VAIOT’s DeLaw Ecosystem: Tools that are bringing decentralization to the Legal Landscape in 2024
Discover how VAIOT is Democratizing Legal Services: A Deep Dive into the $1 Billion Legal Tech Market VAIOT’s Ecosystem.
Key takeaways:
- VAIOT is advancing the DeLaw (Decentralized Law) movement, combining AI and blockchain to create accessible, efficient legal tools for both Web2 and Web3 users, addressing the global issue of limited access to justice.
- The $VAI token, regulated under Malta’s Virtual Financial Assets Act, serves multiple functions within VAIOT’s DeLaw ecosystem, including rewards, dispute resolution, and governance. The project has also received the CertiK KYC Gold Badge, indicating verified security and compliance.
- VAIOT’s ecosystem comprises six key components: Legal Torch, AI Legal Assistant, ZK Contractual Privacy, Contractual Blockchain Intelligence, Contract Reader, and DDRS (Decentralized Dispute Resolution System), each addressing specific legal tech challenges.
- The global legal services market is projected to reach $1,034.52 Billion by 2027, with VAIOT positioned to capture a significant share by making legal services more accessible and affordable through its innovative solutions.
- VAIOT’s token utility is designed for long-term sustainability of the DeLaw ecosystem with VAI Token at the center of DDRS, Legal Torch, and other technological solutions.
Decentralized Law | Democratizing Legal Services with AI & Blockchain
People and organizations around the world struggle to access affordable legal support and effective, low-cost dispute-resolution mechanisms. Decentralized Law (DeLaw) is transforming the legal industry by integrating blockchain and AI into conventional processes and LegalTech solutions
This approach supports the decentralization of the legal ecosystem, introduces smart contracts as a form of immutable data storage, dispersed governance of legal processes and solutions, and uses AI for automated assistance, reducing costs and time while enhancing trust and security. As a result, legal services become more accessible, opening opportunities for individuals and small businesses.
VAIOT, a provider of AI-driven LegalTech platforms, plays a key role in this movement, offering solutions that challenge traditional legal processes. Founded in 2018, VAIOT uses AI and Blockchain technologies to deliver a set of Legal Tech and Decentralized Law solutions with a mission to democratize legal services by introducing innovation through evolution to the legal sector — integrating tech and expertise of legal professionals.
VAIOT’s Ecosystem: Bridging the Gap Between Legal Complexity and Everyday Needs
Legal services often seem like a luxury reserved for big corporations or those with deep pockets. Small business owners, Startups, freelancers, and everyday individuals frequently find themselves in complex situations and unclear guidance provided by generic Google searches or ChatGPT recommendations. Imagine a scenario where a startup founder needs to draft a service agreement but can’t afford the high fees of a law firm. Or consider an online shopper disputing a transaction, facing the prospect of a lengthy and costly resolution process which often proves such action to be ineffective and not worth the hustle.
These are not isolated incidents. The World Justice Project reports that 5.1 billion people — two-thirds of the global population — lack meaningful access to justice. Meanwhile, the e-commerce sector, projected to reach $7 trillion by 2025 (eMarketer, 2022), is grappling with the need for efficient dispute resolution mechanisms.
This is where VAIOT steps in, offering a suite of innovative solutions that make legal services accessible, efficient, and secure for everyone.
A solution the market is asking for
For creating a new service agreement, freelancers and small business owners might think that open-sourced LLMs such as ChatGPT or Claude are the best option for a fast and cost-efficient document. According to Legalis C.H. Beck, 2024, most lawyers think that AI can streamline and shorten work time, but it may also lead to a decrease in the quality of services.
The issue is that AI however impressive, is not 100% accurate, particularly when the model is not trained with appropriate information or filled with generic prompts. In some legislations, AI-generated agreements or online templates have no legal relevance without the appropriate compliance of a trustworthy institution or professional. This leaves us with the question:
Are there alternative solutions that can be equally fast, cost-efficient, and user-friendly?
Yes, they are!
VAIOT is stepping in as a trendsetter in the DeLaw space by creating a comprehensive ecosystem of legal tools that directly address market needs for web3 and web2 users combined.
With VAIOT’s legal domain-specific LLMs, legal documents drafted by top law firms, and authorization of AI outputs by licensed lawyers users receive quality legal support which is cheaper and more accessible than traditional legal services.
The DeLaw Ecosystem by VAIOT
VAIOT’s ecosystem explained
- Legal Torch
- DDRS
- AI Legal Assistant
- ZK-SNARKs Certificates
- Contractual Blockchain Intelligence
- Contract Reader
1. Legal Torch
Objective: To simplify and democratize access to legal services.
Functionality:
- Compliant AI-powered contract creation and management
- Integration of blockchain for secure business transactions
- Secure document storage
- Natural language processing for user-friendly interactions
Real-life example: A small business owner needs to draft a service agreement. Instead of paying high legal fees, they use Legal Torch to create a customized contract in minutes, saving time and money. Optionally, a cooperating attorney certifies the document customized with AI to ensure quality of legal inputs.
Market impact: The global legal services market is projected to reach $1,034.52 Billion by 2027 (The Business Reach Company, 2023). Legal Torch taps into this market by making legal services more accessible and affordable.
2. Decentralized Dispute Resolution System (DDRS)
Objective: To provide fast, fair, and cost-effective dispute resolution.
Functionality:
- Blockchain-based escrow for secure transactions
- AI-assisted negotiation
- Decentralized jury selection and voting
- Reward distribution for specialized Jurors
Real-life example: An e-commerce seller and buyer disagree about a product’s condition. Instead of going through lengthy traditional arbitration, they use DDRS to resolve the dispute within days.
Market impact: With e-commerce sales expected to reach $7 trillion by 2025 (eMarketer, 2022), DDRS offers a scalable solution for the growing need for efficient dispute resolution in digital transactions.
3. AI Legal Assistant
Objective: To provide on-demand guidance and information and support legal transactions.
Functionality:
- Natural language processing for user queries
- Access to vast legal databases
- Serves as an interactive legal knowledge base for a given jurisdiction
- Help to understand legal concepts and improve document editing
- Integration with other VAIOT products for comprehensive support
Real-life example: A startup founder needs clarification on contract clauses on employment agreements or shareholder contracts. The AI Legal Assistant provides immediate guidance, saving time and reducing the need for costly legal consultations.
Market impact: The global legal AI market is projected to reach $5 billion by 2030 (Zion Market Search 2024), indicating a growing demand for AI-powered legal solutions. For instance, Dutch News, 2024 reported a judge recently using AI for a ruling. Despite the controversies, 73% of law professionals are expected to use generative AI and feel confident about such technologies (Wolters Kluwer, 2023). Leaving space for companies like VAIOT to step forward and provide AI-based legal tools to support both, consumers and lawyers.
4. ZKContractualPrivacy
Objective: To ensure privacy and verifiability in digital transactions.
Functionality:
- Zero-knowledge proofs for data verification without disclosure
- Integration with smart contracts for automated verification
- Enhanced privacy in contract terms and personal information
Real-life example: A job applicant needs to prove their income without revealing sensitive details. They use a ZK-SNARK certificate to verify their salary range to a potential employer without disclosing exact figures or employer information.
Market impact: As privacy concerns grow, with 73% of Americans concerned about how companies use their data (Pew Research, 2023), ZK-SNARKs offer a solution that balances transparency with privacy.
5. Contractual Blockchain Intelligence (CBI):
Objective: To seamlessly integrate traditional legal contracts with blockchain technology, ensuring transparency and immutability while maintaining accessibility for non-technical users.
Functionality:
- Records contractual terms from AI-generated legal contracts directly on the blockchain
- Integrates with smart contracts for enhanced security and automation
- Compatible with VAIOT’s Contract Reader for easy interpretation without programming skills
- Bridges the gap between traditional legal documentation and blockchain technology
Real-life example: A small business owner creates an employment contract using VAIOT’s AI Legal Assistant. The Contractual Blockchain Intelligence system automatically records the key terms of this contract on the blockchain. Later, when the business owner needs to review or verify the contract terms, they can easily access and understand them through the Contract Reader, without any technical knowledge of blockchain or smart contracts.
Market impact: By making smart contracts accessible to non-technical users, CBI could play a crucial role in bridging the estimated $1 billion legal market, with the rapidly growing blockchain sector.
6. Contract Reader
Objective: To make smart contracts accessible and understandable to non-technical users.
Functionality:
- Visual representation of smart contract terms
- Easy-to-understand interface for contract details
- Option to download and certify contracts
Real-life example: A freelancer wants to review the terms of their blockchain-based work agreement. ContractReader allows them to easily understand the smart contract without needing technical knowledge.
Market impact: Whilst the smart contracts market is expected to grow at a CAGR of 82.2% from 2023 to 2030 (Grand View Research, 2024), ContractReader bridges the gap between technical capabilities and user-friendly applications.
VAIOT | Powering the Future of Legal Tech
At the heart of VAIOT’s ecosystem lies the VAI token, a regulated digital asset that powers a range of innovative legal and business solutions. As the first-ever project regulated under Malta’s Virtual Financial Assets Act, VAIOT has set a new standard for compliance and governance in the crypto space. This commitment to regulatory excellence is further reinforced by our ongoing collaboration with Grant Thornton, VAIOT’s VFA Agent, ensuring we remain at the forefront of compliant innovation.
VAIOT’s dedication to security and transparency hasn’t gone unnoticed. VAIOT has recently been awarded the prestigious CertiK KYC Gold Badge, placing the company in the top 10% of the most secure and reliable projects in the Web3 ecosystem. This recognition underscores our unwavering commitment to building a trustworthy platform for our users and investors alike.
With this foundation of trust and innovation, let’s explore how VAIOT’s tokenomics are designed to drive value, incentivize participation, and fuel the future of decentralized legal services.
1. Token Overview
The VAI token stands at the forefront of regulated digital assets, holding the distinction of being the first Virtual Financial Asset (VFA) approved under Malta’s stringent regulatory framework. VAIOT’s collaboration with Grant Thornton and reporting to Malta Financial Services Authorithy (MFSA) further enhances a unique status that provides investors with an unparalleled level of compliance in the dynamic world of blockchain technology.
- Token Name: VAIOT
- Token Symbol: VAI
- Total Supply: 400,000,000 VAI
- Current Market Cap: $4,143,59
2. Token Utility
The VAI token is integral to VAIOT’s ecosystem, offering multiple use cases that drive adoption and value:
a) Payback Bonus System:
- Users receive VAI tokens as cashback for purchases within VAIOT’s ecosystem
- Encourages platform usage and token circulation
b) Decentralized Dispute Resolution System (DDRS):
- Rewards for jurors participating in dispute resolution
- Voting power for decision-making in disputes
- Staking requirement for juror eligibility
c) Payment and Fee Reduction:
- Native payment method for all VAIOT services
- Discounts on services when paying with VAI tokens
- Transaction fees for executing intelligent contracts
d) Staking Rewards:
- Incentivizes long-term holding and network security
e) Access to premium features in VAIOT’s LegalTech and DeLaw solutions
- Being a holder entitles you to use certain premium features of solutions such as LegalTorch, e.g. free consultation with a cooperating law firm
By integrating these diverse utilities, VAIOT ensures that the VAI token is not just a regulated digital asset, but a crucial component of its growing DeLaw Ecosystem.
As VAIOT continues to expand its suite of AI-powered legal solutions, the demand for and utility of VAI tokens is poised to grow, potentially driving long-term value for token holders.
By addressing these real-world challenges with practical, innovative solutions, VAIOT is not just creating products; it’s reshaping how we interact with legal tools in the digital age. As these solutions gain traction and thanks to the tokenomics and multiple applications, VAIOT is positioned for growth, making the project an attractive proposition with tangible impact and real-world applications.
Explore more about this project and join VAIOT’s community to find out how the company will contribute to the future of legal tech.
About VAIOT
VAIOT offers a portfolio of blockchain-based AI Assistants and on-chain Intelligent Contracts for businesses and consumers to provide automated services and transactions. VAIOT- AI and Blockchain for Legal Innovation.
Read our AI Legal Assistant Lightpaper here.
For more information about VAIOT, visit our website www.vaiot.ai, or join our Twitter , Telegram Community, Discord Server or Youtube Channel for continuous updates.
