The unregulated nature and absence of legal obligations ICO - both an advantage and a lack of investment. On the one hand, investment is anonymous, reliable and fast, but on the other - there is no guarantee that the project will work at full strength and bring the investor profit.
Arbitration platform Jury.Online, developed to resolve property disputes in the sale of goods and services for the crypto currency, offers a new approach to the ICO, which, if you do not forget about the lack of guarantees, at least come close to the issue of responsibility of the parties. Jury.Online presents the first-ever reliable and responsible ICO and platform.
Such an ambitious innovation is caused by the desire to hold an ICO, in the successful completion of which all parties will be interested, and to prove that all talk about a “crypto-currency bubble” is groundless.
“At a time when we see a decline in interest in ICO, the phenomenon of which is called” an unreliable crypt bubble, “Jury.Online aims to increase the level of confidence in crypto-crowding. We implement key functions of the platform with the help of escrow-tools for smart contracts and services of arbitrators, as well as the phased opening of project funds and tokens to participants in transactions, “ the project team says.
The problem with most ICOs is that investors do not have any real tools to interact with a supported project, nor control over the expenditure of collected funds. Another common problem for ICO is the fact that most projects do not provide crawsdale members with exhaustive information about how their funds will be spent, and there is no unified communication format between investors and projects.
To conduct a truly reliable ICO, the Jury.Online team developed a new concept of its protocol, which implements the conditions under which the interaction between investors and the project team becomes as harmonious as possible. In other words, Jury.Online provides tools for direct communication between investors and projects conducting ICO.
The team of Jury.Online revised the original concept of the project in favor of solving a more urgent problem, and the beginning of the sale of the tokens was postponed to February 12, 2018 to connect the “responsible ICO” module.
To resolve disputable issues between the team and investors, the team Jury.Online announces the recruitment of the first pool of arbitrators - international experts in the field of law, IT, financial technologies and detachment.
When the ICO starts, the startup provides a so-called “roadmap” for the project, which includes all the necessary development and implementation costs. All the steps are described in detail, and the parameters by which the quality of their implementation can be assessed are indicated. The funds for each stage are issued in installments under the terms of the smart contract, which is concluded on behalf of the project developers. The Jury.Online platform, in turn, provides a smart contract designer and additional methods for integrating platform functions into “smart contracts”.
Investors will be able to assess the appropriateness of continuing the project if, in their opinion, the project has completely or partially failed to meet the stated objectives and has not reached the planned goals in one way or another. So, according to the new approach of Jury.Online, after passing each Mylston team puts information about the result achieved in the form of text or any attached files in the blockroom, which allows investors to have a full picture of the work done by the project team.
So, after passing each stage, the smart contract opens the team of developers the means to work on the following. In the event that investors have any complaints about the quality of the project team’s work, the execution of the stage, they have the right to open a dispute, and then the arbitrators of the platform are connected to the case. After reviewing the results of the project team’s work in a timely manner, the arbitrators decide on compliance with the stated objectives. If a decision is made on non-compliance, the investor receives funds, with the exception of those already open to the project.
Arbitrators can also analyze the road map and give advice on how to improve it. In general, the function of experts is not limited to assessing the work performed alone and resolving differences between investors and the team. When starting the ICO, project developers risk seriously deviating from their goals, therefore, in the new protocol of Jury.Online, the arbitrators will simultaneously become advisors for the team, motivating it to implement the tasks set.
Thus, at the moment Jury.Online is the first and only platform, whose coredesyl is prepared according to the concept of a reliable and responsible ICO, with a well-developed system of interaction between investors and the team, as well as the connection of arbitrators.
At the moment, the team is in talks with developers of other block-projects on the implementation of this protocol.