LiveContracts

Automation of agreements and laws

A Live Contract is a formal agreement that allows interaction. It is formalized in a way that is understandable for both humans and computers. This allows some tasks to be automated. However, the contract only shows the rules and presents available options. It allows each party to make their own decisions. By doing so, the process remains in control of us humans rather than the machines.

Ended

2018/04/05 - 2018/05/01
ICO
LiveContracts
Token
LTO
PreICO Price
1 LTO = 0.25 USD
Price
1 LTO = 0.5 USD
Platform
Waves
Accepting
BCH, BTC, DASH, ETH, Fiat, LTC, XMR, XRP
Bounties
Available
Bonus
Available
Hard cap
100,000,000 LTO
Country
Netherlands

With LegalThings One, we’re introducing Live Contracts. This is a digital and interactive formal representation of an agreement. It can be used to create any type of agreement, from legally binding contracts to complete laws.

 

Live Contracts show the rules relevant to the current situation, provide available options and assist in making decisions and show possible consequences of choices.

Automation

Live Contracts are also interpretable by computers. This allows simple and redundant tasks to be automated. However automation should not take away the ability to dispute and the power to disobey, as these are key features of a liberal and free society.

Continues consensus

Running a Live Contract is based on continuous consensus. Each party appoints one node to run the Live Contract on their behalf. A party has full control of its own decisions.

 

As long as all parties agree, they will all follow the rules described in the contract without the need to enforce it. When there is a disagreement, it needs to be resolved through mediation or arbitration.

Storing information

By storing all interactions we reduce the need of fact finding in case of a disagreement. A single source of data to hold all the information of past events might easily be manipulated. To mitigate this risk, data is stored in a verifiable, permanent and immutable way.

 

Team Members

Arnold Daniels
Founder & Software Architect
BsC
 

Rick Schmitz
Founder & Head of Legal
MTL
 

Martijn Migchelsen
Founder & Head of Finance

 

Lisa Kate Palmer
Product Development Manager
LLM
 

Sven Stam
CTO
MAL
 

Sabine Van Bilderbeek
Manager Operations

 

Arnold Daniels
Founder & Software Architect
BsC
 

Rick Schmitz
Founder & Head of Legal
MTL
 

Martijn Migchelsen
Founder & Head of Finance

 

Lisa Kate Palmer
Product Development Manager
LLM
 

Sven Stam
CTO
MAL
 

Sabine Van Bilderbeek
Manager Operations

 

Advisors

February 2, 2014

The birth of mankind

Something really big happened around this period of time. It affected all of humanity. That explains everything.

February 2, 2014
May 10, 2015

The birth of mankind

Something really big happened around this period of time. It affected all of humanity. That explains everything.

May 10, 2015
June 21, 2016

The birth of mankind

Something really big happened around this period of time. It affected all of humanity. That explains everything.

June 21, 2016
May 2014
Started in 2014 as platform to create, share and sign contracts in a digital way. After the success of our first company FIRM24.com, we believed that DTM (Document Transaction Management) would be the next big thing after ERP and CRM-systems.
May 2014
May 2015
We released the first version of the LegalThings platform. This version introduced a document and form builder, a document management system, advanced user and permission management and digital signing.
May 2015
Jan 2016
For FIRM24 we had created software to run the procedures behind an incorporation. Other customers were also interested in these digitized procedures. We did a small pivot, now focusing on digitizing the contracts as finite state machine, rather than just signing.
Jan 2016
Sep 2016
We have explored different methods of providing proof of signed documents. While other parties relied on trust and certifications, we wanted a better solution. We started using the blockchain for proof of existence.
Sep 2016
May 2017
We experimented with Ethereum Smart Contracts and found out that it could only be used for self-enforcing agreements. Inherent constraints make them unusable for legally binding contracts. Instead, we found a much better solution in using our FSM in combination with the blockchain.
May 2017
Sep 2017
During the blockchain hackaton organized by the Dutch ministry of Justice and Security, we demonstrated that a whole law can be digitized as a FSM and stored on the blockchain. This won us the first prize in the event which included the assignment to create the first digitized Dutch law on the blockchain.
Sep 2017
Dec 2017
During the blockchain hackaton organized by the Dutch ministry of Justice and Security, we demonstrated that a whole law can be digitized as a FSM and stored on the blockchain. This won us the first prize in the event which included the assignment to create the first digitized Dutch law on the blockchain.
We’ll launch the LegalThings One platform as beta. All token holders will be able to use the platform. New content, like (live) model contracts will be added in the coming months.
Dec 2017
Jun 2018
All tokens represent the full capacity of the LegalThings One platform. During this sale we’ll sell licenses (represented by LTO tokens) for the platform.
Jun 2018
Dec 2018
We’ll publish the Live Contract syntax as open standards under the CC-BY-SA license. Software to run Live Contracts will be available under the MIT license. This will allow third-parties to to create and run Live Contracts without relying on LegalThings One.
Dec 2018
Dec 2019
To set precedence of the legality of data stored on the blockchain, we’ll initiate trials in several countries. The following countries are candidates for these trials: United Kingdom, United States, India, Russia and the Netherlands.
Dec 2019