Agrello aims to build an AI powered interface that helps users create and manage smart contracts (Agrello calls them ‘smart agreements’) on the blockchain. Users can create their own smart contacts using a drag-and-drop interface to customize the terms of pre-defined templates, such as a rental agreement. For existing conventional contracts, Agrello will employ text-to-code compilers to read conventional legalese and convert it into the Agrello markup language which then interact with Solidity–the smart contract language of Ethereum. Smart contracts created on the Agrello network will be created alongside smart contracts written in natural language. These contracts aren’t necessarily ‘legal documents’ prepared by a lawyer but could be used to prove that two parties entered into a contractual agreement, executed in code and understood according to the human language produced by Agrello. The platform uses a library of ontological identities, written in Web Ontology Language (OWL), to define the relationships between a contract’s undersigned parties.
Once the contract is signed and executed, intelligent agents, based on BDI-software (belief–desire–intention), counsel the user throughout the contract’s life cycle. The Intelligent agents will notify the user of legal obligations and rights (those identified by the software according to the templates), and execute certain compliance actions on the user’s behalf. It is unclear how these smart agents will deal with events which occur off-chain. For example, many standard rental contracts include a clause about a security deposit. Information about the rental property’s condition, and other requirements for recovery of the tenet’s security deposit, would be submitted by users. If a dispute arises, the system generates a digitally signed document in natural language, including a signed event log of fulfilled and breached obligations. This document can then be presented in court.
Agrello is built to provide the court system about smart contracts and their execution. If legal intervention is required, both parties will receive a signed event log of fulfilled and breached obligations which may help courts come to a decision. Ultimately, it remains to be seen if smart contracts will be protected by courts to the same degree as conventional contracts.
Agrello’s artificial intelligence agents, graphical interfaces, and test-to-code compilers will execute off-chain, presumably by Agrello OU. Agrello primarily uses blockchain technology for record-storing and transaction processing. Agrello will use Ethereum as its main blockchain, but claims to be easily portable with other smart contract blockchain ecosystems. This include Metaverse, Antshares, Lisk, Qtum, RSK, Ethereum Classic, and NEM. Note: in April 2017, Agrello announced it would build on Qtum but in June clarified the intent to homestead on Ethereum.
The white paper does not discuss the role of the Delta token on the network. In Smith + Crown’s token project survey, the team indicated that the Delta (DLT) is a means of payment for services rendered on the network. DLT is also used to reward contract template creators if their template is used. At time of writing, additional details about the token haven’t been announced.
|Incorporation status||Agrello OÜ, 2017, Tallinn|
|Team openness||Little information available on website, but some team members have easily discoverable online profiles|
|Technical Lead||Alex Norta|
|Technical White Paper||Yes|
|Available Project Code||Not available|
|Role of token||Payment|
|Token supply||150 million DLT|
|Distributed in ICO||90 million DLT|
|Emission rate||No new coins created|
|Consensus method||Proof of Work|
Token Sale Details
|Sale period||July 10th, 2017 to August 9th, 2017|
|First price||proportional to participation|
|Accepted currencies||ETH and BTC|
|Investment Round||First public offering|
|Token distribution date||August 9th, 2017|
|Min investment goal||4,000 BTC|
|Max investment cap||8,000 BTC|
|How are funds held||Unclear|
|Minimal Viable Product||September 1st, 2017|