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When you update the state of a Mattereum smart contract, the real-world legal system can see, recognize, and use that change. This is achieved by using natural language contracts which specifically delegate legal authority to two external systems: the smart contract on the blockchain, and an arbitration-based dispute for handling any differences that might arise between the parties. Arbitration decisions are given full legal weight under the natural language contracts, thereby folding smart contract edge cases into established off-chain legally binding dispute resolution. This mechanism is known as a Ricardian contract, and was invented by Ian Grigg, one of the authors of this paper. Mattereum will produce a set of affordable natural language contracts and corresponding smart contracts to facilitate common legal tasks like buying, auctioning and renting physical property, licensing and assigning intellectual property, and contracting for professional services.
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An outstanding team led by a remarkable CEO who participated in the creation of Ethereum. The idea is very usefull and may be too ambitious: to connect smartcontracts with real-world contracts, make them readable by professional lawyers and enforceable by courts The concept of legally enforceable smart contracts will play a significant role in the mass adoption of the cryptocurrencies and blockchain technology.
There is a working demo and announced partnerships with big names in the blockchain space. As for now, there is no info about the token sale and it might be the project for funds and big names only.
