We’ve touched on the launch of Smart One and what it might mean for the legal sector.
This press release / article reads well and gives you, the reader, a much better insight to what they hope to achieve with the platform.
The crypto community will soon be able to access legal services on the world’s first decentralized legal marketplace, utilizing a tokenized system to seek out and engage top global law firms with specialized expertise in cryptocurrency and blockchain technology.
Dubbed SmartOne, the online marketplace will be the first of its kind to connect members of the crypto community with expert lawyers and firms offering virtual advice and legal counsel over the blockchain.
Legal clarification for the crypto community
The world of traditional venture capital has experienced nothing short of a major technology disruption since 2016, with Initial Coin Offerings (ICO) raising massive amounts of funding for startups and new blockchain projects, far outstripping the levels of conventional financing.
The attention-grabbing successes of ICOs have raised alarms throughout the global finance and banking system, with regulators concerned over the legitimacy and security of these crowdsales. Apart from stepping up anti money laundering (AML) and know-your-client (KYC) procedures, however, the extent to which ICOs are legally compliant remains vague, as there exists no current national or international regulations that govern their regulations.
As such, SmartOne plans to undertake new research and development in this field, entering into dialogue with regulators to publish articles clarifying their stance. Its end goal will be to establish a standard for the legal status of ICOs and blockchain projects worldwide.
The initial step towards this will be to provide access to “suitable” legal services – lawyers and legal experts well-versed in blockchain tech. Instead of conventional time-based fees, registered law firms will rely on automation to deliver quick and efficient services such as documents and contracts for financial and capital markets.
Once established, the platform will be a marketplace to access legal advice, automated document preparation and even individual legal consulting.
SmartOne’s LEGAL token to achieve a redress of the system
Cryptocurrency enterprises and startups are prone to greater risks and face difficulties in engaging with regulators as a result of the dearth of relevant legal services. This cuts them off from the global financial and capital markets and, therefore, restricts funding and stifles innovation.
SmartOne’s team is headed by a group of veteran crypto and legal experts who have made it their mission to overhaul the legal system, addressing its failure to adapt to the evolving needs of the crypto industry. Through a tokenized model utilizing the LEGAL token (LGL), SmartOne intends to redress this shortcoming. At the same time, its decentralized platform will contribute to mainstream recognition and acceptance of blockchain tech and the emerging crypto ecosystem.
The SmartOne platform will take an approach that encompasses all aspects from all stakeholders. It will offer the crypto community simple access to related legal services through a well-designed platform, while advocating for correct and compliant measures required by regulators, particularly for token-generating events such as ICOs.
The LGL token will power the SmartOne marketplace, bridging the gap between legal expertise and the legal community. The SmartOne Foundation, the umbrella organization responsible for promotion of projects and research and development, will channel revenues from LGL’s success back into the development of crypto legal services and the SmartOne protocol. This cyclical process will help ensure that the company continues to play a vital role in legal innovation and development for the crypto and blockchain sector.
SmartOne’s LGL ICO launches on November 15th, with early participants eligible for a 10% bonus during the whitelisting phase. For more information on the project, visit the website and read the SmartOne Whitepaper. To reserve a 10% ICO bonus, visit the whitelisting page.