Engaging in contracts on a go, without third party!
Real economically viable applications (web and apps) with huge potential already at the early stages,
Platform developed on the Ethereum Classic network which follows “code is law”, Achievable milestones.
The Notary platform offers first real-life applications for everyday use. It enables the creation of a timestamp of any digital document, and then retrieves and proves the content of these digital documents. This means engaging in contracts on a go, without a third party. While this isn’t new, the platform offers an intuitive and user-friendly interfaces. Moreover, it offers the use of templates for standard contracts for different real-life use cases. More advanced users may take advantage of the use of smart contracts, which emulate the logic of contractual clauses. Consequently, contractual clauses are made partially self-executing and/or self-enforcing. The most advanced use includes artificial intelligence (AI) support, which automates the preparation of classical contracts and/or smart contracts for different use cases. The NTRY platform is intended for use by the general public, businesses, as well as governmental agencies.
How and Why
The cointract is synonymous with a traditional written contract, whereas the former is typed and/or produced in digital form using an advanced cryptocurrency and/or blockchain technology. Instead of the term ‘contract’, the term ‘cointract’ will therefore be used throughout the paper where applicable.
The basic intent of the NTRY cointract is (1) to create a timestamp which will prove the time of origin of the digital document, and (2) to prove the content of the digital document. Both options are already included and available in most cryptos but there is a huge lack of userfriendly interfaces and use cases.
In order to prevent hash collisions, smart algorithms using other stable and low-value digital currencies (i.e. Deutsche eMark, Riecoin) will be used.
Simple forms of NTRY cointracts will be further upgraded in the form of smart contracts using the Ethereum network. Large banks (which represent the backbone of the existing financial system and are in control of governments), however, already deal with the Ethereum
organization (check this paper). Thus, while the future shifts from public to private (see e.g. public vs private; the shift from public to private), the smart NTRY cointracts will be implemented on the Ethereum Classic blockchain (https://ethereumclassic.github.io/). Namely, Ethereum Classic is a decentralized platform that runs smart contracts - applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third party interference. It is a continuation of the original Ethereum blockchain - the classic version preserving untampered history; free from external interference and subjective tampering of transactions. As such, it directly correlates with the basic idea of the NTRY cointract, which fully relies on the untampered history as well as the decentralized network not controlled by public enterprises.