Join us while we test the Jur Beta Platform to prepare the first sale of a vehicle on the blockchain ever using smart contracts!
It’s with immense proudness that we present the world with our preparations for having the first car sold on blockchain — thanks to Daniela and Stefan for joining us in this conference call!
Follow us while we explain to Daniela and Stefan how to use the JBP for switching the property of a custom Land Rover Defender, from Stefan to Daniela, for the total amount of 10,000 dollars in JUR tokens.
We have waited a long time for this moment, and we are thrilled to be taking part.
Luca, Jur’s CTO, is here now explaining what it means for us to proceed into doing such a test.
After all these months of trial and error to create a legal dApp, being able to finally see it in action makes you feel like something has really been done to improve the way contracts and justice are dealt with.
And here we go with our heroes:
Stefan, 32, from Tyrol — driven by his curiosity to study biology and life science, he loves to explore new frontiers — be it with his former Defender, with his motorcycle, or now exploring the legal boundaries with Jur.
Daniela, 30, is a self-employed graphic and web designer from Tyrol. Together with her four-legged companion she is looking forward to travelling the world in the Defender!
Now, we are on testnet. This is the first public test carried out on the JBP, and it is in preparation for the world record event which is about to happen very soon: selling the Defender on the mainnet blockchain!
After having inserted the general data needed to create a contract — your wallet, the other party’s wallet, here we arrive at the main screen:
The KPIs (Key Performance Indicators) are needed to be sure about the use of the contract and how to resolve it. In this testing phase, since Daniela is a UI designer, we decided to imagine that she has a contract to be signed with Jur, and we have put some basic criteria related to the task.
We then decided to pay out her efforts for her wireframe design with 10,000 JUR tokens.
As you can see, you can set the details of the contract duration, and then, once the contract is saved, you can send it to your counterparty.
In this case, we sent it to Daniela.
Daniela should now be having a ‘proposal of contract’ in her ‘Contracts’ section. The process could take a while, as the JBP communicates information to the blockchain, so don’t get too impatient and wait until the process is done. Refresh, if necessary.
On the mainnet, Daniela will be creating the contract and will be paying the amount in JUR to obtain the Defender from Stefan.
Both Daniela and Stefan are using the Brave browser. We encountered some minor bugs here: for example, the data from text inputs during the contract creation were not visible.
Things can go wrong during tests. And ours was no exception. That’s why Stefan and Ale started talking about Ale’s recent provocation about investing on a dApp unicorn:
You could go back in time and invest in Uber. Or you could invest in a dApp — that is going to become a unicorn too. Which one would it be more profitable for you?
Stefan would have invested in the dApp — because you invest in something you are a part of and this is more advantageous for everyone that is involved in the ecosystem.
This is exactly what is going on here: Stefan and Daniela are quite an example of what it means to be early adopters.
We are here now, connecting with Stefan and Daniela through our community, using the JBP together for the first time, and cheering about the future of dApps with our CEO Ale. A friendly moment that we would have loved to share with you all.
In 2016–17, Stefan started using blockchain by owning Ethereum, since he found that he could really own his own money for the first time to be an interesting idea.
In some ways, the Jur Beta Platform is performing the same result, but for contracts: Stefan and Daniela are creating the contract by themselves, no intermediary is needed here!
We had a problem with attachments. The Defender can be heavy indeed 🙂
We are talking about quite a car, aren’t we?
Resuming the flow: Daniela can now check the contract that has been sent by Luca.
She has a decision to make. One of them is to reject and the other is to accept, which she does.
She then confirms that she wants this contract to be executed, and then the agreement is written on the blockchain.
Once confirmed, it’s our turn as Jur, to pledge the contract, so we decide to finally put the sum of 10,000 JUR tokens in escrow.
Right now, the sum is in the ‘smart escrow’, that’s why Luca’s balance has 10,000 less JUR tokens, while Daniela hasn’t received any money yet.
Basically, we are in a perfectly valid contract, since the funds to be transferred have been locked between Jur and Daniela.
Both of the parties could now dispute the contract or close it.
Disputing a contract is useful. Maybe Jur is asking for a different thing than originally discussed, or maybe Daniela hasn’t respected the deadline.
The dispute process is a really interesting part of the Jur Beta Platform since it gives you the opportunity to actually enforce your contract. Thanks to a community of voters which decides the fair resolution of the contract, your contract will be put into action so that the sum in escrow will be regularly used according to the contract’s KPI and resolution proof (as seen above).
Every time that you write on the blockchain there is some gas fees involved that you need to bear by having VTHO in your wallet. For the future that could change thanks to VeChain’s fee delegation.
In our case, we are all satisfied and we resolved the contract.
That gives Daniela the option to withdraw the funds from the escrow. No one else can do it, not even Jur.
A fascinating note about the Defender: the modification is made as a pack, imported from South Africa, in order to be converted as a camper; the modification was done in Bavaria, and the space that is created inside the car to live in is huge. You can even stand upright in the Defender!