While 2017 was about awareness of blockchain technology, 2018 has been more focused on building usage of this technology. It has become pretty clear that blockchain technology can be used for more than just transacting, and newer projects are starting to focus more on smart contracts.
Smart Contracts for Dispute Resolution
Jur is developing a protocol for decentralized arbitration. JUR ICO provides the platform to create Smart Legal Agreements (a type of smart contract) that can be used to hold funds that will be released when the Agreement’s release conditions are met.
The release conditions will be locked in the blockchain and so can never be changed. This makes it impossible to tamper with the Smart Legal Agreement after it is created. On the other hand, typical contracts can be tampered with and then cause contract disputes to build into months- or even year-long legal cases.
Any contracts that deal with some sort of funding can be improved through escrows managed within smart contract terms.
– A reliable escrow can potentially be corrupted.
– A bank or fund that holds the escrow deposit can go insolvent.
– Escrow providers usually charge high fees.
Exploring the Benefits of the JUR ICO Protocol
There’s plenty of benefits to using blockchain technology when building contracts that involve funds. JUR is providing Smart Legal Agreements, which, like any smart contracts, can hold funds and the conditions will be recorded on the blockchain. The terms cannot be changed and are transparent, thereby making dispute resolution very easy.
Moreover, as the smart contract allows technology/code to hold the funds, there isn’t a need to hire an escrow manager. There won’t be any fees and there won’t be any risk of losing the funds.
Keeping it Decentralized
JUR’s not trying to be just another smart contract-based escrow provider. Instead, a major part of JUR’s development is to make dispute resolution completely decentralized once a problem on the Smart Legal Agreement surfaces.
The escrowed funds are not handed to a central entity, they are not secured by a central entity, and the release is not in the control of a central entity. The dispute resolution won’t be a centralized action either.
The Jur ICO smart contracts connect to a jury network comprised of JUR’s Oracles. The Oracles are people who have the right to vote on a conflict. The Oracles must stake tokens before making a vote on a dispute, and this means they will try to make the right decision as the oracles who voted for the wrong side of a dispute will lose the staked tokens.
The decision-making behind the resolutions of disputes on JUR’s Smart Legal Agreements would be easier than typical jury decisions because the Oracles can have complete credibility in the contract terms that are visible to them as blockchain-stored information cannot be changed. The oracles can analyze the Agreement terms and see to whom should the funds be rightfully released to. The person who gets a majority vote from the oracles wins the fund release; the Oracles who stand as the majority will get the staked tokens of the Oracles that had stood in favor of the losing side.
Our View of the JUR ICO
One of the main functions of ICO Dog has been to provide pools. We know first-hand that there’s a good bit of trust required in any pool, and we appreciate the confidence our community has in us.
We welcome any project that makes it possible to settle trustless and free OTC deals, and that’ll be one key usage of JUR.