So what is Fuel cryptocurrency (Etherparty)? And should you invest in it?
In this Etherparty coin review, I’ll analyse Fuel’s competition, team and it’s future projected growth.
I’ll also run through which exchanges list the ERC20 token and how to store it securely.Read on or jump to the section you’re interested in.
1. Overview Of Etherparty (Fuel)
1.1. What Is Fuel Cryptocurrency?
So what does the Etherparty token actually do?
Their SaaS (software as a service) platform allows the average person to create their own smart contract on the blockchain.
It’s designed to be a user-friendly way for someone to build a smart contract, without any technical skills.
1.2. What Problem Does Fuel Solve?
As you may already know, programming on the blockchain is a little technical.
If you’re developing a Decentralized App via Ethereum for example, you need Solidity programming skills to create your own smart contract.
Even for experienced developers it’s time-consuming to create smart contracts.
Essentially, there’s a lot of demand for the technology but the barriers are just too high for most people to take advantage of them.
So if you’re an enterprise, consumer or individual looking to create your own smart contract, you have to go through an arduous development process that’s not even guaranteed to work.
Here’s some of the reasons why it’s so hard to create your own smart contract:
- Finding and recruiting a smart contract developer isn’t easy
- Solidity (Ethereum’s programming code for creating smart contracts) is a relatively new skill that’s hard to come by
- You have to hope the developer you’ve hired has coded the project correctly (without bugs and errors that could cost you later down the line)
- Even for a developer, it’s really time-consuming to develop a project like this
- Because of the development time involved, it’s expensive to hire a Solidity developer
- Every enterprise has their own personalised needs - but customizable functionality is hard to come by
- It’s also tricky for the average person to understand the opportunities and limitations of a smart contract without countless hours researching the technology
- Cyber security is a serious threat. So once your developer has built the project, you need to test it for vulnerabilities in terms of being hacked, infected or hijacked
- If you combine all of the above factors, you can see that most enterprises simply aren’t going to have the time, resources or patience to develop a smart contract
And that’s where Fuel cryptocurrency comes in.
Fuel’s aim is to create a user-friendly technology for developing smart contracts that anyone can use.
It’ll save people time, resources and avoid hiring an expensive specialist blockchain developer.
(Think of it like the WordPress of Smart Contracts.)
1.3. What Are The Benefits of Fuel Cryptocurrency For Its Users?
You won’t need any programming skills to use it
It comes with a user friendly interface
You’re going to save time hiring someone
Fuel will have customizable templates for creating smart contracts
You can share smart contract templates via their marketplace
There’s no installation required (it’s SaaS software)
Security testing is built into the platform - you don’t need to hire someone to test and audit it for you
Fuel can link blockless APIs with blockchain functionality
Unlike most cryptocurrencies, the Etherparty platform is already in beta.
You can actually see a demo of the platform in action below:
I’ll run through the investment pros and cons of Fuel cryptocurrency in more depth later in this article.
2. What’s The Use Case Of Fuel?
So Fuel cryptocurrency is focused on bringing smart contracts to the masses.
Smart contracts set up an automatic form of exchange.
So if certain conditions are met, then a transaction will occur.
That’s the foundation of a smart contract.
Here’s a few ways smart contracts can be used in the real world:
- Rolling memberships and subscriptions - like gyms for instance
- Banking and financial calculations - such as calculating compound interest
- Sending payments for goods - perfect in the ecommerce world
- Tracking and measuring the progress of a product as it’s being shipped - useful for supply chain companies like Alibaba
The potential of smart contracts for businesses is huge.
But just like developing applications or even creating a website, most businesses don’t have the resources, time or expertise to spend hours coding a smart contract.
Etherparty’s platform helps the average person build their own smart contract within just a few minutes.
You get to skip the months of development, without worrying about the upfront costs and hiring process.
In the same way that applications like WordPress (which powers 30% of the internet) help ‘the average person’ build their own website, Etherparty is planning to solve the same problem for smart contracts.
3. Review Of The Etherparty Team
3.1. Why Is A Coin's Team Important?
The long-term potential of a cryptocurrency is highly dependant on their team.
Strong leaders can turn a promising token into a mainstream success.
So if you’re investing in a coin, you should understand whether their leaders are:
Credible and trustworthy
What their background is - and whether it’s relevant
Their influence and network (which is key for landing new partnerships)
Who they’ve worked with in the past and whether these projects have been successful
If they’re a real person. Seriously, pump and dump ICOs often fake their leader’s credentials.
Whether they’re ambitious and have a vision for the future of their project
So now let’s analyse the Etherparty team.
Etherparty was created by the Vanbex team.
Vanbex is a blockchain consultancy, founded by their partners CEO Kevin Hobbs and Lisa Chang.
Vanbex saw the demand - and the limitations - of creating smart contracts from their own clients.
They already have over 4 years experience in the industry.
In fact, they’ve already consulted with over 70 blockchain clients.
So as well as Etherparty, Vanbex have also partnered on projects such as Storj, Factom and Enjin.
Experience and expertise is going to be incredibly useful when running any blockchain project like this.
For the cryptocurrency space, that’s about as experienced as you’re going to find.
CEO Kevin Hobbs: Kevin doesn’t just run Vanbex - he’s also recognised as someone highly influential in the cryptocurrency space.
CEO Lisa Chang: Lisa Chang also heads up the Fuel team. She’s worked with Fortune 500 companies and blockchain entrepreneurs in the past.
So overall, Etherparty a fairly strong, well-rounded team.
4. How Does Etherparty Work?
4.1. Key Features.
As described in their ICO whitepaper, here’s a few key features for the Etherparty platform in terms of what you can expect:
The Etherparty platform means that users don’t need to install any extra software to build on there
It doesn’t have to sync up with other networks to work - so transaction speeds are faster
There will be a marketplace where users can share their smart contract templates with other users
Each template is customizable. So you can personalise the templates to your own business/needs
Whilst it’s not not their main USP (unlike their competitor Agrello), you will be able to create legally compliant smart contracts. Once the contract is deployed, its binding between each party
Enterprises will be able to upload their own documents to the platform and create smart contracts out of them. So they won’t need to worry about changing their company’s existing infrastructure, therefore saving time
Even though users are creating smart contracts, there’s optional forms of centralization - such as a third party mediator who can authorise and manage smart contracts between both sides
4.2. Etherparty Price Pegging.
If you’re already investing in cryptocurrency, you know that market prices fluctuate constantly.
So you may be wondering how can smart contracts be executed with Fuel tokens, when prices are so volatile?
Each contract will be pegged to the value of the USD, reducing the problems associated with price fluctuations.
4.3. RSK & Etherparty.
RSK and Etherparty announced their partnership back in December 2017.
RSK is a company from South America, that essentially creates a two peg mining system for Bitcoin.
Their plan is to bring smart contracts to the Bitcoin network.
With Etherparty being a smart contract focused business, this strategic partnership is designed to help speed up RSK’s mission.
4.4. Etherparty Staking.
5. Etherparty's History.
5.1. Etherparty ICO.
Fuel’s ICO was launched in October 2017, founded in Vancouver, Canada.
They actually raised $30 million for their ICO pre-sale, so they have a decent amount of capital to fund their project.
Their CEO, Kevin Hobbs, announced that Etherparty’s total supply will be 1,000,000,000, whilst 40% of their token supply was traded during their pre-sale.
5.2. Security Problems.
During the Etherparty ICO, their security was breached.
Here’s how it happened.
When an ICO pre-sale is launched, users usually purchase ICO tokens with Ethereum.
This Ethereum is sent from the user’s wallet to the company’s wallet - and in exchange they receive ICO tokens.
However, during Fuel’s ICO, hackers hijacked the Etherparty’s wallet address so that they received the funds instead.
The security breach was resolved within 15 minutes, as their website was taken down.
It’s not the first Ethereum ICO to be hacked but that doesn’t make it any better.
However, every victim of the attack was compensated and swift measures were taken to stop the hackers - including a press release and taking the website down.That’s a good sign of their overall integrity.
6. Etherparty Competitors.
It’s undeniable, Etherparty has plenty of competition.
And when it comes to future price predictions, Fuel’s success depends on what it’s competitors do.
It’s a race to the top.
The problem is that there will be loads of options when it comes to SaaS platforms for smart contracts.
Whilst Fuel’s platform is already in beta, it’s a small, competitive space that’s difficult to predict.
So let’s look at Fuel vs other coins on the market.
Their two main competitors are BlockCat and Agrello.
6.1. BlockCat Vs Fuel.
Whilst BlockCat seems to be more in the early stages of development, it’s still touted as a major competitor of Fuel.
Let’s see how they match up:
- Unlike Etherparty, BlockCat’s platform is still in Beta mode - there’s not a working platform you can interact with just yet
- Fuel has a more experienced team than BlockCat
- Etherparty’s focus is on usability - creating more simplicity for its users. When you look at the success of SaaS platforms, simplicity and usability are two big competitive advantages
- It depends on the user’s needs. Etherparty is better designed for creating multiple smart contracts, whilst BlockCat is suited to enterprises planning just to create one or two
- They’re targeting two different markets. Fuel is targeting larger enterprises and corporations, whilst BlockCat is better for individual users and small businesses
- With the aid of Vanbex’s marketing team, Etherparty have more marketing power to scale up their token’s adoption
6.2. Etherparty vs Agrello.
Agrello helps it’s users create smart contracts too but there’s a heavier focus on legally binding smart contracts.
So what’s the difference between Etherparty and DLT?
Agrello is more focused on the legally binding aspects of smart contracts
Etherparty have a more experienced blockchain team than DLT - but Agrello’s Estonian based developers already have 45 years experience in the tech world
Fuel’s product is already in beta mode. They’ve already got the first mover advantage
They’re both ERC20 Ethereum tokens
One of Agrello’s biggest USPs is that it comes with artificial intelligence agents that can manage any smart contract transactions
7. Is Fuel A Good Investment?
So is Etherparty actually worth investing in?
Well, let’s analyse how it’s future price will be positively and negatively affected.
7.1. Why Is Fuel A Good Investment?
- They raised over $30 million from the Etherparty ICO. That’s a substantial amount of capital to get the project up and running.
- Their founders, the Vanbex team, have over 4 years experience. That doesn’t sound like a lot of but for the cryptocurrency industry, it’s about as experienced as you’ll find.
- They have a working prototype already (most cryptocurrencies have no product in action just yet)
- Fuel’s use case is dynamic . Their SaaS platform could be used for supply chains, gambling, sports betting, crowdfunding projects and creating new tokens
- They’ve already established partnerships with high profile companies such as Enterprise Ethereum Alliance and RSK
- They’ve already had ICOs launch on the Fuel platform - such as DigitalX
- Fuel cryptocurrency is ambitious in terms of achieving mass global adoption
7.2. Why Is Fuel A Bad Investment?
There’s going to be a lot of competition in the ‘drag and drop’ smart contract space
There have been attempted cyber security hacks on the Etherparty blockchain already. Despite being brief, that raises a serious red flag for me.
You don’t have a lot of choice when it comes to trading Etherparty on an exchange - so far it’s fairly limited. This reduces mainstream adoption and limits your trading options.
Until their product is released, the full scope of EtherParty’s platform is very speculative
7.3. Why Is Etherparty Dropping?
Here’s a few reasons why Fuel’s price has dropped dramatically:
The entire cryptocurrency market has dropped
The overall market cap for cryptocurrency has fallen by more than 50%
EtherParty had a serious data breach during their ICO
Their smart contract model is all about increasing decentralization - but many Governments, financial institutions and big corporations depend on centralization
7.4. Mass Adoption Plan.
Fuel’s an ambitious company.
Let me explain:
They’re planning to achieve mass global adoption, by creating more simplicity.
In their whitepaper, they’ve actually compared this business model to the success of email.
For example, most people don’t have the technical know-how to develop their own email technology - yet almost everyone in the world understands how to send an email.
And that’s mainly thanks to the usability of companies like Gmail, Yahoo and Hotmail.
The plan to make Fuel cryptocurrency successful is similar - it’s a case of simplicity over everything.
The easier their platform is to use, the more it will be adopted on a mainstream level.
8. How To Buy Etherparty.
8.1. What Exchange Sells Fuel Tokens?
Binance is the main exchange listing Etherparty. MyEthereum wallet is another option.
8.2. How To Store Etherparty.
Like always, don’t leave your Fuel cryptocurrency on an exchange.
It’s a risk you don’t need to take.
As an ERC20 token from the Ethereum blockchain, Fuel can be stored securely offline with a hardware wallet.(Just make sure you use a hardware wallet that supports Ethereum tokens.)
9. FAQs About Fuel Cryptocurrency.
9.1. Can You Give Me Some Price Predictions For Fuel?
To understand the projected growth of Fuel cryptocurrency, you need to look at their use case.
They’re a SaaS platform designed to make developing smart contracts easy.
So the more that industry grows, the more potential Etherparty has.
Let’s look at the facts:
- The smart contract industry is predicted to grow by a compound annual growth rate (CAGR) of 32% by 2023
- Smart contracts are heavily connected the the success of the Internet of Things (IoT) industry
- The number of IoT devices is forecast to grow from 15.4 billion in 2015 to 75.4 billion in 2025
- Huge industries - like banking - could save up to $12 billion per year by adopting smart contract technology
Clearly, this industry is changing the world.
If Fuel cryptocurrency can gain brand loyalty and a large user base before their competitors, there’s a lot of potential for the price to grow.
Of course, only time will tell.
9.2. What Is The Price Of Fuel Cryptocurrency?
It’s currently at $0.052223.
Because the total supply of Etherparty is so high (1,000,000,000), it’s value per token is very low.You can stay updated with Fuel cryptocurrency's live prices on Coin Market Cap.
9.3. Where Can I Find The Latest Etherparty News?
Here’s a few resources you can use to keep up with the latest Etherparty news:
9.4. Where Can I Find The Etherparty Whitepaper?
You can find their whitepaper here.
9.5. Should I Invest In Etherparty?
So how high could Etherparty climb to?
It’s the million dollar question.
I’d recommend checking out my pros and cons overview above. The key here is that you should only ever invest in the coins you believe in.
You need to focus on the coin’s use case, not it’s short term value:
If you don’t see the future potential of Etherparty, don’t invest in it.
Personally, I like their team, their experience, technology and I can see an obvious use case.
But will I be investing in them?
I don’t feel that strongly about the space they’re in, so Fuel doesn’t appeal to me as an investment option.
But does a drag and drop smart contract platform have a lot of potential?
If you’re going to invest in Fuel, I’d say it’s more of a long-term HODL than a quick win.
9.6. Is Etherparty A Pump And Dump Coin?
With $30 million dollars raised during their ICO, their coin has long-term potential.
However, if you look at their price history, it’s obviously been pumped and dumped in the past.
Having said that, they’re were pumped back in November - when the cryptocurrency market was flooded with new investors.
From what I’ve seen so far, Etherparty have a strong team, a product that’s already working and their marketing campaign raised a lot of hype around the project.
I’d say they’re here to stay long-term.
9.7. What is Etherparty’s Coin Symbol?
The Etherparty coin symbol is Fuel.