Thomson Reuters Corporation and the smart contract pioneer OpenLaw are partnering up to explore the possibilities of bringing up the Ethereum-powered smart contracts to the mainstream.
Contract Express is a powerful solution by Thomson Reuters for effective creation of the most precise and coherent legal documents. On the other side, OpenLaw made the first decentralised P2P protocol for automating legal agreements. The two companies joined together to explore the new possibilities of creating legal documents that will be even more effective, unique and secure.
The proof of concept (POC) displays the capability of Contract Express to produce a contract from a Practical Law standard document while transforming particular provisions into smart contracts on the Ethereum blockchain, utilising the OpenLaw protocol. Contract Express takes important data from the contract such as dates and payment requirements.
The main goal of the PoC system is its ability to transform specific contracts in a way that they have both off-chain and on-chain elements. Such contracts could prove very helpful when it comes to international trade or when companies are conducting business specifically with digital currencies.
“This system pulls data through to OpenLaw and brings two worlds together. At the same time, lawyers will be very familiar with Contract Express.”
Elsewhere, Unicef Crypto Fund, a prototype that allows the agency to receive BTC and Ethereum donations and reinvest them into open-source companies working with children around the world was announced today.
The rollout happened today and the fund received a donation of 1 BTC and 10,000 ether from the Ethereum Foundation.
“Unicef has a network of 190 offices across the world that brings to the Ethereum ecosystem the ability to work with leading minds in regions that could benefit the most from Ethereum technology,” said Aya Miyaguchi, CEO of the Ethereum Foundation.
Christina Lomazzo, the head of the United Nations Children’s Fund, hopes that the fund will help them reach the $170 billion combined market cap between Bitcoin and Ethereum.
However, there’s a more important reason for the fund to receive and invest in crypto. At the time of the rollout, the fund can only receive general donations, but going forward, the Crypto Fund is particularly suitable for directed donations, where donors can say that their funds will be used only, for instance, to buy school bags for children in a specific region and be assured that’s exactly what happened.
Since Ethereum and Bitcoin operate on public ledgers, it’s easy to track the movement of funds from the first donation to the purchase.
“We're working on a way to actually have a visual that's reading from each chain that shows money going in and flowing,” said Ms Lomazzo.
Once again, the down-slipping trend line has closed the door to Ethereum bulls. As seen in the chart below, the price action got rejected by the descending trend line, which has now established itself as a very strong resistance. At the current time, the 100 MA on a 4-hour chart overlaps with the descending trend line, thus creating a strong resistance.
Above the first resistance block, the 100 DMA - currently at $194.48 - is catching up with the price action. In case of a break of the first resistance block, we can expect the 100 DMA to come into play sooner rather than later.
ETH/USD hourly chart (TradingView)
However, given that the price has now created a series of lower highs, we can expect the bears to apply more pressure. The immediate support is located around the $170 handle where the ascending trend line comes in. In the same region, the major 61.8% Fibonacci support joins forces with the ascending trend line. In the region of $153 - $165 we have a series of horizontal supports that can potentially play an important role once again, in case the price moves lower from the current levels.
In any case, watch out for a potential strong move in any of the two directions, as both Ethereum and Bitcoin are currently consolidating near the important levels, hence a break to either side may prove to be of a more substantial nature.
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