Jurat is a legal3 project revolutionizing the role of blockchain in the legal industry. The blockchain space urgently needs a legal remedy for victims of scams and hacks, especially given the substantial costs of these crimes, which amount to billions of dollars annually. Jurat is in the process of developing on-chain legal tools that enhance the safety and fairness of on-chain operations for users and developers, all while preserving the fundamental principles of decentralization, transparency, and privacy.
What Is Jurat?
Jurat is a blockchain tool that offers promising use cases for users, developers, and courts. The Jurat blockchain was created through a Bitcoin hard fork in January 2022; as a result, Jurat operates on its own blockchain while maintaining the core features of Bitcoin. Jurat is effectively a version of Bitcoin with built-in on-chain legal remedies.
Jurat can be used by anyone who wants to operate in the blockchain space with the knowledge that they can seek legal recourse in the case of fraud, theft, or loss. Jurat offers a variety of tools that target areas of the blockchain industry that stand to benefit from legal integration.
Crypto Recovery
Recovering stolen or lost crypto on Jurat is one of its most essential features. The recovery process with Jurat is different from most crypto recovery tools that depend on blockchain scanning technology and appeal to centralized exchanges. Jurat links users to the courts, where miners implement judges’ rulings through transactions. A standard crypto recovery procedure with Jurat goes as follows:
- Generate ID: The claimant creates a Jurat Request ID through the Jurat user interface. The ID is a code that details the transaction the claimant wants the court to add to the blockchain, such as freezing a wallet or returning coins.
- File a Lawsuit: File a suit and give the Jurat Request ID to the court. The judge must then decide the case. If the judge sides with you, they will include the ID in a written ruling and upload it to the public docket.
- Docket Connect: Jurat-enabled witness nodes access the court’s public docket and can recognize the Jurat Request ID. The nodes make this information available to all the blockchain miners.
- Transaction Execution: The miners execute the transaction per the judge’s ruling.
The crypto recovery solution offered by Jurat protects users from scammers, hackers, and even mistakes. Although the Jurat blockchain has only been live since 2022, it’s already been tried and tested by the US court system.
Jurat vs. The Lazarus Group
A US federal court used Jurat in a case against 16 sanctioned crypto accounts linked to several suspected hackers, including the notorious North Korean state-backed Lazarus group.
Before the court case, the parties involved submitted hashes to the court that corresponded to what they wanted the on-chain nodes to implement. The judge’s ruling then determined which hash is sent to the nodes. The court ruled that the sanctioned accounts had acted fraudulently and should, therefore, be frozen. The Judge’s orders were transmitted to the Jurat nodes and automatically executed, leading to the accounts being frozen.
The high-profile case showed the power of Jurat as a tool for enhancing the legality of on-chain operations without interfering with the core values of blockchain: transparency, decentralization, and privacy.
Jurat Ordinals
JTC Ordinals are a new type of NFT (non-fungible token) with revolutionary features unique to the Jurat blockchain. They are “NFTs with benefits” that include on-chain licensing agreements, incorporated artworks, enforcement of artists’ royalties and copyrights, and property protection for owners. When using JTC Ordinals to mint art NFTs, artists embed technology to enforce their legal rights if a buyer violates licensing terms or fails to pay royalties. These same protections help collectors recover their tokens in the event of scams, hacks, and lost private keys. No other token offers these vital capabilities.
Jurat Ordinals can be minted by downloading the Jurat wallet, claiming their $JTC, and visiting the Ordinal page.
Jurat $JTC Token
Jurat used a Bitcoin hard fork to create the $JTC coin, linking $JTC at a 1:1 ratio to all Bitcoin accounts before the fork on January 8, 2022, at block height 717808. Bitcoin owners can claim their JTCs using the Jurat Wallet, while people who had their BTC stolen or lost their private key may be able to recover their JTCs in court.
While the $JTC token is set to be launched in the near future on prominent exchanges, it’s important to note that, as of now, access to the token is primarily limited to authorized miners and individuals who held $BTC before the hard fork.
Final Thoughts on Jurat and Its Potential to Enhance Web3
Jurat addresses the longstanding issue of legal ambiguity within the blockchain industry. Previously, victims of fraud, hacks, and scams faced challenges in obtaining legal assistance that could translate into on-chain remedies. This absence of legal recourse affects all stakeholders, diminishing the appeal to new developers, deterring private investors, and causing frustration among regulators. Jurat is actively taking vital steps to surmount this obstacle.
