EthSign — dApp for electronic signature!
EthSign is a decentralized, versioned and easily integrated signing dApp built on top of Web 3. The team has officially announced that EthSign uses subgraphs with The Graph for real-time data queries.
Graph is the indexing and query layer of the decentralized web. Developers create and publish public APIs called subgraphs that applications can query using GraphQL. Graph currently supports data indexing from Ethereum, IPFS, and PoA, with more networks coming soon.
Some of the great features of the EthSign eSignature platform are cross-chain integration and an easy-to-use multi-chain user interface. The EthSign smart contract is deployed on Ethereum and many EVM compatible blockchains such as Avalanche, BSC, Polygon, Fantom, Moonbeam and others, as well as on The Graph. Graph has expanded to many blockchains and provides indexed open data for Ethereum, Polygon, Celo, Avalanche, BSC, Fantom and many more. And just like The Graph, EthSign will continue this cross-chain vision as the future of Web 3.
Learn more about EthSign
EthSign creates an interface between Web2 and Web3 to facilitate trustless agreements by connecting legally binding contracts and smart contracts.
EthSign Signatures is the first Web3-based agreement signing platform. The platform provides the same functionality, UX and legal force as the Web 2.0 e-signature platforms, while leveraging the power of blockchains to increase transparency and security.
As for secondary products, let’s see what the agreements actually mean. The signing of contracts reflects the intent and agreement of the signatory to be bound by the terms of the agreement; the signatories trust each other to fulfill their obligations. In disputes, signatories rely on judicial jurisdiction to reach a fair resolution. Signing agreements online with EthSign allows you to create trustless agreements whereby smart contract templates can enforce certain terms of the agreement.
Given the limitations of what can work online, the team creates products for specific scenarios. The first of these is TokenTable: a token management platform that allows Web3 projects to perform fundraising transactions and automate the distribution of tokens to investors and team members.
Combining decentralization with functionality
In previous versions, the team aimed for maximum decentralization. Intermittent failures and poor availability in regions outside of North America and Europe caused huge problems and forced a rethink of the approach. A fully decentralized architecture is simply not yet ready for industrial use. EthSign Signatures takes a hands-on approach to decentralization to maximize usability while maintaining decentralization. This is similar to statically hosting web content on AWS to improve accessibility when running on logic and decentralized contract storage.
User interaction at the Web2 level
First, users can access EthSign without gas tokens or a wallet. The protocol combines Web3 Auth and Biconomy. The first allows users to use email, Google, Discord, and other social networks to create a Web3 identity and sign in to dApps. Gasless Biconomy Meta Transactions allows EthSign to create custom logic to sponsor gas fees for certain transactions; users do not need to hold ERC-20 tokens to pay for gas when signing documents.
Second, the EthSign Signatures feature set replicates the end-to-end Web2 digital signature experience. Users can determine the signing order between co-signers. Hints help with usability. Emails can be linked to wallet addresses through the profile settings page. Push notifications are done through EPNS and Blockscan Chat integration.
Third, the team implemented innovative UX elements for blockchain-enabled e-signature, such as keyless encryption, which provides native encryption and decryption based on the user’s private key. This means that secure documents can only be unlocked by the approved recipient’s wallet, and not by anyone with a passphrase. In addition, all documents are permanently stored online and transactions are publicly verified using a verification tool. The team even tested an on-chain subscription model using NFT, which provides holders with gas-free transactions for a set period of time.
Investors
EthSign has raised $12 million led by Sequoia Capital India and Mirana Ventures.
Sequoia Capital (USA), Sequoia Capital China and other investors including Amber Group, Hack VC, Circle Ventures, as well as angel investors including Balaji Srinivasan (former Coinbase CTO) and Sandeep Neiwal (co-founder Polygon).
Conclusions
The project has a very cool idea, I am sure that in the future everyone will sign such documents. From the activities in the Discord of the project, you can get the role of a Contributor, for which you will receive project tokens in the future. Getting it is not difficult, for this you need to create content and be active in chats. Also now there is a testnet, it takes 2–3 minutes, I think it will not be superfluous. I advise everyone to go to Discord, try to get a role and make a testnet!