JURY.ONLINE: High Quality Rate
The DigRate has assigned Quality Rate High to Jury.Online project.
Jury.Online is a platform that provides services for the resolution of any kind of disputes with the participation of an independent group of expert judges. The main problems of the market, that the project plans to solve are: high fees for professional legal services, excessive duration of trials and non-enforcement of court decisions. The appeal to traditional courts is too time-consuming and expensive in case of disputed transactions with insignificant funds. The Jury.Online platform using the built-in arbitration system is trying to resolve disputes outside the framework of state procedural requirements, without violating the requirements of different countries legislation in regard to contractual arrangements between the parties.
Legal recognition of such decisions on disputes by all subjects of contractual relations is also possible. The platform has a flexible smart contract that allows to conduct multilateral transactions, randomize the pool of judges, and also includes a number of approaches that exclude the corruption component of the dispute resolution process. The Jury.Online system uses the smart contract when making transaction between counterparties, where the initiating party deposits funds in the smart contract according to the declared sum. In case of a disputable situation, independent judges ⎼ participants of the system are involved to complete the transaction. There is a variety of options for selecting a third arbitration party in the flexible system of selection of judges. It is possible to use both the automatic system of selecting the judges, and independently choose judges specializing in a particular field and providing their services in dispute resolution within the platform. Judges do not have information about decisions taken by other judges, and the final verdict on the dispute is made based on the majority of the judges’ votes. Payment to judges is made after the conclusion of a disputed transaction from the blocked funds on a smart contract. Online stores, platforms for freelancers, trading platforms and other Internet companies are interested in services to resolve legal disputes. Instead of having their own legal department, they could entrust this service to members of the Jury.Online system.
MarketLine’ business analysts published a report on the state of the global legal services market in 2016 (data for 2017 are not available yet). The market volume is $ 584.4 bn, and the average annual growth in sales of legal services is 2.2%. However, the whitepaper of the Jury.Online lacks a detailed market survey and a description of the competitive advantages of this platform, for example, over Confideal, Ethearnal, RxEAL. It should be noted that the projects Ethearnal and RxEAL are not direct competitors to Jury.Online, since the dispute resolution function is implemented for particular tasks based on the specifics of the remote work and disputes over collateral for leases. The Confideal’s functionality is the closest to the Jury.Online’s, but Confideal has not yet completed the pre-sale stage, nor does it have a randomized selection of arbitrators despite the implemented MVP. The field of dispute resolution is represented by the state judiciary.
The project has a number of significant advantages over the centralized judicial system: low financial costs of launching and settling disputes, impartiality of decisions made in disputes, as well as flexibility in choosing rules and conditions for resolving disputes. The project team has developed an alpha version of the product. The source code of the smart contract and the protocol are published on GitHub.
The Jury.Online team is quite balanced and includes developers of the platform, experts in marketing, strategic development and other fields. It should be noted that the team members do not have extensive experience and achievements in the field of jurisprudence. The project needs additional specialists in the field of jurisprudence.
Successful pre-sale of the Jury.Online, as well as the popularity of the project in social networks and thematic communities demonstrates investors’ interest to the project. The potential of the JOT token directly depends on the distribution of cryptocurrency as a legal means of payment. The services of the platform may be of interest to freelance exchanges and medium-sized online stores. The price of JOT has a growth potential of 2-3 times in the medium term (from three to six months) with medium volatility (up to 30%) in the long term (from six months).
More information about the strengths and weaknesses of the project can be found in our review.
The Quality Rate has been downgraded due to the ICO time shift until April 30, 2018.
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