OceanEx’s Optimal Platform IEO Debuts Jur, Creating A New Era of Online Legal Affairs
Jur is a blockchain-based ecosystem that aims to provide a complete solution to the legal and judicial industry as well as legal credit for users in any business scenarios.
Article from ChainNews, By Spike Chen
In today’s society of law, whether for a business or an individual, everything works and lives in legal sphere. Every day, businesses and enterprises are inseparable from various negotiation and executions of contracts. People’s personal life is also inseparable from various contracts, for instance, buying and renting houses, job hunting, loans, or simply opening a bank account. For both business and individual, the process of signing a contract is always a lengthy process: one seal after another, one document after another. Even when signing is finally complete, archiving and consulting can be a headache.
In recent years, there have been many Internet-based electronic legal document solutions, such as LegalZoom in overseas countries and Fadada in China. These platforms provide services for drafting, modifying, signing, archiving once registration and authentication process of enterprises and individuals are completed. Thanks to the fast and convenient user experience and legal compliance certification, these platforms have become pioneers in online regulatory solutions.
Jur, an emerging blockchain application has even more to offer compared to the above-mentioned projects. It was born with an aim to solve complete legal problems with technology. Due to the maturity of blockchain technology in recent years, it is not only possible to decentralize the maintenance of judicial justice from a centralized operating system, it also makes the slow and expensive contract execution process affordable, reliable and fast. Moreover, it proposes a technical solution for dispute resolution that can be applied globally. Jur’s fundamental value is a decentralized online legal ecosystem that delivers transparency, equality and integrity. On the occasion of Jur’s IEO on OceanEx exchange on August 28th, we interviewed Alessandro Palombo, founder and CEO of Jur Project, and Nanning, founder of OceanEx, about Jur and its cooperation with OceanEx.
Blockchain technology makes it possible to solve legal problems online
Alessandro Palombo, founder of Jur project, is an attorney and technical expert in law. He has always wanted to use technology to achieve a sound legal ecology. The latest development in blockchain technology has clearly presented a path to achieve this. That is how Jur came into being. Jur is a blockchain-based ecosystem that provides a complete solution to legal and judicial industry as well as legal credit for average users in any business scenario. With Jur, anyone can create contracts online quickly, easily, economically and honestly. What’s even better is that you can also resolve contract disputes. With Jur’s three different layers, people can solve small disputes with contract amount up to $500 at open level. Larger disputes are dealt with at the community layer to resolve. More troublesome disputes are dealt with at court level under the jurisdiction and approval of local laws and regulations.
1. Unique three-tier dispute resolution mechanism
Alessandro Palombo shared that, the main part of Jur’s legal ecosystem is the Jur editor and the contract dispute resolution architecture. The editor’s role is to develop legal contracts online, and the three-tier structure for dispute resolution includes open, community and court level. The three-tier architecture is used to resolve online contract disputes. The open and community layers can be used anywhere, without being restricted by geographic boundaries, because the resolution mechanism can be implemented within the platform using blockchain techniques, regardless of the specific jurisdiction. On the other hand, according to domestic law or New York Convention, the court level is designed to be related to the jurisdiction of several countries.
2. Blockchain mechanism is the key to establishing and securing contracts
Online contract system already exists. But the advantage of Jur system is that the use of blockchain technology makes data decentralized, more transparent and cheaper in the process of contracting, executing and arbitrating contracts online. First of all, Jur’s contract signing offers a wide range of templates from the mall to choose from. Key conditions and parameters can be modified, and the corresponding Jurcoin quantity can be set to ensure the smooth execution of a contract. If disputes arise from the contract, one can also use Jurcoin for online arbitration, or even compensation.
Alessandro Palombo tells us that Jur is built on the chain. The consensus mechanism of the blockchain gives each master an equal opportunity to be selected for verification. When the arbitration process is conducted at the open level, “majority consent” is more suitable than “agreement” to describe the mechanism of the process. Simply put, people use their tokens to vote, and the number of votes depends on the same proportion of the individual’s vote. The open layer is designed to be a mechanism for vote-taking decisions, and the proposal to obtain a majority of votes constitutes a verdict. As long as an escrow agreement is attached, an decision can be automatically executed due to smart contract technology, allowing the amount of dispute between the parties to be distributed to the winning party.
When asked if KPI setting needs to stake Jur, and whether there will be unfair risk that the person who holds many Jur tokens has the pricing power of KPI weight, Alessandro responded with a “no”, the reason being as parties in order to open a contract on the Jur Platform they should both agree on the terms of the contract. In general, they try to incentivize JUR token holders that participate in the ecosystem in a healthy way and try to penalize those that do not. The consensus mechanism of the blockchain and token management mechanism ensure a fair operation of the system, which is the basis for Jur to stand out from the traditional online legal contract signing systems.
3. Continuously provide a better user experience
In addition to building the core of Jur with blockchain technology, Alessandro also values the ease of use of the system. The Beta version of Jur has been upgraded to provide a better user experience. Jur editor can quickly select templates, create contract details online, and complete contract development in a few simple steps.
From the above application interface, we find that Jur is clear and convenient to use. It allows users to achieve their needs without having to participate in complex operations. Whether it is small disputes that can be quickly processed, or contract arbitration which involves court level to resolve, Jur offers a simpler, faster, and more economical legal compliance option to resolve these business disputes.
Alessandro Palombo said that Jur’s current beta version will continue to optimize user experience. It strives to make users feel that it is the easiest friendliest one to use for economical and quality legal services. Compared with the traditional online legal documents, Jur can definitely do more. In addition to the traditional online contract drafting and signing services, it also provides a shopping mall, a legal document template that connect users and legal professionals, and solutions to any potential disputes from contract creation. Resolve any potential disputes that may arise between the parties. The emergence of Jur will surely bring in the positive impact and change to the traditionally low-efficient legal industry, providing credit solutions for the legal and judicial industries in any business scenarios.
Success in OceanEx optimal platform
IEO: further progress is to be made
OceanEx is a fast-growing exchange, OceanEx GO! the blockchain project optimal platform which was just launched on the exchange, aims to find potential high-quality blockchain projects around the world, help early blockchain startup projects raise funds, gather industry resources, and accelerate the project while promoting its rapid and convenient access to users. On the eve of the Jur project IEO, we interviewed Nanning, founder of OceanEX Exchange. We asked him to introduce OceanEx GO! He shared with us features of the platform and reasons that Jur was chosen.
We first asked Nanning, in his opinion, what are the most important criterion for measuring an exchange? What is the key difference between OceanEx and other exchanges? Nanning said that OceanEx has always been based on safety, compliance, ease of use and professionalism. Compared with other trading platforms, the fundamental advantage is its original “artificial intelligence + digital asset trading” technology application and that improves exchange security, operational efficiency and reduces operating costs.
Nanning further explained that during the operation of an exchange, the user experience often clashes with security of the exchange to some extent. Users often take operating experience as the primary selection criterion. When it comes to security, large amount of security work done by the exchange is often imperceptible to users. Just like icebergs in the sea, users can only perceive the tip of the iceberg on the sea, and more safety work that cannot be seen is hidden under the sea. Therefore, the core value of OceanEx’s introduction of artificial intelligence into the exchange industry is to balance the contradiction between user experience and security level, hence making the exchange more competitive.
In the field of risk control, once the exchange establishes a risk control model, it will be able to control the risk of the user account. In the underlying security field, exchanges can use artificial intelligence technology to circumvent certain security risks from engineering design level. It can further predict security events that may occur in the future. Similarly, artificial intelligence can also minimize losses when a security incident occurs. Take the risk control field as an example, an exchange can conduct risk control on a user account by analyzing the behavior data of the user. This behavior analysis covers all aspects of the user’s investment habits, login methods, and other behaviors while using the platform. Once the user behavior changes greatly, the exchange can perform more verification on the user account, preventing the hacker from using the user account to attack the exchange through fishing or such. In addition, when it comes to risk prediction, the more money in the exchange’s hot wallet, the faster the user withdraws. Withdrawal speed is an important criterion for users to rate their experience of the exchange, but hot wallet is more vulnerable to hackers. Therefore, artificial intelligence can be used by exchanges to control assets in hot wallets, thereby improving user experience while minimizing asset risk. Reducing the amount of assets in hot wallet also helps to minimize loss of the exchange in the event of an attack.
OceanEx’s first preferred project, over 10 million US dollars subscriptions in 25 minutes
Speaking of the reason that Jur project was selected for OceanEx Go! and became its first preferred project, Nanning said OceanEx Go! The platform is dedicated to helping exchange users quickly filter out high-quality projects, provide them with low-cost trading opportunities, and participate in excellent project subscriptions. Jur was selected after months of judging and evaluating submitted projects from all aspects. Jur had an IEO on August 28th and completed over $10 million subscription in 25 minutes. Talking about the selection criteria for OceanEx Go! on listed projects, Nanning said that the excellence of blockchain projects is not easily measured by quantitative indicators. The process of choosing Jur is a comprehensive consideration through careful study of many candidate projects. Jur’s field and expertise, professionalism and the excellent team got it selected as the first IEO project. He also hopes that by listing the Jur project, it will attract more excellent blockchain projects to submit listing applications to the exchange, hence help these outstanding projects with real technical capabilities expand their names to the capital market and users through the trading platform.
The founder of Jur was very pleased to be selected for OceanEx GO! platform, becoming its first IEO project. He understands the technical team behind OceanEX and agrees with the exchange’s professionalism and high level of security. For Jur project, it is valuable to be part of the same ecosystem as OceanEx and VeChain, and Jur wants to bring as much value as possible to the entire ecosystem.
Alessandro Palombo revealed that Jur’s next step is to expand the team size, conduct academic testing for new Judicial Laboratory of the School of Law, and finalize more commercial agreements. He said that community users are welcome to try the upcoming Jur Beta new platform and to follow and participate in all new developments on the Jur project. “We value the initiative of any user who supports and trusts this project,” said Alessandro Palombo.
It is our hope that in the near future, Jur project will enable more companies and individuals to have access to fast, efficient and economical legal services. Right, don’t forget to add the Chinese version.
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