• Confideal

  • Confideal enables users with no coding skills to create an enforceable, self-executing and secure digital agreement powered by Ethereum for all types of transactions.

About Confideal

Confideal aims to provide a complete set of tools for creating, maintaining, and fulfilling agreements via smart contracts, and to make the process easy and accessible to everyone. Confideal is developing a visual, easy-to-use smart contract builder that enables users with no programming skills to create Ethereum smart contracts for different types of transactions. Confideal differentiates itself from other solutions that offer simplified smart contract creation interfaces (such as Etherparty or Agrello) by offering a built-in arbitration module, with an arbitrator rating system, for dispute resolution, so as to make the platform particularly suited to international deals.

Confideal ICO Review

Confideal’s service allows users to resolve disputes within the platform via mediation and arbitration by qualified specialists (legal or professional), who are incentivized by a fee of up to 10% of the contract’s sum. Arbitrator candidates are allowed to use the platform after submitting the necessary documents to confirm their status and being approved by Confideal. Arbitrators’ accounts on the platform contain relevant information such as languages, location, specialization, working experience etc. The arbitrator for any particular deal is selected by both sides of the contract during its setup, before the actual signing. At the moment, it is only possible to select only one arbitrator per deal, but the company plans to make it possible to select several arbitrators per deal.

 

Confideal arbitration is divided into two separate modules: arbitration and mediation. In arbitration, arbitrators’ decisions have a legal basis and can be used in courts of law. Arbitration on Confideal conforms to national laws and the UNCITRAL international arbitration regulations. Typically, reaching a resolution with arbitration takes some time due to the involvement of national courts. In mediation, a third party is selected to settle the dispute, make a decision and enforce it. Mediation is easier to use and takes less time than arbitration, since the decision is enforced within the Confideal platform, and is therefore set as the default option.

 

In order to ensure a high level of arbitration services, the Confideal platform includes a rating system for arbitrators. Each arbitrator’s total rating is determined by both objective factors (70% of rating) and subjective factors (30% of rating). Objective factors include speed of response, the number of settled disputes, and the completeness of disclosed information about self. Subjective factors include votes given to the arbitrator by CDL token holders. Another evaluation mechanism, available to all Confideal users (not just token holders), is the ability to  “like” or “dislike” an arbitrator – this does not affect the arbitrator’s rating, but provides an additional measure of quality and serves as an indicator of rating manipulation.

 

Confideal’s ERC20 token CDL is the main internal cryptocurrency used for payments in the Confideal ecosystem, along with ETH. (A number of other cryptocurrencies are planned to be supported in the future.) Since Confideal runs on the Ethereum blockchain, the platform’s current alpha version can be accessed via the Parity and Mist browsers or the Google Chrome extension MetaMask; and regardless of the currency being used for the transaction, participants need to have ETH for transaction fees. Currently, only the data necessary to fulfill the contract (logical terms, money sums, and dates) is stored on the blockchain, along with a hash of the file containing the rest of the contract information. In the future, the company plans to allow integration of external data (such as shipping container tracking) so as to simplify the process of monitoring the deal.

 

Payments between counterparties made on the platform with CDL carry no fees, whereas those made with other cryptocurrencies carry a 1% fee. The fees thus accumulated will be stored by the company and provide a fund for buying back CDL tokens as an exchange option – the tokens will be exchanged in a 1 to 1.5 ratio in USD equivalent. CDL tokens also enable their holders to rate arbitrators, with 10 CDL providing the equivalent of 1 vote.

Confideal was founded in late 2016, is based in Cork, Ireland, and has successfully raised 650,000 USD in its pre-ICO (the goal was 600,000 USD). According to the company’s website, the core team is comprised of co-founders Petr Belousov (CEO) and Andrei Baibaratsky (CTO), along with twelve professionals and eleven advisors. The company appears to be working closely with the Byzantium ICO Agency: the agency’s founder and managing partner Maxim Uperyaka, along with six agency employees, are listed on the website’s team section, and most (including Uperyaka) do not list Confideal on their LinkedIn profiles. There is some difficulty assessing the team’s level and mix of skill and expertise, as well as their level of commitment to the project, but they do consider themselves to be “a community of blockchain enthusiasts”, and they do have a working MVP with 24/7 customer support via Intercom as well as public Telegram chats in English, Russian and Chinese.

 

* On a side note – see this review here explaining how to use Confideal’s platform to set up and manage ICO investments ahead of time.

Team

Company appears to be working closely with the Byzantium ICO Agency. Difficult to assess team’s level of skill, expertise, and commitment, but they do consider themselves to be “a community of blockchain enthusiasts”, and they do have a working MVP with customer support.
Peter Belousov
Business Development, Product Development
Andrei Baibaratsky
Product Development, Software Development and Technologies
#
Egor Khromov
Software Development and Technologies
Philipp Khomenok
Community Relations, Marketing
#
Alexey Semionov
Product Development, Marketing
Maxim Uperyaka
Strategy Development, ICO Promotion
Iskander Ishmukhambetov
Project Management
Kostyantyn Tymoschuk
Development management

Crowdsale Details

Token Sale Dates

2-November-2017 to 22-November-2017

Confideal is conducting its token sale via a whitelist.

Total Supply

100,000,000 in total, of which:

80% are for sale (6% in pre-ICO and 74% in ICO),

10% are for the team (frozen for 6 months) and 4% for advisors,

4% for promotional activities and 2% for a bounty campaign.

Raise Limits

Minimum 5,000 ETH

Maximum set by token amount, goal is 70,000 ETH.

Allocation of funds: Product Development & Maintenance (30%), Business Growth and Development (25%), Marketing and Customer Development (15%), Reserve (15%), Operations (10%), Legal (5%)

Pricing Structure

1 ETH = 1,000 CDL

Bonus will depend on the amount of Ether collected during the ICO

Project Highlights

Technical White Paper

https://confideal.io/pdf/confideal_whitepaper_en.pdf

Describes and emphasises the advantages of blockchain architecture and stresses the appeal of making these more easily accessible. Discusses use cases and potential markets. Does not describe the current state of the arbitration network, how the company vettes arbitration candidates, etc. Does not present technical or implementation details, but does provide a detailed development plan with the funding required for each stage.

Location

Ireland

Blockchain

Ethereum

Project Code

N/A

Prototype

https://app.confideal.io/

Token Rights

No fees on payments to counterparties on the platform, and rating arbitrators.

Ratings

Product

View Breakdown
Product readiness

Is the product ready for use? Is there a working prototype or MVP? How long until it is operational?

3
N/A
3 - Prototype / MVP
Competitive advantage

Does this solution have a distinct edge?

4
N/A
4 - Better than some / most alternatives.
Size of addressable community

Is it mass market or niche?

4
N/A
4 - Can be attractive to wide variety of audience.
Space in the market

Are there many other similar solutions or is this one of just a few, or even one of a kind?

3
N/A
3 - Found some alternatives.
Innovation and IP

Is there (patentable) innovation and intellectual property?

2
N/A
2 - So many equivalent patents.
Use of Blockchain

View Breakdown
Blockchain advantage

Is blockchain technology essential? Does it make the solution significantly different and better?

4
N/A
4 - Yes.
Precautionary measures

Is it safeguarded against misuse and corruption?

4
N/A
4 - Issues are addressed and well.
Need for a custom token

Is the token essential or could it be done just as well or better with fiat or Bitcoin?

3
N/A
3 - Depends on other contingencies.
Intrinsic value of token

Does the token provide holders with value other than as an investment?

3
N/A
3 - Some buying power.
Contribution to the blockchain economy

Does the solution contribute to the evolution of blockchain infrastructure and economy?

3
N/A
3 - Possibly, but not significantly.
Compliance

Is the token a utility, a security, or both? Is it compliant with relevant legislation?

N
N/A
N/A
Whitepaper

View Breakdown
Comprehensiveness

Does it cover the full scope of the problem and solution?

3
N/A
3 - Covers most key elements but there are a few holes.
Readability

Is it easy enough to understand?

4
N/A
4 - Easy to read.
Transparency

Does it candidly describe and disclose where the project now stands, how much exists and how much still needs to be done, etc.?

3
N/A
3 - Clear but leaves open questions.
Business Plan

Does it contain a viable, comprehensive business plan?

2
N/A
2 - Some vision, less plan.
Technology

Does it present a well thought out technological architectecure? Does it address implementational challenges?

2
N/A
2 - Not enough.
Development Roadmap

View Breakdown
Concreteness

Is there a concrete and practical development plan (vs. just a conceptual vision)?

4
N/A
4 - Yes, pretty concrete.
Feasiblity

Is the development plan realistic? Is it based on reasonable goals and timelines?

4
N/A
4 - Yes, seems feasible.
Vision

Is there a larger, long-term vision?

4
N/A
4 - Solid vision.
Maturity

Does it seem as though a lot of know-how and experience went into the development plan?

3
N/A
3 - Enough.
Current position

Is the project currently sufficiently far along in its development plan (relative to its vision and plans)?

4
N/A
4 - Aligned with the current plan.
Business Model

View Breakdown
Concreteness

Is there a concrete business plan (vs. market descriptions, general sentiments, and fluff)?

3
N/A
3 - Yes, to a degree.
Feasiblity

Is the business model realistic? Is it based on reasonable goals and timelines?

3
N/A
3 - Yes, however optimistic.
Clarity

Are the solution's revenue streams, profit mechanisms, key KPIs, etc. clear and easy enough to understand?

1
N/A
1 - No. Can't be found.
Cost effectiveness

Is the project raising an amount of money that makes sense given what it needs to reach profitability?

2
N/A
2 - Range is too wide to tell.
Legitimacy

Is it safe from legal, moral or investor abuse?

3
N/A
3 - Probably safe, but possibly abused.
Company and Team

View Breakdown
Company stage and foundation

Is the company already established? Has it raised funds before? Is it mature?

3
N/A
3 - Company structure in place.
Founders

Do we know who they are? Do they have LinkedIn profiles? Do they have solid, relevant backgrounds?

2
N/A
2 - Some, partial or fragmented information available.
Core team

Is a solid, fully committed core team in place? Do they have online (e.g. LinkedIn) profiles showing sufficient relevant experience? Is their participation transparent?

2
N/A
2 - Partial or unclear involvement and commitment, or a very small team relative to plans.
Advisory Board

What is the level of presence, added value, and commitment of the advisory board?

3
N/A
3 - Essential advisory positions are filled.
Blockchain Talent

Are there enough sufficiently experienced blockchain architects and developers on the team?

3
N/A
3 - Some blockchain experience
Development Talent

Are there enough sufficiently experienced non-blockchain developers on the team?

3
N/A
3 - There is one senior developer
Business Talent

Are there enough sufficiently experienced business developers on the team?

3
N/A
3 - Sufficient.
Legal Counsel

Does the team have good legal counsel?

2
N/A
2 - Not clear.
Overall Skill Set

Does the amount of talent and skill in each area seem to fit the project requirements?

2
N/A
2 - Inconsistency between the team's experience and the project needs.
Token Sale

View Breakdown
Raise Amount Max

Is there a clear cap? Is the maximum raise amount modestly sufficient (as opposed to either greedy or insufficient)?

2
N/A
2 - No, somewhat greedy / insufficient.
Raise Amount Min

Is the minimum raise reasonably enough to carry out the majority of the development plan? Are there raise amount dependent milestones?

3
N/A
3 - Sensible and in overall accordance with plans.
Fund Allocation

Is fund distribution and allocation reasonable and justified?

3
N/A
3 - Reasonable, sensible allocation of funds.
Token Sold / Kept Ratio

Is the ratio of tokens sold to those kept reasonable? Does it prevent the company from having too much control?

4
N/A
4 - Most tokens are sold to the community, kept tokens are released gradually.
Quality Campaign Stategy

Is the ICO well planned in terms of time, phases and scenarios?

3
N/A
3 - Semi Pro
Media presence and following

Is the sale being talked about in Reddit, Bitcointalk, Social Media, Medium, etc.? Is information available and accessible? Is there interest?

4
N/A
4 - Solid exposure and interest

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