Jur recently announced they’d be one of the latest projects to launch a token on the VeChain network. Up till now, however, the VeChain community hasn’t had much information about the project. Here’s a quick summary for those who are interested in learning more.
1. Jur is a blockchain-based legal solution、
It offers dispute resolution for people dealing with contract or other legal issues. There are multiple layers, starting with an Open Layer, designed to solve small disputes under $500. Two parties in a dispute can upload their proposals for a resolution. After they agree, the funds necessary to settle the dispute (in JUR tokens) will be uploaded to a smart contract while they await the result of a public vote.
Other JUR token holders will be able to vote (using tokens) on the proposal they believe to be the most fair. The voters’ JUR tokens will also be held in a smart contract to be distributed after the voting is complete (By default, it’s 24 hours). The users who voted for the more popular side are rewarded with a portion of the losing-sides’ tokens. This risk/reward incentivizes the community to vote fairly, honestly, and as often as they can. Since anyone can use the voting mechanism to potentially increase their assets, there is a good chance the service will be popular. On the other hand, voting in favor of a losing proposal will result in lost tokens, encouraging people to take the act of voting seriously and ethically. The whitepaper has the details of many other algorithms used by Jur to discourage cheating and ensure fairness.
2. Jur is also building solutions for more serious disputes、
In addition to the Open Layer, Jur is working on a Community Layer and a Court Layer. The aim of these is to provide a legal ruling using non-anonymous voting. With the Court Layer, legal professionals will be able to create digital identities, allowing them to take on more serious disputes. Since all disputes are handled on chain, the reputation of these participants will be at stake, as an added incentive to take part in an ethical and professional manner. More details of these layers are available in the whitepaper.
3. Jur is building a platform for Smart Legal Contracts、
They will offer a drag and drop contract editor to allow companies and users to build their own contracts from scratch. This will also allow developers to upload their own templates to the marketplace, so that users can quickly browse, purchase, or customize existing contracts. Jur’s aim is to make smart legal contracts accessible to the public, for everyone to use.
4. Jur has a well-qualified team、
Jur is not made up of some amateur developers. CEO Alessandro Polambro has quite a background:
Alessandro is an expert in legal technology and in 2013 he became the youngest lawyer permitted to practice in Italy. Alessandro has a Ph.D. in Administrative Law and a Master’s Degree in Global Regulation of Markets. He is an Advisor of the European Observatory on Legal Technologies and a Member of the Scientific Committee of San Marino Innovation.
Jur.io website
Likewise, he has built a large core team and surrounded them with advisors and a scientific committee made up of some of the top legal, technical, and institutional professionals in the world. According to Jur, they will be announcing more details about their team and partners in the upcoming weeks.
5. They have a real product – not just hyped up vaporware
Since this project originated on Ethereum, the Open Layer’s platform and smart contracts have already been written. Jur expects to launch the platform and token around the same time. This should be before the end of summer, once the frontend is fully migrated over to VeChain. To learn more on why Jur migrated to VeChain, be sure to read this article entitled “Behind the scenes of VeChain’s partnership with Jur” on their Medium.
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