Jur News: JUR Token
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The Jur White Paper 3 is the clearest definition of the problem of remote courts and how we intend to solve it. Read the 18-page document, or follow along to know all about the key points to a greater access to justice via a faster online dispute resolution. Download Jur’s new White paper v3 This article is a brief overview of Jur’s new white paper highlighting the developments of the Open Justice Platform, the world’s first multi-jurisdiction ODR and how these unprecedented times showed the need for a better legal solution now more than ever. The Pandemic: Magnifying the Justice Problem COVID-19 has forever changed the way the world works, and it has been a wake-up call for many industries to rethink how they operationalise. The legal sector is no exemption. Courts in many countries were closed, and alternative solutions such as ADRs and arbitral institutions were caught unprepared for remote operation. The pandemic exacerbated the already existing problem of access to justice and highlighted the need for a better solution — a solution Jur is building and excited to release soon this Q1 2021, the Open Justice Platform. Access to Justice: The Main Justice Problem Access to justice has been a long-standing issue in many sectors, including civil and commercial disputes. This table illustrates the existing solutions and the challenges they face: As shown in the table, courts are too slow and expensive in addressing them, and although solutions such as arbitration institutions and ADRs do exist, they still falter in many areas. This is why Jur is building a solution that would address these challenges in the form of the Open Justice Platform. Open Justice Platform: Solution to the Justice Problem The Open Justice Platform (OJP) is Jur’s online dispute resolution platform meant to answer the problem of access to justice. It is an online arbitration platform which has digitised and decentralised the key features of major arbitral institutions using blockchain technology. This enables the OJP to enhance security, create auditable guaranteed neutrality, and combat bias by doing the following: Utilising the Convention on the Recognition and Enforcement of Foreign Arbitral Awards 1958, also known as the New York Convention.Operationalising the UNCITRAL Model Law to facilitate the New York Convention’s application.Defining the Online Justice Standard with leading legal professionals around the world.Designing the rules of digital courts (Hubs) and creating customised versions of them to fit the jurisdiction. This is a simplified explanation of how the OJP works. However, this illustrates the mechanism of how it will perfectly address the issues currently faced by the system. With the OJP, small to medium sized disputes with values of up to USD 1 million can be solved quickly and at a fraction of the cost because of the digital aspect of the platform. And unlike existing ODRs, Jur’s Open Justice Platform aims to be available worldwide which means it has more flexible use cases that could help SMEs and professionals. The OJP is set to be released soon and we’re excited to lead the way to shaping the future of legal technology through effective, enforceable, and globally-recognised online dispute resolution. Road to Decentralisation: Steps to Solve the Justice Problem Innovation is often met with resistance, which is why Jur intends to take a progressive approach to ensure effective adoption. This is what we call the Road to Decentralisation. Jur will be parallely and separately developing the main platform and the dApp with decentralised features. With this approach, Jur will be able to quickly develop the platform as it progresses, collect validation better to build better products, and ensure legal compliance. To learn more about the Road to Decentralisation, you may read about it here. On that note, we are excited to share that Jur is focusing on releasing the first private beta version of the Open Justice Platform by Q1 2021. This will allow a thorough testing phase with all interested stakeholders. In Q4 2021, the product will be released publicly for anyone to access or interact with. In Q1 2022, Jur intends to build the dApp that will allow the management of some decentralised aspects of Open Justice Platform. A more detailed roadmap will be illustrated in a dedicated appendix and communicated through Jur’s official channels. Stay tuned for the release of the technical appendixes and for all the updates. Download Jur’s new White paper v3 We are developing the first multi-jurisdiction online dispute resolution platform, the Open Justice Platform. Learn more.
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Jur completed the public phase of their funding with the conclusion of their IEO on OceanEx GO! Zug, August 29th 2019 After the debut, here it comes the grand opening. As the first project selected by OceanEx to launch their platform, Jur understood the importance of developing a token model with both utility and a focus on long-term sustainability. Participation numbers vastly exceeded the target hard cap, as the community completed the 100 million JUR token target using only 25 minutes from the 4 hours allotted. The 28th of August saw a number of firsts: The first Initial Exchange Offering (IEO) by the OceanEx GO! Platform, the first distribution of the JUR token, and the first Legal Tech decentralized application to be launched on the market through an IEO. This represents an incredible opportunity to drive innovation in the legal sector and bring new attention to Jur’s core product offerings. Users were able to subscribe to the IEO using either VET or OCE, with 80 million JUR allocated for the VET subscription and 20 million reserved for OCE holders. With the price set at 0.02 USD per JUR token, the $2 million subscription cap was quickly filled. Over the four hour period, the token demand exceeded the IEO hard cap by more than 5 times, with the VET Special pool finishing at 400% and the OCE special pool closing at 942%. In total, the collective amount of the subscribed funds was valued at over $10 million USD. https://oceanex.pro/en/go/jur Jur’s CEO Alessandro Palombo was enthusiastic about the success of the IEO. He stressed the importance of this being the first of many big milestones. We arrived here on different boats, from different walks of life. Everyone with their own ideas, attitudes, and preferences. Now we are on the same boat and there will be one main priority: to build value that can enact positive changes. Welcome Jurers, let’s make it together!Alessandro Palombo, CEO of Jur The JUR token will be needed for the use of the Jur Beta Platform, a disruptive blockchain-powered smart legal contract editor and dispute resolution system. The Jur Editor allows users to create and customize legal contracts that are automated using the JUR token. The Open Layer is a revolutionary approach to dispute resolution that relies on a decentralized crowd-based model to solve disputes with time and expenses reduced to a minimum. The Jur Editor is part of the Jur Beta Platform. With initial token distribution now complete, Jur can focus on delivering products that promise to disrupt the traditional legal justice model. The Jur Beta Platform was designed to encourage the active participation of its global community, making it one of the first working examples of the blockchain successfully integrating into traditional business processes. The JUR token has been traded on OceanEx since September 4th. More information about the JUR token distribution here. Jump in the conversation: