Vault (VLT) Token Sale launches for Blockchain-Based Legal Contracts Marketplace, ‘Contract Vault’ | News ICORating
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Vault (VLT) Token Sale launches for Blockchain-Based Legal Contracts Marketplace, ‘Contract Vault’ #promo

Vault (VLT) Token Sale launches for Blockchain-Based Legal Contracts Marketplace, ‘Contract Vault’ #promo

Contract Vault is a Blockchain-powered platform on which one can develop, use, resell, customise and repurpose legally sound contracts. Transactions on the platform will be conducted in Vault (VLT) tokens, and the first phase of the Vault Token public initial coin offering (ICO) opened on Tuesday, May 1. More information can be found on Contract Vault’s website (see the Token Sale section).

About Contract Vault

Headquartered in Switzerland’s ‘Crypto Valley’ of Zug, benefiting from a government friendly towards Blockchain innovation, and with a management team well known on the crypto scene there, Contract Vault is making Smart Contracts available to everyone.

Contract Vault is a toolkit for building contracts as simply as drag-and-drop, a marketplace for selling them and a secure environment for witnessing them. Users will also be able to add in smart contract functionality without any programming knowledge. Thanks to an ever-increasing range of templates and user-ratings, many people will be able to implement legally binding and richly functional smart contracts without using legal assistance at all.

And if users do want legal help, the platform connects users with legal professionals too, either to help craft contracts, or to handle arbitrations and disputes. Partners already include Chain Security, an automated smart contract audit platform; Laux Lawyers AG, a Swiss law firm focusing on tech; and Validity Labs, an independent development, audit and testing service provider for Blockchain technology; giving users of the Contract Vault platform a robust legal and technical framework to support the evolution of smart contracts.

From huge agreements like buying a home to tiny but life-changing agreements like unlocking micropayments in third world countries, Contract Vault aims to promote trust and confidence on a global level by powering completely new categories of contract, all digitised and stored on the Blockchain.

About The VLT Token Sale

Transactions on the Contract Vault marketplace will be conducted in Vault Tokens (VLT).

Contributor registration for the first public phase of the Vault Token ICO opened on  May 1, and will run through May 15. The company has planned for a total supply of 900 million VLT, with 50% (450 million VLT), being made available to contributors during the offering. The Vault Token Sale features a soft cap of 1 million CHF (Swiss Francs) and a hard cap of 45 million CHF at an exchange rate of 1CHF=10VLT during the initial offering. Contributions can be made in fiat currencies (via bank transfer or credit card) as well as in ETH.

The VLT Sale offers a 25 percent discount for contributors participating in the first phase as well as a referral bonus of 5 percent. The crowdsale is also supported by an airdrop of 50-500 VLT for interested parties who join the Contract Vault Telegram group and a bounty campaign for anyone who shares the opportunity with their networks.

60 percent of proceeds from the ICO will be used to fund development, 12 percent for marketing and sales, 10 percent for operations, and the remaining 18 percent for legal, infrastructure, and emergency funds.

VLT tokens that are not sold through the second phase of the ICO will be burned and no additional emissions are planned. VLT is a transferable ERC-20 compliant digital utility token deployed on the Ethereum network.

Registration and KYC procedures will be mandatory for all participants in the VLT token sale. Citizens and residents of the United States, China, and Singapore will be unable to participate.

The second phase of the Vault Token ICO will run from June 1 to June 15.

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