ICO Review

LegalBot ICO Review – AI-Based Smart Contract Lawyer

Expanding your business to other countries/jurisdictions is hard, the laws are different everywhere, and hiring legal help for the expansion is expensive.

LegalBot is set to become the worlds first AI-based smart contract lawyer. It is designed to draft and review international smart contracts, simplifying the process of cross-border business legal work.

The following picture showcases some of the legal contracts the smart-contract can assist with:

There is not a lot of information about the technical aspects of the project, as the website is vague, and the whitepaper has not been released (scheduled release Q3 2018).

Token

LBOT is an erc-20 token on the Ethereum blockchain. At one point of time between Q2-Q4, the token is going to migrate to its own blockchain. The new blockchain will adopt the PoS (Proof of Stake) protocol, and it will allow people to own a masternode. Masternodes will be available for anyone with over 200,000 LBOT tokens.

The LBOT token is a utility token that will be used for payments for services on the LegalBot platform, which is going to be released in Q4 2018.

Investors can choose between buying the token from LegalBots website, or directly through Crex24 (cryptocurrency exchange).

The token exchange rate through the official website is 1 ETH = 100,000 LBOT tokens.

The token got listed on Crex24 June 1., where the current price is 0,0000002805772962 ETH per token.

The price on the open market is currently 0,028 ETH for 100,000 LBOT tokens, while the official rate is 1 ETH for 100,000 tokens, which is a difference of over 30x. The main reason for the heavy drop in price is most likely because a massive portion of the supply was given away in airdrops (1. Bln tokens). This equals 10% of the total supply, which is 10 billion.

The volume is close to non-existent, with an average of one order per 2 days.

Team

Allegedly, the team consists of eight team members and two advisors. This is not possible to verify, because the full names and LinkedIn profiles are not disclosed.

This is a huge red flag. In most cases, an anonymous team has good reason to not go public. Possible reasons for this can be the fact that the team does not wish to relate to the project due to its quality, legal issues or because the project is an outright scam.

Check out the alleged team below:

Team members

 

Advisors

Conclusion

I would not recommend anyone to invest in the LegalBot project at the moment, as there are too many red flags. There is currently no information about the technical development and aspects, as the whitepaper has not been released. There is no proof that the team members exist and with no evidence of neither the code behind the project or the team that is making it makes one suspicious of the intentions of the project. Additionally, the airdrop of up to 10% of the supply has led to a vast selling pressure, which further diminishes the value of the token.

Useful Resources

Website
Telegram Channel
Twitter
Youtube


This article was created in exchange for a potential token reward through Bounty0x

ICOshock