Jur is like a legal system, connected and recognized by the statal one, which, rather than being governed by the political system, is instead governed by incentives and free market competition, creating a market for quality dispute resolution and enabling the best arbitrators to rise to the top. Not only this, it’s programmable, composable and can be iterated on quickly to ensure improvement. In blockchain speak, you are also creating a decentralized oracle for subjective disputes which could be useful for a huge range of applications. Imo this is one of the biggest ideas in blockchain industry.
Jose Macedo, Head of Advisory at Amazix
In the Jur Community & Court Layer tokens are used as a guarantee fund in order to prevent corruption in the judgment of a dispute. Community & Hub admins must stake JUR tokens in escrow in order to be allowed to accept disputes. This escrowed stake will be used as an anti-corruption fund. The consequence is that tokens will be locked for the duration of the existence of the judging Community or Court.
In the Open Justice Platform, when an arbitration award is finalized it is submitted to other arbitrators for peer review, arbitrators are required to stake JUR tokens that they will forfeit if their peer review does not correspond with the judgment of their colleagues.
The voting process in the Jur Open Layer and the Jur Community Layer is based on game theory and uses economic incentives to deliver a vote that is both quick and fair. Voters need to purchase JUR tokens in order to vote and can gain more tokens through successfully judging disputes.
JUR tokens are used for many features within Jur’s ecosystem. For example, a JUR token holder can access ready-made templates and start creating a smart legal contract in a fast and affordable way compared to traditional ways of drafting and finalizing contracts.
The staking requirements of the system are expected to lead to relatively slow circulation of JUR tokens. Tokens staked in the Hub and in the communities as anti corruption guarantee funds can remain blocked for months or years. In a similar way, votes in the Open and Community Layers are blocked until the judgment is finalized.
