I read this in bitcointalk thread and this convinced me to participate in NOTARY ICO
+ they already release a beta platform
Why hold NTRY token in your portfolio?
1) Project
Notary tackles one of the largest and most common problems in business and life:
Safely creating, signing and storing digital contracts.
Contracts are an integral part of business and everyday life. The current labour intensive process of creating, signing, and storing contracts is an expensive way to create agreements between different parties.
Current solutions require third party involvement; consequently contracting parties need to be in a certain place and time to come to a written agreement.
Notary aims to tackle this using cutting edge blockchain technology to create an efficient method of creating, storing and signing contracts - anywhere and anytime.
The solution?
A mobile application built on the blockchain framework. The application offers the use of templates for standard contracts for different real-life cases in an intuitive and user-friendly interface.
2) Endless use cases and business opportunities
The Notary platform will be built in 3 stages. Below are a few examples of use cases for each stage.
In the first, the application will be targeted at the general population where it will let individuals create, store and sign documents such as:
● sale or lease of property,
● marriage contracts,
● last will and testament,
● grants of easement,
● etc.
In the second stage the application will be targeted at businesses. Some practical examples where the application might be used are:
● contracts between companies,
● loans (bank to company)
● services (notary services, insurance services)
● transaction validations,
● etc.
In the third and final stage the application will be adapted for use in governmental agencies in matters such as:
● government procurement,
● electronic incorporation forms,
● updating corporate information,
● sending filled-out electronic forms (tax forms, social insurance forms),
● licenses (small industry services, trade services, industry services),
● etc.
The higher stages will incorporate artificial intelligence methods. Artificial neural networks may help to prepare case-specific smart contracts. Moreover, they may play important role in decentralized autonomous organizations (DAOs) for different industries.
3) Cooperation and support from different companies
If you go to Notary Platform BTT thread or
www.notary-platform.com you will see that they have listed some companies under “Cooperation and Support”. Those are the companies that are collaborating with them and will be the first one to test their product and eventually implement it to their business.
4) Role of the token – Proof of Stake
The members of the core team, working on the Notary Platform project envision the NTRY Token as a utility token, intended to play two crucial roles in the Notary Platform ecosystem. In the early stages it should serve as a means of financing the purchases of the services, offered by the Notary Platform — such as timestamped and secure contract templates. Later on, as the Notary Platform matures and moves to its own blockchain network, it will also serve as a Proof of Stake, allowing the network to run smoothly and stay secure.
Proof of Stake is one of the possible transaction validation mechanisms, ensuring a blockchain network can be trusted. At first, the Notary Platform will be built upon the Etherum blockchain network, but as it gains initial traction, the core team will immediately begin to develop a separate blockchain network, upon which the Notary Platform will be moved eventually. Once that happens, the Notary Token will assume another important role as the Proof of Stake, allowing the users to stake their NTRY Tokens and be rewarded by a percentage of the fee collected in a transaction. The reward will be automatically transferred to the user’s wallet and remain on his disposal.
