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November 2 2017

ICO Alert Report: Jury.Online

ICO Alert Report: Jury.Online

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What is Jury.Online?

Our project is aimed at protecting the interests of all parties involved in any deals, as well as solving the problem of independent arbitration and dispute resolution. Quite often, due to various reasons, counterparties of a deal give up on defending their interests, when confronted with a violation of their rights, and go as far as to open a dispute. The main reason is the costs that the initiator of such proceedings will bear: legal fees and time-consuming proceedings.
Here’s a simple example: you are a designer and you are hired for a small job, which will take you two days to complete, and the client is ready to pay $200 for it. You have discussed the details of the deal by phone or email and completed the job in time. The counterparty was dissatisfied with the result and refused to pay for it, or paid only a small amount. It’s hard to imagine that you will immediately hire a lawyer and initiate a legal procedure just to get back your $200.
When making a deal on the Jury.Online platform you establish the terms of the deal in a contract, which will protect both your interests’ and of your counterparty. Let’s get back to the example with the designer — in the Jury.Online smart contract, the parties state the terms of the deal (detailed information on the work to be done and the conditions for its assessment). At the same time, the counterparty deposits his funds in the smart contract, thus expressing his intentions to pay for the service. If a misunderstanding between counterparties occurs (regardless of the initiator) independent arbitrators may be brought in to resolve the existing dispute. They will thoroughly go over the terms of the deal and examine the end-result. The most important condition is that the parties should clearly specify the parameters of the deal, because this will be the basis for assessing the compliance of the work performed with the order by independent arbitrators.
— Jury.Online Team


ICO Alert: How does the Jury.Online token (JOT) function within the platform and why is it needed?

Jury.Online: First of all, JOTs are needed to pay for the services of arbitrators on the platform. At the conclusion of a smart contract, there are two monetary components: the first is ETH, which is the amount of the deal, and the second is JOT, which are used to pay for dispute resolution services. The amount in ETH that is the subject of the deal is not related to the Jury.Online protocol and is not used in any way as a means of payment.
Jury.Online tokens will be traded on exchanges, but if you do not plan to use the platform for resolving disputes, then you do not need to have JOTs on your account, but you can simply use the Jury.Online platform as a convenient service for creating smart contracts.
In addition, listing JOT on major exchanges provides interesting investment opportunities. The Jury.Online project is aimed at long-term development and in the future plans to extend its activities to the real sector to integrate the protocol into any trade relations of any types of counterparties. But it doesn’t rule out that JOTs can become the main payment unit of the platform in the future.

ICO Alert: How does the smart contract process function and why is it important when it comes to decisions between two parties? What makes it better than the traditional dispute resolution system?

Jury.Online: The parties conduct a smart contract that is recorded in the blockchain, which automatically implies the invariance of the specified terms of the contract and compliance with the rules of execution of deals, as all these conditions are registered by all members of the blockchain. In case of a possible dispute, we guarantee independent arbitration in the shortest possible time. This saves time both on the proceedings and on “passing a verdict.”
The parameters of the smart contract do not allow it to conclude if one of the parties initiated the proceedings, respectively, the contractor will not be able to receive money for poorly performed work. In addition, our platform may affect the fulfilment of the terms of the smart contract by the customer, if his claims for the quality of the services rendered are considered unreasonable.
The selection of arbiters from pools is random and completely anonymous. The parties of the deal do not see their contact information, only information of their rating and qualification in relation to the subject of the deal is available to them. The arbiters receive the evidence base of the parties, and after studying the materials, they decide on the dispute independently of the other arbiters from the pool for this deal. It is important to note that each of the arbiters sets the price for the provision of deal review services, so the parties can calculate the cost of the proceedings already at the stage of conducting the smart contract.
That being said, the rating system of arbiters doesn’t allow setting a random price for their services due to the application of the market-based mechanisms of supply and demand: the services of an arbiter with a low rating won’t be be in high demand if his service cost is higher than those arbiters with the same rating and qualifications. We have created a unique rating system, which we will disclose further down the line after the platform launch, when we have gathered enough data on arbiter activities.
The winning party in the dispute is determined by the total counting of votes of the arbitrators. The arbiters who voted in the majority receive a rating upgrade and JOTs that were previously mentioned as payment for their services. The rating of the arbiters who voted in the minority is lowered and, accordingly, they do not earn JOTs. Thus, the Jury.Online platform encourages arbiters to make informed and reasoned decisions.
The platform also provides for the possibility of filing several appeals in case of disagreement of one of the parties with the verdict. If so, the case is transferred to another jury pool with a higher rating. The case can be considered in three stages until making two positive conclusions in favour of one of the parties. Each such appeal will cost additional JOTs for the party initiating the appeal.
The main idea of Jury.Online is that cryptocurrency is deposited in a smart contract, and not on anyone’s account. The transfer of smart contracts to the blockchain is carried out according to a predetermined algorithm excluding any external impact.

ICO Alert: Does Jury.Online plan to market to strictly the cryptocurrency community or expand to the mainstream? If the mainstream, what is the strategy behind explaining and on-boarding users to the smart contract platform?

Jury.Online: We plan to expand our service not only in the blockchain community, but also in the real sector, especially where it is legislatively allowed to use cryptocurrency as a means of payment, for example, in Japan. By attracting small businesses to the implementation of such deals, we can bring new opportunities to protect the rights of both consumers and sellers or customers. Our task is to demonstrate, with the example of blockchain community, that it is possible to defend one’s rights not only in an endless series of litigations, but also with the help of simple solutions, such as our platform.

ICO Alert: What are the Selector, Rater, Counterparty, and Judge positions within the network? Are users able to become any of them, and if so, what is the incentive to become one?

Jury.Online: Selector and Rater are automatic procedures of the Jury.Online protocol that relate to the selection of arbitrators from the existing pools and assigning them a rating based on a complex formula that includes such parameters as the time for making the decision, time to review the case, total number of cases reviewed, and “winning” decisions. Any user of the network can become a party to the deal or an arbitrator. In order to become a party to the deal, you only need to register on the platform and set up a smart contract in the deal configuration tool. The smart contract will be published in the blockchain and will be available for viewing to the entire community. There are two possible ways to become an arbitrator: submit an application without filing the arbitration form (a minimum rating is assigned and the arbitrator is not allowed to resolve disputes that require expert evaluation and/or reach certain amounts) and with filing the arbitration form for verification and assignment of an increased rating, which will allow a person to become part of a specialized jury pool. Verification is carried out manually by reviewing the data by Jury.Online team and project consultants. Arbiters will be asked to deposit JOTs for the verification procedure. The formation of jury pools is planned for the first half of 2018 to the official launch of the project.
The Jury.Online platform will not charge a commission on JOTs required to resolve the dispute in the platform for the first 1,000 disputes. For the next 9,000 disputes, Jury.Online platform will charge a 10% commission on JOTs. All subsequent disputes will have a 20% commission on JOTs, but it can be reduced for the period of various promotions.

ICO Alert: Is there an immediate mainstream use case or problem that Jury.Online is aiming to fill?

Jury.Online: We understand that the blockchain is built on trust, but, as they say, “trust, but verify!” That’s why we want to build a platform on which each user can be sure: that the deal made in the blockchain has additional performance guarantees; that the work that must be done will be done qualitatively and on time. There is no need to go far for examples, as it may be about ordering a logo or a video, chairs in an office or a laptop, but you can not be completely sure of the result if you deal with a new, unfamiliar counterparty — these are the cases when our platform comes in.
Let’s look at a specific case:
One party is a company that needs to design a logo or write content according to certain terms of reference. The company is quite well known and pays well, thus expects thigh-quality work. The counterparty is an artist without many references who has not used the Jury.Online service before. The party decides to hire the counterparty, but needs guarantees that the job will be done on time. In this case, the first party is the one interested in a potential dispute, as it may not like the result. The chance of a dispute initiated by the counterparty is small, since the money is kept on a smart contract and the party has no control over it. The party creates a deal on Jury.Online, with money for the work deposited to the deal balance. When creating the deal, the party specifies that in case of a dispute, the counterparty covers 80% of litigation expenses, making payment in advance. This ensures that the first party will bear no losses if the counterparty does not do the job. The party itself pays 20%, guaranteeing to the counterparty that the party will not dispute the deal regardless of its result. This ratio (80% to 20%) is not mandatory and may vary. Moreover, the counterparty can make an additional deposit as an immediate guarantee of a high-quality result. In this case, the party may pay for dispute proceedings.

ICO Alert: Does Jury.Online have any competition in the dispute resolution space? If so, what makes Jury.Online better and what are its advantages?

Jury.Online: We are in constant contact with a large number of lawyers from different countries, and it is worth noting, from different areas of law. Jury.Online does not attempt to replace the legal system or the current legislation. Finally, both parties always have the opportunity to make use of traditional legal instruments. We focus not only on the opinion of lawyers, as the opinion of those who will use this service is of primal importance for us. We conduct focus groups with freelancers and recruiters who organize project teams, with simple buyers of online stores and with representatives of the stores themselves, etc. Moreover, with the advent of the first information about the project, people who are interested in using our platform began to contact us. One such example is an inquiry related to conducting focus groups for a mock panel. We also communicate with a number of online stores accepting cryptocurrency for the integration of our platform to provide better guarantee possibilities. Now we see that the area of application of Jury.Online is substantially wider than when we first conceived this project.
Because the simplicity, speed, and minimal cost (in comparison with traditional proceedings) is what makes Jury.Online a reasonable choice when making deals with the use of blockchain technology.

ICO Alert: How far along is the project today? What does the roadmap look like for the rest of 2017 and 2018?

Jury.Online: It is worth dividing the tasks into two categories: conceptual and practical. Conceptual ones are connected with the unification of all processes for the widest application. In other words, the attempt to make the service useful for a particular group or industry should not be made at the expense of others for whom the Jury.Online platform could be useful. The practical part is connected with the development of platform prototypes, its usability, especially regarding the configuration of the smart contract, payment system, etc. The second practical task is connected with the optimization of processes inside the company, such as organization of the customer service and control system, improvement of the technical base of the project, and so on. But certainly much will depend on the results of our ICO, starting in early November. There is a minimum program to launch the mobile platform, build a clear system for selecting and encouraging arbitrators, and solve issues related to the free circulation of tokens. But of course, there is also a maximum program involving wide localization of the project, development of a unique plug-in that gives access to the service for online stores, conclusion of partnership agreements with global players of online trade and online services, involvement of the most authoritative consultants for continuous monitoring and audit of the work and decisions made by Jury.Online arbitrators. We hope very much that the agenda and solutions from Jury.Online will find support from investors!

ICO Alert: As a non-Jury.Online question, we like to ask for unique predictions for the ICO and cryptocurrency space in the future. Where do you see both in the next 3–5 years?

Jury.Online: Blockchain technologies and, in particular, cryptocurrencies are a very useful product with many applications. They are just at the beginning of their development and will be used in an ever wider range of things. Therefore, we believe that the market is still far from being saturated and will grow, and cryptocurrencies are becoming more widespread.
In fact, ICO is a new form of attracting investments, which has its advantages and disadvantages. The advantages are simplicity and accessibility, and among the disadvantages are relatively high risks. At the moment, there is no clear understanding for projects from which area the use of ICO is most effective, and many are trying to conduct them for any purpose. But over time, this will change and specific areas will be formed where ICOs will be applicable. In the context of our project, the choice of attracting investments through the ICO was made due to the fact that its implementation involves the use of all basic elements of the “new economy” (which, of course, include the ICO).

Pre-ICO Information
The pre-ICO is now live and ends on November 3, 2017 at 14:00 UTC. The current price per Ether during the pre-ICO is 300 Jury.Online tokens (JOT). This is a 30% discount compared to the the ICO.

There is a pre-ICO limit of 20% of total tokens (4,200,000 or 14,000 Ether). Tokens can be purchased using Ether, Bitcoin, or fiat currency. There is a minimum contribution amount of 10,000 JOT (33 Ether at $300).

ICO Information
The ICO will begin on November 13, 2017 at 14:00 UTC and ends on December 13, 2017 at 14:00 UTC. The price for contribution is 1 Ether = 210 JOT and there is a bonus that incentivizes early contributors. The bonus starts at 20% and decreases linearly (by 2% every three days).

For every 7 JOT tokens that are sold, 3 are created and held by Jury.Online. There is a minimum cap of 3,000,000 JOT tokens to be sold and a hard cap of 16,800,000 JOT tokens as well as any additional tokens not sold during the presale.

Token Distribution Information
There are a total of 30,000,000 JOT tokens available to be created, with 21,000,000 JOT available across the pre-ICO and ICO and up to 9,000,000 JOT will be reserved for Jury.Online.

Tokens will be distributed to contributors after the completion of the ICO. The start and end of both the pre-ICO and ICO are set to block numbers.

70%: Pre-ICO and ICO
20%: Jury.Online team members (six month lockout period, with 10% available each month thereafter)
7%: Advisors and bounty programs
3%: Liquidity reserve and miscellaneous incentives

Use of ICO Proceeds
For specifics on the way the team will use the ICO proceeds, please check this blog post. Assuming 10,000,000 JOT are sold, the breakdown is as follows:

25%: Development
23%: Integration
20%: Marketing
16%: Wages
10%: Audit
6%: Operational costs

Alexander Shevtsov, Founder and Main Developer
Alexander is a mathematician with a background in abstract and theoretical areas of mathematics, is engaged in cryptography, and wrote several educational articles for various universities. He came up with the idea for Jury.Online as a result of the analysis which showcased the opportunities blockchain holds: a secure, decentralized, trustless, and transparent functionality.

Konstantin Kudriavtsev, CTO
Konstantin is a technical director with a history of working for Internet companies. He has strong information technology experience and is skilled in Scrum, PostgreSQL, Node.js, Agile Methodologies, and Docker.

Sergey Mishin, DevOps
Sergey is a development professional and will work alongside Konstantin and Alexander, the development team leaders.

Anastasia Bormotova, PR Manager
Anastasia focuses on the promotion of blockchain projects’ development, PR, and other content for ICOs, as well as international media buying and PR strategies.

Art Pirozhkov, COO
Art has high-level business development experience and also currently works for Krypton Capital, an early-stage venture capital firm focused on blockchain projects.

Marina Kobyakova, Business Development
Marina has project management, business development, community management and client/PR management experience across various companies and industries. She holds a bachelor’s degree in economics, international relations and commerce.

Social Media
Forbes Article

View the Jury.Online Website here.

View the only comprehensive list of active and upcoming ICOs here.

(1) Jury.Online Website, Jury.Online, (2017)

(2) Jury.Online Whitepaper, Jury.Online, (2017)

Topics: Blockchain, ICO, Cryptocurrency, Investing, Legal