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FUEL: Do It Yourself (DIY) Smart Contracts

Ashish Varma
Ashish Varma

Director, Global Head Of Trading Operations

What is Etherparty?

Etherparty is a user-friendly platform that removes the complexity and enables users with zero knowledge of smart contract programming to create, run, and manage digital agreements for all types of transactions.

FUEL: Smart Contracts on the Blockchain for the Uninitiated

Visit website: https://etherparty.com/

Download whitepaper: Download

For clarity, a smart contract is a blockchain technology that directly controls and facilitates the execution of various transactions between parties under certain conditions. It contains a set of rules and penalties related to an agreement in the same way that a traditional contract does. A smart contract can also automatically enforce those obligations without the need for a legal system, central authority or external enforcement mechanism. It’s a contract without the lawyers.

Etherparty aims to provide universal access to smart contracts without requiring the subject matter expertise. It provides the speed, cost-reduction, scalability, and security benefits of the technology for both individual users and businesses. In other words, you don’t need to have programming knowledge or even understand the complexities involved in building smart contracts.

For example, currently, you need good knowledge of Solidity (it’s similar to Javascript), the programming language behind Ethereum, to write a smart contract on Ethereum. Even for experienced developers, it is time consuming and costly. Finding good Solidity developers is also a difficult task given the high demand, limited supply environment for blockchain technology. Moreover, building the infrastructure to test your code for bugs is also expensive.

So, if you’re an individual, consumer or enterprise looking to create your own smart contract, you need to go through a robust development process.

Etherparty solves these problems; it eliminates the difficulties of creating, managing and executing smart contracts on any blockchain which may effectively increase the rate of adoption of blockchain technology. With the platform, you can simply utilize pre-configured smart contract templates as per your needs. The template allows you to customize one that suits your purpose and launch directly on the Ethereum Blockchain without ever writing a single line of code.

Who’s Behind Etherparty?

Etherparty has been introduced in 2017 and is a project of Vanbex group, a well-established innovator of blockchain technology. The project is led by a large group of professionals including CEO and Co-Founder Kevin Hobbs, Founder Lisa Cheng, Chief Architect Brian Onn, and Solidity & Full Stack Developer Jeffery Walsh.

The company is based in Vancouver, British Columbia, Canada.

What are the key advantages of Etherparty?

  • No other tools like Geth, Meteor, or Mist are required to run smart contracts
  • Smart contract templates are available and ready to execute
  • Users can easily access simple legal agreements and add terms such as conditionality
  • All contracts issued by Etherparty are legally binding
  • Security testing is built into the platform
  • A marketplace to share smart contract templates with other users
  • Companies can integrate and upload their own documents and turn them into a smart contract

What does Etherparty do

Who is Etherparty for?

Etherparty is for at least 3 groups:

  1. Consumers: When building consumer or peer-to-peer facing contracts
  2. Small Business: To leverage security-tested and audited smart contract tools and frameworks
  3. Enterprise: To easily integrate existing apps and workflows into any smart contract

What is the FUEL Token?

The Etherparty cryptocurrency is known as FUEL which is the token that powers the Etherparty platform. FUEL is essential to access and conduct tasks such as managing the contract library, security testing, the network fees, and monitoring of all parts of the entire smart contract process.

It is a transferable ERC-20 digital token deployed on the Ethereum network to validate the user’s interactions with Etherparty. Once deployed, it allows users to buy, execute, or barter for other smart contracts on the platform.

FUEL aims to serve as an access for smart contracts on multiple blockchains and integrating them into one unified view within the Etherparty ecosystem.

The total supply of FUEL tokens will be one billion and the smallest unit of FUEL is one wei.

Etherparty Use Cases

The Etherparty platform can support a wide range of use cases such as sports betting, gambling, crowdfunding projects, and creating new tokens. The platform will be creating a tested smart contracts templates library for a variety of industries, including trade, banking and finance, healthcare, insurance, supply chain management, foreign exchange trading, real estate, and more. In adopting the Etherparty platform, users benefit from the automation of contractual agreements which helps cut costs and reducing transactional friction whilst at the same time ensuring data security.

The FUEL Wallet

The Etherparty Wallet is a platform wallet which is designed to store FUEL tokens for use on the Etherparty platform. The tokens to be used on the Etherparty platform first need to be transferred into the Etherparty wallet.

Tokens can be transferred from any ERC-20 compliant wallet such as MyEtherWallet, Trezor, MetaMask, Mist etc. but not directly from exchanges.

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