Agrello (DLT) Review: The Project Building Legal Smart Contracts
Agrello is an interesting blockchain project that is currently getting quite a bit of attention.
They are trying to use blockchain technology and smart contracts to disrupt one of the most entrenched industries in the world.
No, we are not talking about the financial industry or the Fiat money monopolies. We are talking about the legal industry. Argello is developing solution that will make it extremely easy and efficient for people to legally enter contracts over the wires.
In this review of Agrello, we will take a deep dive on the project by examining their technology, team, platform and token use cases.
What is Agrello?
While there are an increasing number of cryptocurrency projects that aim to use smart contracts, Agrello is a different breed in that they are trying to bring smart contract usage far beyond the current real world applications.
Based in Estonia, one of the leading countries in the world for digital legislation and government, Agrello’s founders came to the conclusion that something needed to be done in the space to create legally enforceable smart contracts with real-world use cases.
They then combined their long-standing knowledge of blockchain technology with their legal expertise to begin building a blockchain platform for smart contracts that would allow the creation of legally binding, global immutable contracts.
The Agrello smart contracts will be artificial intelligence powered, using machine learning to govern the smart contracts, and to guide users through the legal processes when using Agrello.
Agrello was founded by a team of Estonian lawyers, high-level academics, and information technology experts, with the shared vision of creating digital contracts that will forever change the way people interact with each other and interface with legal authorities.
The team is also working on creating technology to create digital avatars, or digital identities similar to the work being done by QTUM or Metaverse. The digital identification technology is being called Agrello-ID and it is planned as a compliment to the smart contract system, used to drive home the legally binding aspect of Agrello smart contracts.
Agrello smart contracts can be used for all the following:
- Automate the maintenance and execution of legally binding contracts
- Cut out the hefty legal expenses
- Execute legal interactions with Smart Contracts
- Manage tenancy agreements
- Save time by reducing the admin required
- Use Artificial Intelligence to enforce your contracts obligations
The Agrello Team
Agrello was formed by a team of Estonian lawyers, information technology and cloud computing experts, and high level academics. The vision of the project is the creation of smart contracts that will change the way in which individuals interface with the legal systems and authorities. The CEO of the team is Hando Rand, and the complete team consists of more than 35 individuals, including more than 25 developers.
In addition to Rand, there are company officers focused on sales, marketing, partnerships, customer experience, and of course technology.
Why is Agrello Important?
The Agrello technology holds an impressive amount of real-world applications, both for the public and private sectors. Let’s face it, everyone enters into numerous legal contracts throughout our lives, from rental and purchase agreements, to partnerships and transfer agreements, to indemnity and non-disclosure agreements, and many others. Agrello seeks to be the technology behind all these types of legal agreements, putting them on the blockchain and ensuring they are trustless and functioning.
It’s interesting that the project was born in Estonia, since that is one of the leading countries in the world when it comes to e-legislation, e-government, and digital identities. Already each Estonian citizen has a state-issued and legally accepted digital identity, making Estonia a ground-breaker in that respect.
It’s even possible for non-citizens to digitally become residents of Estonia and to register an Estonian business and open a banking account in Estonia without living there. That’s significant since Estonia is a part of the European Union, meaning anyone can digitally create an EU registered company, no matter where in the world they live.
Because Agrello is focusing on legal contracts, the team plans to create incentives for legal experts to create and submit contract templates, as well as reviewing existing templates for legitimacy and utility. In return these experts would receive DLT tokens.
The creator and validators of each template will also receive DLT tokens any time the template is used. In this way they will create a self-sustaining system for the creation, validation and use of legal contract templates.
Some of the key features of the Agrello platform include:
- Easy of Set-Up: The platform will include validated templates and a contract wizard, to guide users through the whole contract creation process;
- Legally Binding: Once a contract is signed via the Agrello Delta blockchain, a legally binding copy of the contract is created;
- Artificial Intelligence Legal Agent: Users also get an Artificial Intelligence robot that will be designed to make them aware of how the contract works plus any responsibilities they have as a legal party in the contract;
- Control: Whilst Agrello will provide validated templates, these are editable and customizable to the users specific situation;
- Marketplace: Every template on the Agrello blockchain is provided via an open marketplace. So legal experts can create and upload their templates and get rewarded in Agrello DLT tokens.
One key use-case already identified by the development team at Agrello is in employment and human resources.
The system will be a one-stop solution on which contracts can be formalized, signed, and managed, while enabling employers to automate the calculation of salaries and working schedules, allocating HR automatically.
Delta (DLT) Token
The DLT token, called Delta, is an ERC-20 compatible token that is used to power the Agrello network. The token must be used to access any of the capabilities on the Agrello platform.
The ICO for DLT was completed in August 2017, with 66% of the tokens sold to the general public, 10% held by the Foundation, 4% put in a general pool, and the remaining 20% distributed to the founders, partners and advisors of the project.
The token is currently valued at $0.077, but hit an all-time high of $1.31 on January 12, 2018. It is the 416th largest coin by market cap, with a market cap of $6,656,865 and a circulating supply of 85,978,873 DLT.
Those wishing to purchase DLT tokens can do so at Binance using BTC, ETH or BNB.
You can already test a working version of the Agrello-ID technology. The app is currently available for download albeit only on the Google Play store. The release of a working prototype is an accomplishment that the vast majority of blockchain projects cannot yet claim, so in that respect Agrello is certainly ahead of any competition.
Plans from the beginning of 2018 included the release of a specialized contracting platform where users could sign, formalize and automate rental agreements. There were also plans to release the employment agreement as indicated above. Both those projects are now expected to be released in the final quarter of 2018 as they await the completion of the Agrello-ID alpha phase.
In 2020, we plan to release the full, generic Agrello solution on which any contract can be drafted, edited, managed, and connected to the Internet-of-Things for fully automated, self-executing contracts that constitute legally binding agreements.
In addition to future plans, Agrello has also secured several vital partnerships that will help boost the technology and adoption of the platform in the coming months and years. Two of these partnerships are with Veriff and Rivetz to mesh with their digital ID technology. Additionally, they are partnered with Blockhive to create a Proof of Concept for their new Initial Loan Procurement (ILP) offering. The ILP is meant to be an alternative method for crypto-projects to raise funds.
Besides already releasing a digital ID product, the Agrello team has also created a minimal viable product demonstration to highlight exactly how the tech will function when creating a new contract. The demonstration shows how users will be able to easily interact with the Agrello interface to select the appropriate contract template, customize it for their own needs, and take it to a completed and legally binding contract.
Agrello seems to have a bright future, considering they already have a working product, and assuming they are able to deliver on the additional products to complete the platform. Especially interesting are the machine learning and artificial intelligence components, but it’s likely these will be some of the last pieces perfected.
It’s also likely that Agrello will run into regulatory and legal issues as it expands into other countries. This is especially true of the U.S., but then again they have a solid team of legal professionals who have no doubt put hundreds of hours of thought and work into overcoming such hurdles.
One strength of the Agrello platform is the strong user community that has formed around the project on sites such as Discord, Reddit and Telegram. These resources can give you additional information on the project as well as displaying the high degree of enthusiasm the user community has for the project.
Nothing is certain is the rapidly evolving world of blockchain technology, but Agrello certainly seems to have latched onto an area that is well suited for the use of the blockchain and smart contracts. Whether they can deliver remains to be seen, but they are off to a good start.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.