Welcome to the Juris Project. We’re building a mediation and arbitration protocol for blockchain smart contracts. Start here if you want to know more about the project, and you can check out “Juris Protocol Use Case — 100k Twitter Bots” for a slightly more advanced scenario. Continue on for an example from our whitepaper of how it will work.
Ziggy plays guitar.
He’s an independent singer and songwriter who puts out music with his band The Spiders from Mars. He wants to sell his tunes, but he’s sick of dealing with iTunes and the streaming options. He only makes 30% of the purchase price there. He thought about selling his music direct, and taking payments through PayPal, but those transaction fees are pretty high as well. To compete he needs to offer his tracks at $.99, $1.50 max, and he’s losing $.30-.50 of that on each transaction. But Ziggy has been watching the evolution of blockchain tech, so he thinks he can do even better. He finds a service built on Ethereum called Ujo that helps him set up a store with Ethereum smart contracts. The contract sends an attached Mp3 file directly to anyone that sends in $1 worth of Ether. Easy, and he gets to keep way more of that dollar than he would have with any alternative.
Ziggy drops his first single using his new smart contract system. He teases the track on Twitter and his fans are excited. David, a huge fan, immediately sends in his ETH, and he gets the mp3 he expected. But when he listens, he finds out the file is nothing but static. This also happened to a thousand other fans. It seems the file Ziggy uploaded was corrupted on export or delivery. Luckily Ujo had incorporated the Juris CDK. The company hasn’t collected any money yet, as it’s in a Juris CDK created holding wallet for the contracted two days clearance before they pass it to Ziggy. On David’s receipt he has a button that says “Request Refund or Report Problem.” He hits it, and fills out the details on the problem with his Mp3 file.
The platform operators and Ziggy get a notification right away that the smart contract outcome has been flagged, and the contract (and funds) are frozen. On their Juris Dashboard they can see that 800 other flags have come in for this issue. Ziggy immediately checks the file and sees what happened, realizes this is an obvious screw up, and they’ll need to make good. Ziggy exported the wrong track in his recording session, and Ujo didn’t catch it.
Ziggy outputs the right track and lets the service know. They send the fixed Mp3 file to David and all of the other fans who have placed an order so far. David gets a ping that Ujo and Ziggy have marked the dispute as resolved. He agrees, so he marks the conflict as resolved via the Juris Dashboard as well. The funds are unlocked, and the contract is able to run. In two days Ziggy’s ETH is delivered. In that time, the service has fixed the smart contract for Ziggy’s track so this won’t happen to the next buyer. As buzz grows, 50,000 more tracks are sold in the next day, all smooth transactions. The CDK just saved Ziggy, Ujo, and thousands of fans a headache, if not worse.