Eternal Trusts: Fiduciary Services for the Crypto World

clauming (7)in #cryptocurrency • 6 years ago (edited)

Introduction

Blockchain and Smart Contracts open many doors to new decentralized businesses and eliminates the need for expensive third parties. Many new companies are now working on this technology, and large companies are testing it in closed networks to collaborate directly with each other without the need for intermediaries.

For that reason, there is a lot of projects that are starting to use this new technology. However, not all of them are worth it. We have to read well what each project is dedicated to, what is its whitepaper, its qualified advisors, etc. As I said, blockchain technology has gained popularity due to the hype about cryptocurrencies which has shaken many startups to launch their own cryptocurrencies even without convincing fundamentals. This trend has emerged because new entrants have been more agile in adopting emerging technologies compared to incumbents who are hampered by legacy systems. However, this competitiveness and this advantage enjoyed by the new players may be short-lived, as no economies of scale are taken into account.

Nowadays, one of the methods to ensure that a person's legacy can have a lasting influence is the creation of a trust fund. The trust services market has not undergone any radical change with the advent of new technology and continues to be based on century-old principles. In addition, management fees are not affordable for most people, and the range of possible objectives is limited by the limited networks of experts who collaborate with the trustees.

For this reason, the project I am going to present you is Eternal Trusts (ETT), a cryptocurrency platform that implements an EOS-based service token to serve as a reward and for internal payments within the fiduciary processes of ET-based dApps. The Eternal Trusts protocol combines private and public blocking technology to make traditional trust funds a thing of the past. Decentralized applications built on ET can serve as an effective and durable financial instrument that will operate autonomously according to a complex scenario of asset management with the ability to aggregate multiple beneficiaries.

Video Presentation

Definition

ETT (https://token.eternaltrusts.com/) is an open source cryptocurrency protocol for fiduciary and patrimonial management based on EOS and Hyperledger for the creation of decentralized applications that allow collective ownership and decentralized administration of cryptographic assets in customer name. The ET protocol replicates the model of a traditional discretionary purpose trust using the fastest and most stable cryptographic technologies. Family Offices, trustees, banks or charities will be able to acquire the token to create their own dApps, which will allow them to optimize and automate collective decision-making on the management of their clients' assets.

Goals

The main objective of Eternal Trusts is to revolutionize the centuries-old fiduciary industry and make it secure, autonomous, transparent, flexible and affordable by creating the world's first cryptographic fiduciary protocol.

How it works?

Unlike traditional trusts, the Trustee of the Eternal Trusts is represented by a system of intelligent contracts and an oracle network. In terms of asset management, decentralized trusts can store client assets in intelligent contract addresses, not only in the form of cryptocurrency or in the form of EOS / ETH tokens, but also in the form of assets and funds. Automatic trading between several tokenized assets is possible through the mechanism of exchanges between chains and decentralized exchanges.

To make it clearer, you can see the following comparison table:

Trusts	Illustration
Traditional Trusts
Eternal Trusts

Benefits

The Eternal Trusts allows traditional trustees, family offices and wealth planning institutions interested in accepting cryptocurrencies or to integrate blockchain in their business processes to offer a new model of trust asset management to their clients. Besides, it provides a set of robust and more accessible mechanisms to the public based on smart contracts and will cause the proliferation of a new distributed ecosystem of state-of-the-art fiduciary services, potentially allowing a wide range of people to achieve the long-term fiduciary objectives that best adapt to your needs.

Moreover, there are a lot of advantages that make Eternal Trusts special and unique:

An ET-dApp has much lower costs of incorporation and administration
An ET-dApp can solve a wide range of purposes, including those that will become legal, ethical and enforceable in the future
The Eternal Trusts exist only in the world of cryptography as decentralized autonomous organizations, so that the assets of the clients are protected against claims of third parties
Clients are allowed to plan a variety of scenarios to be executed, classified by their priority, and the stability of the long-term protocol based on the blocking chain can increase the chances that their outcome will be successful
The assets are managed through stable and symbolic strategies, so that each year more funds are spent on meeting the cryptography and trust objectives
External experts can vote for the optimal solution for clients, taking into account their specific cases and circumstances

In summary and for the better understand, you can see the following table:

The benefits for trustees driven by the ET protocol	The benefits for end users of ET-dApps
Asset security	Potentially more affordable for the mass market
Earn more in asset management through tokenization	Anonymity
Smarter decision making	Customization of the fiduciary process
Faster operations	Multisig Security

Perspectives for new markets and services
The protocol is flexible and modular

Bounty

The project gives the opportunity to earn Eternal Trusts tokens performing some social media tasks and doing simple steps from the bounty program explained in the Bitcointalk Webpage. Here (https://bitcointalk.org/index.php?topic=3137885) you can access the link in order to see what are the conditions to become an early ETT contributor and start acquiring tokens.

Doesn't that sound interesting? If you are interested in this airdrop or basically in the ICO, you can read their Whitepaper here (https://eternaltrusts.com/docs/wpen.pdf). You can also read their ANN thread here (https://bitcointalk.org/index.php?topic=3130908.msg32380045#msg32380045) or stay tuned in their official Telegram group (https://t.me/eternaltrusts). I hope you liked the post and soon I'll send you new ones.

Tokenomics

Description

The Eternal Trusts Token (ETT) is a service token necessary to execute the Purpose Execution Flow for the dApps built on the ET protocol. Basically, it is a reward for the participants in the platform. Those who are rewarded have to have a predetermined part of their chips of each reward to retain their voting / participation rights within the ET ecosystem and participate in the execution flows of the dApp purpose. The token is used as an intermediate currency for internal payments (from and to EOS) and is necessary to create fiduciary dApps with the protocol and establish networks of DAO directors, oracles, service providers and maintain the server infrastructure. Moreover, it will be used by dApps clients to pay for oracle services and for the maintenance of private nodes.

Token Details
Token: ETT
Platform: EOS
Pre-ICO Price: 1 ETT = 0.01 USD
Price in ICO: 1 ETT = 0.021 USD
Tokens for sale: 1,950,000,000

Token Distribution	Funds Allocation

Roadmap

Date	Event
April 2018	Design of the global blockchain & smart contracts architecture finished
May 2018	Public launch of an Ethereum-based data storage MVP application.
June 2018	Distributed Oracles System added to the MVP
July 2018	Integrations with other blockchains and autonomous file systems added
August 2018	Decentralized Autonomous Organization (DAO) launched
October 2018	More than a hundred experts registered as Oracles on the platform
December 2018	Starting integration of AI as Oracles within the "Purpose Execution Flow" scope
April 2019	Starting the development of a token-based crowdfunding platform for R&D initiatives that can cover components from the "Provider waiting loop"
June 2019	Launching the first batch of crowdfunding campaigns within the Eternal Trusts smart contract ecosystem