- Law Blocks founder gives insights about decentralizing the legal world.
- These changes will be through the power of blockchain technology.
- Law Blocks is a blockchain-based system for keeping track of smart legal contracts.
Law Blocks is a one-window blockchain-based ecosystem for creating and keeping records of smart legal contracts. Let’s dig deep into the Law Blocks utilities and other information in this interview with Ms. Hitomi Ikeda, the co-founder of Law Blocks.
1. Tell us about yourself and how you came up with your idea of a legal tech community.
Answer: Looking at the needs of laypeople and startups to spend their time and money getting work done at the hands of an attorney/lawyer is complex. My legal team and I decided to reduce this complex structure and make life easy for lay people using blockchain technology (using smart contracts), and so was born the idea of Law Blocks. Smart contract inheritance features will change the entire legal industry, and we are taking our 1st step at https://Lawblocks.io/.
2. Tell us more about Law Blocks.
Answer: In Law Blocks, we created a marketplace for the legal community to create templates according to the needs of the contracts, the said contract is agreed upon between both the parties and signed cryptographically, and the said contracts are stored on the blockchain. Later on, various obligations of real life contracts can be also added to trigger various facilities like escrow, payment, and transaction obligations. We will add features as per the community request on our website https://lawblocks.io/ and entire ecosystem powered by Law Blocks Token with ticker ID: LBT
3. Where are Law Blocks located?
Answer: Law Blocks company is based in Dubai and the next offices are coming up in Japan and Singapore. We also have multiple experts and freelancers contributing to Law Blocks from different parts of the globe.
4. Why did you choose XDC blockchain network?
Answer: XDC network suits the vision of Law Blocks with significant advantages over other networks, such as near-zero gas fees and high-speed transactions. It consumes at least 99% less energy than proof-of-work (PoW)-based systems and suits the Law Blocks platform’s basic requirements.
Apart from that, the XDC network community’s support for utilities-based projects is enormous. Being a token on XDC Network, $LBT has access to multiple DEX such as Globiance DEX, XSwap, and third-party wallets like DCent, Bitfi, Ellipal, and Guarda.
5. How do you resolve disputes in Law Blocks?
Answer: There are four ways in Law Blocks to resolve disputes as follows:
1. Mediation and arbitration being free legal by the Law Blocks team
2. Community resolution by mass voting
3. Paid mediation and arbitration for resolving disputes
4. Arbitration courts and arbitration resolution centers (parties’ choice) of international courts of arbitration
6. Who are Law Block’s main competitors?
Answer: In the market today as it is a new product (as blockchain is evolving technology), we are our own competitors as we keep improving our product on a daily basis with the help of legal experts, blockchain experts and AI scientists.
7. Please elaborate on the roadmap of Law Blocks.
Answer: Law Blocks intend to make the life of legal documents users easy and cheap. As a first step, we will have templates and contracts from all continents, and products that are user-friendly. We will have our co-partner lawyers and legal experts who will add and keep us updated on all legal fronts. Our team of technology and blockchain scientists is upgrading the product to give our users the best utility for their contributions.
8. Explain the tokenomics of Law Blocks.
Answer: The community can visit https://lawblocks.io/tokenomics.html to view our token allocation. The total supply of $LBT is 1 Billion, here are the token allocations for the community’s understanding:
● Ecosystem – 40%
● Founders – 20%
● Core Team – 2%
● Contingency – 10%
● Exchange listing and MM – 18%
● Private sale – 10%
Total token supply: 1 Billion
9. How are you financially supporting your venture?
Answer: We have received substantial funding from our close supporters, in return for $LBT tokens.
Core team members already did personal investments in the development of the products and the outgoings for our team. We have already invested in the community to the tune of 5 million USD. We have also launched our Initial Coin Offering (ICO) intention to raise some funds.
Here are the details on the ICO.
The ICO price has been pre-fixed as follows:
April US $0.10 (10 cents )
May US $0.15 (15 cents)
June US $0.20 (20 cents)
Through this ICO, Law Blocks plans to onboard only supportive community members. Hence, the tokens distributed to the community in ICO will be locked under smart-contract and released as per the below mode:
10% of total locked tokens will be released in October 2022.
10% of total locked tokens will be released in January 2023.
10% of total locked tokens will be released in April 2023.
10% of total locked tokens will be released in July 2023.
10% of total locked tokens will be released in October 2023.
50% of total locked tokens will be released in January 2024.
The community members interested in ICO can email the admin at admin@lawblocks.io.
We are launching on 1st July 2022 at $0.25 (25 cents)*.
This price estimate is based on looking at the massive demand for the Law Block token. We are also planning 3 Global exchanges:
1. Liquid
2. Bitrue
3.HitBTC
We are also planning regional-specific exchanges like Coin DCX in India.
10. Where can I buy Law Blocks Tokens?
Answer: We are getting massive responses from the community (especially from the legal and blockchain community) for this venture. Founders like to offer initial tokens (at a lower price) to close communities in ICO and expand the community. We aim to drive this venture as a fully community-driven venture.
11. Is there any plan for Airdrop?
Answer: We have already airdropped around 500+ of tokens for our community members against various contributions made by them to kick start the venture. Law Blocks is also planning to launch a series of bounty reward programs in the near future where participants will have an opportunity to earn $LBT Tokens every month. The participants will be required to complete various bounty tasks to receive $LBT on approval post evaluation. Follow our Twitter (NYSE:TWTR) and Linkedin accounts for our future announcements on the bounty.
12. When is the $LBT token going live with various exchanges?
Answer: We are planning to go live with various exchanges starting from the Q3 of this year. We plan to start a $LBT listing with Bitrue then at Liquid and many more in the future. We also intend to get $LBT on Indian exchanges by looking at Indian citizens’ interest in coins.
Let’s conclude this AMA here. To keep yourself updated with the new developments in the project, follow their official social media handles.