Hello, Jur community.
Here are just some of the problems with traditional solutions:
- Traditional dispute solutions: mechanisms are designed to assist courts in resolving disputes in a timely, cost-effective and transparent way. However, out of their two categories,
mediators and arbitrators, the first
does not offer an enforcement mechanism, rendering them ineffective in situations with inadequate faith. The latter, arbitrators, does provide enforcement mechanisms, but they are
rather expensive and time-consuming for medium contracts.
- Third-party guarantee systems: Online or Offline Escrow Systems, Bank Letters of Credit:
these third-party services are expensive, rigid in their operational structure, and have centralized dispute resolution mechanism.
- Platforms and marketplace: Professional online platforms and marketplaces offer guarantees for the work done through their platform.
These platforms charge a flat percentage fee for the entire project amount, making them rather expensive. Being a buyers’ market, sellers lose negotiating power to buyers, considering the buyer’s ability to give negative reviews.
- Legal agreements: The system around legal agreements generates several direct and indirect costs for businesses:
litigation costs, legal fees, court taxes, administrative fees to arbitral chambers, and fees to arbitrators, time and managerial resources that otherwise would have been used for primary business purposes.
- Smart legal contracts: Self-executing decentralized smart contracts will revolutionize contract settlement for several kinds of transactions. But faults include that it
isn’t feasible out of technical limitations and a gap between real-world circumstances and our ability to ingrain them correctly within the contract.
Jur solves the problems of inefficient, costly, slow contract creation, dispute resolution, and enforcement.Jur is a decentralized dispute resolution solution based on game theory and built on the blockchain. Jur uses a series of smart contracts to provide an incorruptible decentralized oracle that delivers fair and fast dispute resolution at near zero cost. To learn more about Jur, take a look at the
whitepaper.
If you have any doubts, feel free to join
Telegram community and ask for clarification there.