Ever got something on eBay that wasn’t what you paid for but wasn’t worth filing a lawsuit over? Blockchain technology might be the answer to your problem.
New venture Jury.Online has set out an initial coin offering (ICO) to fund the development of smart contacts based dispute resolution solution.
The developers explain that users will make deals via the transparent, secure and convenient decentralized platform. Both parties in a deal define the contract and deposit their funds. The funds remain in the contract until a legal dispute arises.
Jurors are selected at random from a pool of experts and each one specializes in a specific field whether it be IT or graphic design. They vote and make a judgement and the funds will be paid to the winning side – as defined and deposited in advance. If there is no dispute, the previously deposited funds return to each party and neither will receive payment.
“In 5 years, I hope to make lawyers redundant – at least for small cases to start with. When you want to buy a product or service overseas, for example, you won’t have to consider the things that might go wrong during the process”, said Jury.Online founder, Alexander Shevtsov. “Our system makes legal confrontation much simpler and a lot easier when ensuring the success of a transaction.”
Jurors are paid with JOTs. Those interested in Jury.Online’s services can purchase JOTs during one of the company’s ICO stages. The event will occur in two stages – the presale which will take place on October 23rd until November 3rd 2017 and the token sale which will occur on November 13th until December 13th.
Users can purchase JOTs with cryptocurrencies like Ethereum or Bitcoin, as well as US Dollars. During the presale stage, 1 ETH will be equal to 300 JOTs while 1 ETH will be equal to 210 JOTs during the token sale stage.