how to get Token_Id from ERC721 smart contract
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Confideal – More Than Just the Sum of Its Parts
Confideal boasts a vibrant ecosystem where the core features of the integrated platform, such as smart contracts and arbitration, unite to form an application that is far more than just the sum of its parts.
[Note: This is a sponsored article.]
International trade has existed since ships first sailed upon the seas and caravans crossed mountains, but the increasing pace of technological innovation has led to a massive surge in international trade. Contracts and manufacturing details can be hammered out over video conference calls while documents can be digitally signed and sent across the world without a person having to move from their office desk.
Of course, this increased amount of trade can have potential headaches, especially if a dispute arises, which is where comes into play. Confideal is an integrated platform based upon the Ethereum blockchain that features an amazing ecosystem of core features that helps facilitate trade while reducing costs.
Three Core Pillars
The three core pillars of are: smart contracts, built-in arbitration, and CDL tokens. A number of platforms offer a single feature or two that international traders might be interested in, but Confideal is unique in that it has created a complete ecosystem composed of individual functions that come together into a harmonious whole.
Smart contracts have been revolutionary in matters of data management, and they offer a tremendous boon to businesses by creating a document that cannot be altered and is openly transparent. Many businesses have failed to take advantage of smart contracts due to the perceived need for programming knowledge and a dedicated online team, but Confideal allows for the creation of Ethereum-based smart contracts without the need for any coding.
Built into the smart contract is the arbitration feature of Confideal. The entity drawing up the contract selects an arbitrator to be used in case of a dispute arises. An important consideration is that all signatories to the smart contract have to agree to the chosen arbitrator.
Legal professionals and firms apply to Confideal, showing their qualifications and credentials, to become arbitrators on the platform. takes one of two routes: both parties can agree to abide by the decision of the arbitrator or an arbitrator can come to a conclusion that can then be used in international courts of law for further enforcement.
The final core facet of is the CDL token, which is the main internal cryptocurrency for the platform. The token was created according to the ERC20 token standard on the Ethereum blockchain and has several uses on the integrated platform.
Bringing It All Together
Each Confideal’s three core features, when viewed independently of each other, is quite beneficial in regards to international trade. However, the symbiotic manner in which they all work together is breathtaking. The features weave together into an intricate dance that reinforce each other and make the overall ecosystem far stronger than each of the individual components.
Merchants can use CDL tokens to generate smart contracts and act as currency for the payment of the contract, which negates the standard 1% fee. These tokens can also be freely exchanged for other ERC20 tokens.
The smart contract, standing alone, is an amazing innovation for trade, but the inclusion of arbitration takes the smart contract to an entirely new level. Merchants not only have a codified document that spells out the conditions of the deal, not to mention the funds held in escrow and that the contract is unable to be illegally modified, but an automatic means for resolving a disagreement that all parties have already agreed upon has been put into place.
The dance between arbitrators and CDL tokens continues in the fact that token holders have a number of votes, based upon the number of tokens held, that can be cast to rank specific arbitrators. Every ten tokens equals one vote, so token holders have the right to directly influence the arbitration aspect of Confideal. However, this influence is not absolute as the smart contract that details the arbitrator has to be agreed upon by all interested parties. Then there’s the fact that arbitrators have no details on the principals of the smart contract, so there’s no undue influence of favoring a side that has given votes to that particular arbitrator.
Each of the core features of is of great use to merchants, but it’s the combination of all three elements (smart contracts, tokens, and arbitrators) into a cohesive whole that makes the integrated platform far greater than the sum of its parts. Each facet of Confideal reinforces the others, making them stronger and better than they would be on their own. Tokens can be used as payment and to rank arbitrators whilst arbitration is hardwired into the smart contracts that serve as the foundation of the platform. In the end, merchants and arbitrators are united together into working for smooth and seamless international trade just as the distinct features of Confideal are united together to facilitate such endeavors.
Images courtesy of Pixabay, Pexels, and Pxhere.
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Bitcoin Bites Back: Wells Fargo in Court After Halting Exchange Transfers
The parent company of cryptocurrency exchange Bitfinex, iFinex, is suing Wells Fargo over disruption to wire transfers.
Bitfinex: Court Move To ‘Prevent Precedence’
Court documents by the company, along with fellow conversion service Tether.to in San Francisco, relate to the global bank allegedly blocking outgoing wire transfers to the banks servicing them.
“Wells Fargo has suspended U.S. dollar wire transfer operations needed to remit to plaintiffs’ customers U.S. dollars that the customers deposited with plaintiffs to purchase digital currency,” the complaint reads.
It adds that the bank’s actions were “causing imminent and irreparable harm to plaintiffs.”
In additional comments on Reddit, Bitfinex spokesman that the lawsuit was to “prevent precedence” and that if nothing was done, the phenomenon could repeat itself with other cryptocurrency businesses.
He said:
“We’re not going to rollover for action like this. It’s precisely why we have increased our legal department.
“The decision to initiate legal action is because we cannot allow precedence in this industry where clearing houses can disrupt businesses that are by all metrics complying with the rules in place.
“If we allow them to simply flip a switch and disrupt business, then there becomes a precedence in the bitcoin industry beyond just Bitfinex, so we believe it is the appropriate time to take action to prevent precedence.”
Fickle Banks Meet Their Match At Last
The decision to disrupt liquidity flow for the two services could well represent the most severe instance of a bank declining service to cryptocurrency businesses.
Previous instances include Venezuelan exchange Surbitcoin’s due to a banking refusal, while flagship New Zealand exchange bitNZ after operating for six years due to its bank’s sudden decision to cut ties.
Not just exchanges, but entities from across cryptocurrency have felt the effects of banks’ changing whims. UK news resource Coinjournal had its bank account frozen by Barclays in September last year, allegedly over with bitcoin.
Regulations Bite Poloniex in Washington State
Meanwhile further up the West Coast, Washington State is to lose services from another bitcoin exchange, this time Poloniex.
In a to customers, “careful consideration of the Washington State Department of Financial Institutions’ interpretation of its financial services regulations” had resulted in the suspension of service for residents “until further notice.”
Customers affected have two weeks from April 6 to remove funds from their accounts. Before the deadline, they are also prohibited from “opening new margin positions, adding to existing ones, and lending funds.”
Bitfinex itself Washington State for the same reasons back at the beginning of March. Unlike Poloniex, however, the exchange hinted there would be no return, and its users had markedly less time to react.
What do you think about the Wells Fargo case? Let us know in the comments below!
Images courtesy of Shutterstock, poloniex.com
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