Etherparty is holding a pre-sale from August 7th to the start of their official public token sale, slated for October 1st, 2017. At least half of the FUEL tokens on sale are reserved for the public sale. The minimum purchase for the pre-sale is $50,000, but people can pool funds into one purchase through several EtherParty affiliates. Purchases over $50,000 get 15% bonus FUEL; over $100,000 get 35% bonus. They are also recruiting beta testers.
What is the project?
Etherparty allows users with zero knowledge of smart contract programming to create an enforceable, self-executing digital agreement for all types of transactions.
Etherparty is a platform developed by Vanbex Group that will allow users to launch their own Ethereum smart contracts. The goal is to enable people without deep technical expertise to start developing distributed applications, much like WordPress enables people without experience in web development to launch websites. The platform is currently a web application in which users manually fill out required fields, but they plan to launch a mobile app and add drag-and-drop interaction. Etherparty will also launch with a small smart contract library that they plan to expand in the future. Smart contracts can be security tested on an Ethereum testnet and deployed on the mainnet. In the future, they plan to expand to Rootstock.
Etherparty is live now and can be demoed on the Ropsten testnet. The current implementation allows users to create crowdfunding contracts (like the kind behind a token sale) and place baseball sports bets. They hope to expand the library of tested smart contract templates, offering a la cart contracting services similar to LegalZoom, with applications in insurance, supply chain management, digital identity, and more. They will also use a set of pre-authorized oracles for integrating off-chain data into their smart contracts; they are currently implementing oracles for their baseball betting contracts.
Users will access the platform through a tiered subscription model that lets them launch a certain number of basic contracts per month. More complex smart contracts will require an additional fee based on factors like the difficulty of execution and the number of inputs. Users will ultimately need to pay for services in FUEL tokens, the native token on Etherparty, but will be able to buy them on-the-fly in the app. Enterprise users will also need to acquire FUEL to use the app. Pricing will be in fiat. The smart contracts themselves will still require gas to run on the Ethereum network.
What is the token being sold?
The sale involves Fuel tokens (FUEL) which will be the sole means of payment for EtherParty subscriptions. The actual FUEL cost of funding the contracts and services will be adjusted to track a stable fiat price, though exact pricing for the service is still to be decided. In principle, more complex smart contracts–requiring more inputs, relying on Oracles, etc.–will cost more FUEL to deploy.
Who is the team behind the project?
Etherparty has been developed by the Vanbex Group, a consultancy and professional services firm based in Vancouver BC. Vanbex has been providing services to blockchain companies for over three years, and both CEO Kevin Hobbs and COO Lisa Cheng are well known figures in the industry. One of Vanbex’s service areas has been smart contract development and auditing, and it has been working on a more user-friendly way of launching smart contracts for over two years. Kevin and Lisa plan to lead Etherparty.
The current CTO of Etherparty is Brian Onn, Vanbex’s senior lead developer and architect.
|Incorporation status||Vanbex Group Inc|
|Team openness||Fully transparent|
|Technical Lead||Brian Onn|
|Technical White Paper||Available|
|Available Project Code||Yes|
|Role of token||Payment rights|
|Token supply||1 billion|
|Distributed in ICO||800 million|
|Emission rate||No new coins created|
|Consensus method||Proof of Work|
|Sale period||October 1st, 2017 – October 30th, 2017|
|First price||3000 FUEL : 1 ETH|
|Accepted currencies||ETH, BTC, USD, and CAD|
|Investment Round||First public offering|
|Token distribution date||After the sale end|
|Min investment goal||1 million USD|
|Max investment cap||50 million USD|
|How are funds held||Unclear|
|Minimal Viable Product||Live beta already active|
|Bonus schedule*||Week 1: 3000 FUEL tokens for 1 ETH
Week 2: 2250 FUEL tokens for 1 ETH
Week 3: 1700 FUEL tokens for 1 ETH
Week 4: 1275 FUEL tokens for 1 ETH
*ETH exchange rates are subject to change without notice prior to the start of the public crowdsale. Once the public crowdsale starts the exchange rate will be locked. The prices for the pre sale are not subject to change and will remain the same and have no effect on the public crowdsale.
Update: an earlier version of this article stated that Novasset Partners was serving as an affiliate for this sale. Novasset has informed us they are no longer affiliated with the Etherparty token sale.