Any economic health of a community is largely dependent upon its legal and bureaucratic system’s efficiency. If, during the course of an agreement, a dispute arises, relevant parties first seek out to discuss the matter. If no viable solution is found, they then turn toward their legal system. The steps are long and time consuming. A legal notice is served first, then it might get escalated to a case in the court. The cases may take weeks, sometimes even years to get resolved.
All of this means a lot of time and money is invested in the dispute. Hiring lawyers, cost of facing courts etc. etc.
JUR: Consensus Based Dispute Resolution
JUR is a decentralized platform dedicated to dispute resolution that uses game theory as its basis. The platform uses blockchain based smart contracts to provide immutable oracles that deliver fair and quick justice to close disputes at a near zero cost.
The platform consists of two layers of dispute resolution, each designed with specific dispute environments in mind:
On chain Layer
This is a flexible decentralized dispute resolution layer that can be used by thousands of different types of agreements and disputes online. It consists of three type of smart contracts:
- Arbitration Contract: A simple contract, where Oracles (the arbitrators) vote on either of the two options proposed by the involved parties. The decision reached by the Oracles is communicated to the parties externally. Disputes are opened by the parties through staking tokens. Tokens of party, whose proposition is accepted, are returned when the decision is given, while the tokens from the party that loses the case are distributed among the Oracles.
- Arbitration And Escrow Contract: Very much like the Arbitration Contract, this contract contains an element of Escrow. Concerned parties actually set up a smart contract for an agreement and the buyer party puts its money in an escrow environment within the contract. This can be in either the native JUR tokens or specific stable coins to avoid fluctuating values. In case a dispute occurs, Oracles vote on it and the resolution chosen by the Oracles is implemented on the escrowed amount.
- Hubs: For contract agreements that are complicated or require specific knowledge to understand, users can restrict voting of Oracles to a selected group. Hubs are contract independent and any party contract in dispute status can select a hub. There is no extra cost to the disputed parties if using a hub to settle a disagreement. Hubs, however, can offer pre made or custom contracts specific to their industry or skills for parties, to earn revenue.
Off Chain Layer
The JUR platform also allows contracts to be made off chain and executed when and as required. This also means a contract template can be made, which can be fine-tuned to each agreement before execution:
- Smart Legal Agreement Injector: This allows users to enter agreements through uploading a generic contract, buy a template from the marketplace or even build a new one using JUR’s Smart Legal Contract Builder tool. Once chosen and signed by the parties, the contract can be uploaded to the JUR blockchain.
- Smart Legal Agreement Builder: Using automated “wizards”, users can build new contracts. A whole range of contracts can be made for specific industries and/or type of deals. Contract creators can also sell template of these contracts and earn revenue through the JUR marketplace. Each contract template can be rated and commented by oracles or hubs, giving the templates a grading system, allowing parties to be assured that the template they are selecting is in line with their requirements.
- Smart Legal Agreement Marketplace: the JUR marketplace is a congregation of contract buyers and seller. Sellers can offer their Smart Legal Templates and buyers can browse through the offered SLTs and select ones specific to their industry and need.
Using blockchain and its associated Smart Contract technology, JUR creates and environment where individuals and parties can set up contracts that are legally compliant, and yet do not go through any of the clutter and cumbersome processes the current system is plagued by. The disputes raised through the platform are addressed with swiftness. Since the disagreements are looked over by Oracles, people who have staked a lot of money, the decision is done through a voting mechanism that guarantees fairness.
The JUR platform is powered by their native ERC20 standard JUR token. With a total supply of 1 billion, the upcoming ICO will see 400 million tokens up for investors. The company has already achieved private investments that have funded it to start its work and development of its MVP. The MVP is expected to be released around the time of the final ICO.
Interested parties can visit the platform and register on the whitelist for early access to the ICO. Potential investors are advised to make their own financial decisions and account for risks before investing in any venture.