DLT coin is a cryptocurrency designed to change the world of legally binding contracts.
Created by the Agrello Foundation, it’s a blockchain based platform.
But what’s the use case for DLT crypto?
And could Agrello coin become a game-changer for smart contract technology?
In this DLT coin review, you’ll discover everything you need to know about the project.
1. What Is DLT Coin?
DLT coin is a blockchain based cryptocurrency that makes contracts more accountable, trackable and easier to enforce.
It could potentially help resolve some of the key contract related conflicts many companies struggle with.
You’d basically take a legal contract, and store it on the Agrello Delta blockchain.
Therefore you’d be able to:
Automate the maintenance and execution of legally binding contracts
Cut out the hefty legal expenses
Execute legal interactions with Smart Contracts
Manage tenancy agreements
Save time by reducing the admin required
Use Artificial Intelligence to enforce your contracts obligations
DLT coin is also known as:
If you want to trade this cryptocurrency, their ticker symbol is DLT.
You can find their website here.
1.1. What Are The Benefits Of DLT Coin?
So why would anyone use DLT coin?
Well, there’s a few key features that businesses might find useful.
Mainly this comes down to simplicity.
Legally binding contracts are:
Expensive to manage
Difficult to understand and enforce
Agrello coin is creating a platform that makes the whole process a lot easier.
It’s basically like the WordPress equivalent for Smart Contracts.
So a business would enter their contract details and send a copy to all other parties involved.
The contract would be managed via Agrello Delta’s platform.
1.2. Key Features Of DLT Coin
Some of the key features of DLT coin include:
- Easy To Set-Up: You get templates and a contract wizard, to guide you through the whole process
- Legally Binding: When a contract is signed via the Agrello Delta blockchain, a legally binding copy of the contract is created
- AI Legal Agent: You’ll also get an Artificial Intelligence robot that will make you aware of how the contract works plus your responsibilities as a legal party
- Control: Whilst Agrello provides templates, these are editable and customizable to your specific situation
- Marketplace: Every template on the Agrello blockchain is provided via an open marketplace. So legal experts can upload their templates and get rewarded in Agrello coins
2. How Does DLT Coin Work?
2.1. Self-Aware Contracts
Written within DLT coin smart contracts, you have sub-classes.
These are like self-performing what if formulas:
So if X happens, Y can be claimed.
If John doesn’t pay his rent on time, the landlady can claim interest.
So what’s the difference between traditional legal contracts and the Agrello platform?
Well, these contingencies can enforced automatically.
It means legally binding penalties – like late rent payments – don’t have to be disputed and are much easier to enforce.
This web of reactions is written in what’s called an Obligation Ontology graph.
2.2. Artificial Intelligence
Contracts are complicated beasts.
They’re slow to administrate, expensive to enforce and time consuming to manage.
Agrello is trying to automate the whole process with artificial intelligence.
So essentially you’d have a robot representing you in the legal process.
2.3. Real World Legal Contracts
DLT coin would also link real world agreements with digital blockchain based data.
So with Agrello, you’d combine the legally binding value of contracts with the immutability of the blockchain.
And an AI robot would judge disputes on the blockchain:
Meaning you’d skip the expenses and time involved in hiring a legal team.
It also means disputes could be solved quickly, as Smart Contracts are automated.
DLT coin’s AI would also translate the functions of a legal contract into code, whilst handling maintenance of the contract.
So let’s say your contract changes:
e.g. The price of your rent goes up or you change your tenancy length.
The AI software automatically updates your contract.
This saves the time involved in hiring a legal team to manage the admin updates.
3. What Problem Does DLT Coin Solve?
Legal contracts are full of complicated, technical clauses that can easily be misinterpreted.
And when two entities are working together, there’s often a bit of conflict.
This is even worse when the terms are underspecified.
3.1. Blockchain Based Contracts
Taking a legal case to court is hard work.
And enforcing contracts is even more difficult.
Because you have to go through a lengthy legal battle, spend hefty amounts of money on legal fees and manage the admin.
Plus if you’re working across international borders, you’re bound to the law of several different countries.
So all in all, it’s a complicated system.
With the DLT coin blockchain, you can make contracts trustless.
Because the blockchain is decentralized, you don’t have to rely on one single point of failure.
It’s also easier to share data between entities, because you’re working on a peer to peer network.
3.2. DLT Coin Benefits
So what’s the benefit of storing legal contracts with DLT coin?
The blockchain is immutable so records can’t be changed or edited retroactively
Because Agrello’s a decentralized model, you don’t have one single third party managing your data
As a peer to peer network, you don’t have one central point of failure
It’s therefore more reliable than storing your legal contracts in one data center
3.3. Are Blockchain Contracts Legally Binding?
If you look at existing Smart Contract platforms like Ethereum, they’re very technical.
In fact, the architecture of an ETH Smart Contract is programmed in Solidity.
Solidity is a programming language that people outside of the blockchain world aren’t going to understand.
So what’s the big problem?
Well, if you took the details of an Ethereum Smart Contract to court, your evidence wouldn’t stand up.
Nobody would understand it.
And if you compare these types of documents to a traditional contract, they’re not quite as enforceable:
The terminology isn’t the same
The code is difficult to understand
And Smart Contract legal clauses don’t work in the same way
Therefore, DLT coin is aiming to create a type of smart contract that’s more admissible in court.
So DLT coin contracts would mean:
It’s easier to understand the legal terms (even though it’s written on the blockchain)
Obligations of all parties involved would be clear
Legal entities such as lawyers and courts would be able to understand the terms better
There would be meta data that clearly outlines the legal responsibilities of everyone involved
3.4. Bringing Smart Contracts To The Real World
The Internet of Things is expected to a huge industry.
Yet most blockchain based apps aren’t integrated with offline technology.
This isn’t a problem within the legal industry specifically, but Smart Contracts are very speculative right now.
We’ve not really seen Smart Contracts interact within the real world.
Sure, there are things like CryptoKitties, where you can buy digital assets with Smart Contracts.
But where’s the real world use case?
And how can we link offline agreements with blockchain technology?
DLT coin is one of the few cryptocurrencies to bridge the online/offline blockchain gap.
3.5. Reducing Legal Costs For SMEs
I can’t see Agrello being used for major legal contracts just yet.
Because the blockchain is an emerging technology, it’s too risky for managing multi-million dollar contracts.
These types of legal agreements are also full of complicated, ambiguous clauses.
However, I think Agrello will be targeting smaller enterprises:
Because SMEs don’t have the time, resources or legal expertise to enforce contracts.
Yet SMEs are constantly dealing with legal contracts.
For example, let’s look at the real estate industry:
You have hundreds of thousands of landlords.
And they’d be perfectly suited to DLT coin.
Well, they’re constantly managing small, low level legal contracts that they need to manage.
But that’s a time consuming job they could quickly cut out with Agrello’s technology.
4. Why Do You Need DLT Coin?
So DLT coin is a form of cryptocurrency.
Because it’s powered by the blockchain, their DLT token runs are the form of exchange for every transaction.
But I haven’t seen exactly why DLT coin is being used as an alternative to Ethereum or other cryptocurrencies.
There doesn’t seem to be a USP here (yet).
However, there is one main use case.
4.1. Rewarding The Community
So the actual contract templates created on the Agrello blockchain are uploaded by their community.
It’s a way of crowdsourcing contributions.
Legal experts can go onto the marketplace, upload a contract template and then they’ll be rewarded for their time and effort with DLT coin.
But why crowdsource contract templates?
Because these rewards are a user engagement strategy:
It’ll grow Agrello’s user base and their library of templates
Therefore Agrello’s value may increase
Crowdsourcing contract templates increases engagement in DLT coin’s community
DLT coin could increase in value as the community becomes more engaged and grows
5. Is DLT Coin A Good Investment?
Here’s what I like about DLT coin so far:
6. Is DLT Coin A Scam?
So why wouldn’t you invest in DLT coin?
Here’s a few problems you need to consider about the Agrello project:
6.1. Lack Of Community Engagement
Whilst the idea of DLT coin is cool, I didn’t like the way they’ve handled their recent Q&A session.
People took the time to ask their team loads of questions:
Yet the DLT coin team haven’t answered of their community’s concerns just yet.
And that kind of response annoyed the Reddit posters.
Why host a Q & A session if no-one’s going to answer any questions for a few weeks?
I mean Reddit AMAs are usually instant.
Q&s are an opportunity for marketing and PR purposes:
But I actually feel like it’s only hurt the DLT coin brand.
Plus potential investors will:
- Read the lack of responses from the Agrello team
- See that they’re not a responsive company
- Assume they’re simply too small or just lack the resources to support and engage with their community.
Either way, it’s not a great sign.
6.2. Poor Marketing Capabilities
In general, I’m not impressed by the Agrello team’s marketing capabilities.
And if they can’t market the product properly, DLT coin will struggle to achieve mass adoption.
The Smart Contract world is one that’s going to be very competitive, very crowded and full of big players.
Does DLT coin have the marketing power to compete?
Not from what I’ve seen.
If you look at DLT coin’s branding, it just feels a little old.
And branding can make or break a project.
Sure, Agrello might be working on some of the most advanced artificial intelligence technology in the blockchain world.
But there’s no signs of it.
Would you really trust a cryptocurrency that can’t design a nice website with your most fragile legal contracts?
Most enterprises wouldn’t.
So there’s a bit of branding gap that DLT coin needs to work on:
And if they don’t improve, most investors won’t take them seriously.
6.4. Can You Legally Enforce Smart Contracts?
Undeniably, Smart Contract technology is powerful.
But it’s just not legally recognized in most legal systems yet.
In fact, it’s often the case that Governments are against the idea of cryptocurrencies:
Just look at China and India’s ban of cryptocurrency for instance.
With that in mind, will blockchain powered smart contracts be taken seriously in court?
And are Agrello’s contracts valid evidence for a trial?
I feel like Smart Contracts have a future in the legal industry.
Yet they’re more likely to be created by legal enterprises that can partner closely with the Government.
And I haven’t see any information stating that Agrello is doing this just yet.
6.5. What Added Value Does DLT Coin Offer?
One of the biggest criticisms of DLT coin is that data managed on the blockchain doesn’t really involve the token.
So there’s no use case for it:
You don’t need DLT tokens to administer contracts on the Agrello platform.
(Aside from rewarding it’s community for uploading new contracts.)