Jury.online promises to be the future of dispute resolution. Find out how it works today in our review.
What Is Jury.Online?
Jury.online is a dispute resolution platform built on blockchain technology. The company’s pre-ICO starts in late October, with a general crowdsale taking place throughout November for JOT tokens.
Like other dispute resolution platforms, Jury.online is built with a simple goal in mind: it helps two disagreeing parties reach an agreement that’s acceptable to both sides.
To do that, Jury.online uses smart contract technology and a panel of independent jurors. Those jurors participate in the dispute resolution process, make a decision regarding the dispute, and that decision is recorded on the blockchain. The outcome is executed by the smart contract.
How Does Jury.Online Work?
Jury.online uses smart contract to create a better dispute resolution system. The Jury.online smart contract is blockchain agnostic. The system is based on an open source protocol that can integrate with any blockchain’s smart contracts.
With Jury.online, parties agree on the terms of the deal. Then, that deal is placed into the blockchain in the form of a smart contract. That smart contract stores the money as cryptocurrency.
After the deal is successfully executed, the money is transferred to the recipient. If the parties have a dispute, their deal is revised by a panel of field expert jurors who make the final decision by a majority vote.
Jurors never know the verdicts of other jurors – so there’s no risk of them siding with a perceived majority. Economic and rating motivation systems force judges to investigate and resolve disputes fairly and correctly instead of just randomly passing verdicts to quickly earn tokens.
Jurors can also set a price for which they are ready to work. Counterparties know in advance how much a potential dispute would cost, then can accurately estimate their risks based on those costs.
Counterparties can also pick out jurors that specialize in the specific field relevant to the deal.
Instead of being a standalone platform, Jury.online aims to integrate with major marketplaces online, including online stores and freelance platforms. Jury.online will integrate with these platforms to provide better dispute resolution.
Uses For Jury.Online
Some of the potential uses for Jury.online include all of the following:
- Escrow: Money is stored on a smart contract balance, with users having complete control of the transfer.
- Customer Protection: Protected collateral in cryptocurrency ensures customers have unforgeable security.
- Milestone Payments: Jury.online allows for the creation of complex deals where payments are broken into several instalments – say, for different stages of the project.
- Dispute Resolution: Jurors have expertise in different fields so they can find out who is right and who is wrong.
- International Business: Make deals worldwide in a secure way.
Jury.online emphasizes all of the following features:
Jury.online is an open source protocol that can be implemented into any blockchain with smart contract. The protocol works independently of any underlying blockchain technology.
Fair Trial And Anti-Corruption System:
Jury.online incorporates a range of anti-corruption systems. Jurors never know the verdict of other jurors – so they won’t be influenced by the decisions of others. Jurors also have a reputation system and economic incentives, which means they’re encouraged to investigate disputes fairly and correctly instead of randomly passing verdicts.
Jury.online creates a marketplace for jurors. Jurors can set their price and connect with people who need dispute resolution specialists.
Jury.online is based on a decentralized and secure operation built on blockchain technology.
Counterparties can pick jurors out of a pool that specializes in the specific field relevant to the deal.
Jury.online offers easy connections with third parties, including online stores and freelance platforms.
The Jury.Online Crowdsale
The pre-ICO for JOT tokens begins on October 23 at 14:00 UTC, and lasts until November 3, 2017. A crowdsale will take place soon afterwards.
During the pre-ICO, you can purchase JOT tokens at a 30% discount (1 ETH = 300 JOT). There’s a minimum purchase amount during the crowdsale of 500 JOT.
There’s a total maximum supply of 30 million JOT tokens, with 20% of all tokens (4.2 million JOT) available during the pre-sale.
A total supply of 21 million JOT is available to the public, with 9 million JOT reserved for the creators of Jury.online.20% goes to the Jury.online online team, and will be blocked for 6 months. After that lockup period, 10% of the total amount blocked will be unblocked every month. An additional 7% will go to advisors and bounty programs and 3% as a stock of liquidity.
Who’s Behind Jury.Online?
Jury.online is led by founder and main developer Alexander Shevtsov and CTO Konstantin Kudriavtsev.
The idea for Jury.online first emerged in June 2017. By January, they aim to release their technical whitepaper, with a web version of Jury.online scheduled for release in March. In April and May, they plan to release the Android and iOS apps. By the end of 2018, they hope to integrate the platform with third party services.
What Problems Does Jury.Online Seek To Solve?
Jury.online seeks to solve a number of problems with the modern litigation and dispute resolution industry, including:
Professional legal services are expensive, and preliminary consultations can cost hundreds of dollars, while lawyer’s fees for civil suits can cost thousands.
It can take several court sessions at intervals of 1 to 2 months to solve a case.
Lengthy Judgement Execution:
Even if a judgement is delivered, it can take time to execute that judgment and have it carried out by third parties. During this time, the losing party could abscond or declare bankruptcy, or fail to fulfill its obligations in other ways.
High Entry Requirements:
Only big cases are heard in courts, and most people aren’t willing to start serious litigation over small issues – like poor customer service or inadequate delivery of a product or service.
Jurisdictions, bias, political engagements, complexity, and lack of choice are also identified as problems with modern dispute resolution. Overall, Jury.online aims to solve these problems by democratizing dispute resolution.
Jury.online aims to democratize the world of dispute resolution by introducing a blockchain-based dispute resolution platform. That platform makes it easy for anyone to enter into a smart contract-based agreement with another party. If the business transaction is completed successfully, then Jury.online’s dispute resolution mechanism never comes into play. If there’s a disagreement between the two parties, however, then a selection of jurors will move into action. Those jurors will determine the outcome of the dispute.
To learn more about Jury.online, visit the platform today. The ICO is underway throughout October, November, and December.