRT.
The Pre-ICO ends on April 21, 2018. ETH, BTC, LTC and BCH are accepted currencies. The pre-ICO will provide a 50% token bonus to contributors.
The crowdsale will launch in the fourth quarter of 2018.
If the hardcaps are not reached, the ICO is structured so that allocated percentages are reached by the end of the token sale regardless of the number of tokens purchased. This assures there will be no excess tokens in circulation, and that the pre-ICO and crowdsale contributors will retain over half of the tokens.
U.S. and Chinese citizens, residents and entities are not eligible to purchase any tokens in the token sale.
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