We have created Jur to solve the problem of lack of trust. We envision a new economic era of frictionless global cooperation brought about by fearless trust in business relationships. When businesses and individuals can easily make and enforce clear agreements among counterparties anywhere in the world with almost no cost, no one need hesitate to forge a new relationship. Jur will create this powerful and liberating trust among strangers by providing a voting system to ensure swift, fair, near-zero-cost, corruption-proof justice in enforcing business agreements. Anyone can purchase JUR tokens and participate in the quest for justice, earning rewards by ruling fairly on disputes. Read on to find out how it works.
Jur’s Base Layer Is Open To All Voters
Jur’s base layer allows anyone who owns JUR tokens to use them to vote to resolve disputes on the Jur system. We call JUR owners who choose to vote “Oracles.” How can we be confident that Jur will deliver fair dispute resolution if there is no screening process for Oracles? Economic incentives will motivate qualified Oracles to self-select and vote for the proposal that they sincerely believe the community will recognize as the fairest.
Jur Provides Incentives For Qualified Voters To Self-Select & Unqualified Voters To Abstain
The basic principle is quite simple. In order to vote, you must commit tokens as a form of ‘surety bond’ to guarantee your good faith effort to choose the fairest of the two resolutions proposed by the parties to a dispute. If you fail to choose the side that the majority agrees is most fair, you forfeit your tokens as a penalty for voting incorrectly. Clearly, this provides an incentive to avoid voting against the majority and suffering a loss. Given this risk, why should anyone bother to vote?
Oracles who correctly choose the majority position and vote soon enough that their vote is needed to create or maintain the majority will be rewarded for their effort and judgment with the tokens that are forfeited by the oracles who have voted for the minority position.
For example, if the final vote is 200 tokens for Proposition A and 100 tokens for Proposition B, the owners of the first 100.1 tokens voted for Proposition A will be rewarded by matching their tokens with the 100 tokens voted for Proposition B at very close to a 1 to 1 ratio. Every token that was voted for the majority position will be returned to its owner. Owners of the first 100.1 tokens will receive an additional reward of 0.999 tokens for each token that they voted until the majority was established with finality.
Oracles Can Nearly Double Their Tokens By Voting Correctly
The potential of nearly doubling their number tokens by earning reward tokens will motivate Oracles to risk tokens by voting, but only when they believe they can confidently choose the majority position. If an Oracle is not confident that they can predict the majority, they are not more likely to gain tokens than to lose them, thus it would be irrational to vote.
Some voters will fail to correctly assess their abilities. Losses will motivate them to make a more accurate assessment, and be more cautious in choosing when to vote. Other voters could perhaps be completely irrational and continue to risk tokens despite their efforts resulting in an overall loss. We believe very strongly that such voters will be far less than a majority. Voters who are unlikely to choose correctly and voters who are generally likely to choose correctly but err in judgment on a particular case are not a threat to the system at all. By forfeiting their tokens, voters who choose the proposition favored by the minority help motivate other wiser Oracles to participate.
Jur Platform Will Provide A List of Open Disputes
Oracles can use the Jur platform app to see a list of open disputes. The platform will show the original contract, the two resolutions proposed to the two parties to the contract, and the evidence and justification that each has submitted for their proposed resolution. The platform will also show the time remaining before voting ends and the record of votes received so far. The platform will continually update this information.
First Use Cases For Jur
While anyone can create any contract they wish on Jur, we expect that most of our early adopters will be users that have some affinity for cryptocurrency and blockchain projects. For instance, Scidex is a new platform that uses the power of Blockchain to create contracts for transmission of scientific data and execute the contracts. Their contracts are legally enforceable, but Scidex leadership recognizes Jur is a better first option, so users can incorporate Jur into their contracts and turn to the Jur Oracles for resolution if there is a disagreement.
Users can easily guarantee OTC transactions of cryptocurrency with Jur contracts and escrow and refer any disputes that might arise to the Jur Oracles for swift, zero-cost resolution. The volume of OTC transaction is as high as three billion dollars a month. Companies and investors can record contracts for pre-ICO investments on Jur and use the dispute resolution system if it is needed. ICO project managers and service vendors are likely to be the first subgroup of a broader users base for Jur. Any type of freelance or contract digital marketing providers and buyers can benefit from using Jur, but ICO managers are the most likely buyers to recognize the benefits before others follow.
The Future of Jur
Jur is built to grow. The system makes it easy for users to create increasingly complex contracts and contract creation templates, expanding click-and-go contract coverage to more and more industries and use cases. The Jur Foundation plans to introduced linked contracts in the future to make it easier to represent more complex deals. Jur also offers users the ability to create Communities (formerly called “Hubs”) where they can set special rules and requirements for voting. Jur thus creates the foundation for a complex ecosystem that can grow wherever the creativity of the user community takes it, eventually covering all sectors and use cases.
More Details of the Voting System
The Jur Team has carefully considered potential vulnerabilities of the voting system and identified scenarios where unethical actors could attempt to create unfair outcomes. Jur voting has a few special rules that prevent problems like whale attacks and last-minute attacks. We will discuss additional details of the special anti-corruption rules and our game theory in next week’s article: Jur Voting System 101 Part IIl.
Imagine the Potential! Be A Part of the Blockchain Legal Revolution.
Imagine how much the world would gain if everyone could trust strangers. Jur can bring trust to global economic relationships by offering a free, fair, fast, decentralized replacement for current centralized legal dispute resolution systems. Jur is looking for forward-thinking users, voters, and creative legal & technology experts who want to be change agents and usher in a new era of fairness in economic relationships.
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