A general understanding of the benefit of Blockchain technology, and to a bigger extent, smart contracts, will lead one to see similarities between the business world and the relationships within them, as well as contract disputes.
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When it comes to making business contract, and a dispute arises, that dispute is usually because of unfulfilled promises and the interpretation of such. This can lead to big issues where arbitration, mediation, and even litigation can be brought in leading to an expensive and time consuming process.
But there is more fairness that Jury.Online is trying to enforce, and this time on a level it is familiar with, taking aim at ICOs, and holding them accountable.
Bringing responsibility to the ICO marketplace
One of the interesting strings to Jury.Online’s bow is what it can bring to making ICOs responsible for their projects, and the funding they receive from investors.
Currently, other than a nice looking white paper, and a few vague points of reference on a road map along with unknown faces on the team page, there is not much accountability for ICOs.
Jury.Online is challenging this scam-worthy way of doing things by implementing a multi step smart-contracts protocol with escrow function and arbitration option into every upcoming ICO.
Essentially, with the use of their protocol, an ICO can reach milestones that are set on the Blockchain which are essentially smart contracts.
Each time a milestone is passed the team places the outcome in the Blockchain providing investors with clear evidence that a result was reached and “a promise has been kept” otherwise no further funding will be released to the project.
Jury.Online’s responsible ICO manifesto comes at a perfect time as recent guidance set out by the New York State Department of Financial Services. The department is looking to crack down on market manipulation and other wrongful activity, and this has been addressed to all virtual currency business entities.
Jury.Online’s aim is to bridge this divide of trust between investors and ICOs and as such they could play a major role in the advancing a secure and trustworthy cryptocurrency and Blockchain space going forward.
Holding your end up
The beauty of the Blockchain, and the smart contracts that can be utilized along the Ethereum network, is that when ends are met that are pre determined, the outcome is assured and unchangeable.
The Blockchain ensures that once a threshold has been met, the outcome will be reached. In relation to a business contract, the decision can be reached and agreed upon, and then the contract can be executed and met without the need of interference from a third party to verify.
With Jury.Online, parties agree on the terms of a deal, deposit their funds into an escrow account, and then fulfill their end of the deal. This completes the smart contract and the deal is done.
However, if a dispute is forthcoming, Jury.Online has a solution for that too.
Jury.Online, aside from its deal making capabilities, also allows for disputes to be settled by a panel of anonymous jurors who investigate the claims and make speedily resolutions.
This form of arbitration has many benefits over the usual form as it is conducted by anonymous, multiple parties, whose impartiality is ensured by a rating system which incentivises correct and fair decision making.
Jury.Online’s own ICO begin on February 12 with the pre ICO already underway.
Just like the justice system calls for accountability, so Jury.Online is looking to do the same thing with its protocol. From dealmakers to ICOs, the Jury.Online protocol could lead to a lot more accountability, and a lot less grey areas.