We make deals every day, be it a small business or a big one – but problems arise when there are disputes. If you’ve ever been in a legal dispute, you probably know how long things can take before you even step foot in a court. Alternate Dispute Resolution channels do take the load off the primary legal system, but given the bulk of pending cases and new litigation every day, these measures are clearly not enough.
This is where Jury.Online comes in as an ambitious, blockchain-based deal regulation and dispute resolution platform which aims to solve several problems with the existing system. Founded and mainly developed by Alexander Shevtsov, Jury.Online doesn’t just sound great, according to the details, it seems like the platform has a solid model that can really make a difference.
The legal system’s biggest problem
There are just too many hoops to jump through when it comes to litigation and dispute resolution as things stand currently. You have to start with preliminary consultations, hiring attorneys, filing claims, waiting for court dates and so on.
Even in small disputes, both parties often have to wait in long queues as cases are resolved and hearing dates are assigned. Reducing this time wastage is one of the foremost challenges faced by the legal system.
Jury.Online is built to cut down on most of the unnecessary steps and risks involved in the process of dispute resolution by employing blockchain technology, smart contracts and escrow.
Imagine if, as a counterparty in a deal, you did not have to worry about verification processes and the other party evading obligations. More importantly, how big a change would it be, if you could walk through the whole process without having to hire expensive lawyers and wait on court dates?
Jury.Online’s unique approach
Jury.Online is a blockchain-powered solution with two major features – smart contracts and escrow. Smart contracts, introduced by the Ethereum blockchain, are basically automatically triggered agreements which are stored on a decentralized network and cannot be changed after the fact.
This means, parties which use the Jury.Online platform for deals can easily transition to dispute resolution since the funds are already stored in a smart contract, which acts as the third party.
The smart contract protects the agreement, and settles it in favor of the winning party without any delays or risks. All of this happens independently and the whole process follows the smart contract to the letter.
The best part about all this is that parties save on what would otherwise be exorbitant fees and a lot of time.
How are decisions made?
When there are disputes, they need to be settled by independent parties, and that’s where Jury.Online involves jurors or judges.
All disputes are assigned to specific pools, which generally comprise of random jurors with particular expertise/areas of interest. This means if your dispute is related to real estate, it would be assigned to a pool which consists of jurors who have industry knowledge.
All selections are purely random and the parties still get a right to appeal a decision if they are not satisfied with it.
Since there are monetary rewards as well as a rating system, jurors are encouraged to work freely and independently.
Where do the tokens come in?
The platform uses JOT, or Jury.Online Tokens, which are going to be issued during the upcoming ICO. The tokens form the method of payment on the blockchain, and are used for dispute resolution payments, through which the platform also generates revenue.
The pre-ICO sale date for Jury.Online is set for October 23, 2017, and will run till November 3, 2017, after which the regular sale will continue from November 13, 2017 to December 13, 2017.
The maximum number of JOT to be distributed is 30 million and buyers can get JOT during the pre-sale at 30% discount – 300 JOT for 1 Ether.
In the regular sale, 1 Ether will get you 210 JOT at the start. You can also buy JOT with BTC and fiat, but the total tokens up for sale will only be 70%. Out of the remaining, 20% will go to the Jury.Online team (time blocked for a total of 16 months with periodic unlocks), 7% to the advisors and 3% will be kept as liquidity stock.
Jury.Online’s ICO isn’t far now and the amount of funding they will be able to raise should be a decent indicator of investor interest in innovative blockchain-powered solutions to common problems.