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SmartOne announces ICO to bring the disruptive capabilities of blockchain-based enterprise to the legal sector by providing the crypto community with an access to legal services.
More than $1.3bn has been funnelled into Token Generating Events (often referred to as ICO’s) in 2017 alone. This surge in decentralized crowdfunding and token sales has exposed a legislative problem with blockchain technology moving faster than national legal systems, making the market highly volatile and risky due to the absence of regulators. In turn, this has stymied growth as the market is currently unable to reach a wider investor base, particularly within the world’s financial and capital markets, enterprises due to required regulatory standards including KYC and AML protocols.
Understanding the intricacies of the legal system is a complicated and sometimes muddy process. For most crypto developers, access to blockchain-savvy legal services is often unavailable, prompting them to opt for postures that favors avoidance over disclosure due to misconception.
Most legal services are yet to understand the potential of blockchain technologies and the impact the industry leveraging its’ technology will have on the future economy, resulting in a lack of regulatory frameworks designed to provide investors with confidence.
Designed to bridge the gap between the crypto industry and the legal institutions, SmartOne is the world’s first blockchain based marketplace for legal services. Powered by its’ ground-breaking LEGAL token, SmartOne will set a new standard by allowing lawyers and law firms directly offer legal services to the crypto community. The platform also brings researchers, developers, financial institutions, regulators, and investors together for the first time, on a single crypto-focused ecosystem.
Developed by a team of legal and technical experts based in ‘Crypto Valley’, Switzerland, SmartOne will facilitate the development, recognition, and acceptance of cryptocurrencies by financial institutions and legal services through research and dialogue with regulatory bodies.
With SmartOne marketplace, third parties will be able to select the experts they need to help them take their blockchain ideas through to legally compliant token generation event completion.
The SmartOne ecosystem is powered by its proprietary LEGAL token. This token bestows membership to the platform’s services and license to use the SmartOne protocols. These enable token holders to access legal services, including the common regulatory requirements of Anti-Money Laundering (AML) and Know Your Customer (KYC) processes, through blockchain technology. This all-encompassing approach and access to well-designed and relevant legal services will address the legal issues faced by crypto communities with a view to providing future-proof solutions.
The platform will also focus on rewarding high-quality contributions. Users contributing content to the platform will be rewarded for their contributions in LEGAL.
Token Generation Event
The SmartOne Foundation token generation event will offer 13,000,000 LEGAL (LGL) tokens out of total supply of 20,000,000 to the general public for a duration of fourteen days. 1% of total token supply will be generated annually to reward the community. The token sale aims to fund the ongoing development of the platform and ensure adequate cashflow for the completion of project milestones.