Jurat Introduces a Groundbreaking Layer-1 Blockchain Mined by Legal Practitioners
A collaboration between blockchain engineers and legal professionals has resulted in an innovative Bitcoin fork blockchain named Jurat. This blockchain uses a relatively new legal enforcement protocol which creates a bridge between blockchain technology and state/federal justices. The unique aspect of Jurat is its ability to freeze disputed coins or reclaim stolen coins after a cybersecurity breach, courtesy of the justice system. The newly created fork includes its native coin, $JTC.
The principal goals of introducing this novel blockchain include providing powerful consumer protection for crypto users, and offering on-chain law enforcement for commercial transactions, property transfers, and banking systems. The $JTC token is set to be featured on exchanges in the near future. Currently, $JTC mining is available for licensed attorneys across all jurisdictions. The mining opportunity may also be extended to original Bitcoin miners at a later date.
Attorneys Join in The Venture
To start the mining of $JTC, legal professionals must complete an informational mining request form. Upon the completion and approval of the form, attorneys become miners and are rewarded in $JTC tokens. In addition to their compensation, the mining task allows attorneys to better understand the technology that operates blockchain transactions and also participate in a legally adhering Web3 structure.
At this time, only licensed attorneys can apply for being a Jurat miner. The organization may expand to welcome original Bitcoin miners in the future.
The Way to Obtain $JTC
Jurat has its origin in Bitcoin from block height 717808, which occurred on January 8, 2022. Any address that had Bitcoin as of that block received $JTC in a 1:1 ratio to their Bitcoin. These coins are claimable using the Jurat Wallet, which is available for users on multiple platforms such as Android, IOS, Windows, and Mac. Currently, $JTC cannot be purchased on exchanges but will be listed soon.
Why the Need for Jurat in Blockchain?
Mike Kanovitz, a partner at Loevy & Loevy and a specialist in Web3 and traditional civil litigation, founded Jurat. He envisioned Jurat as a solution to provide consumer protection in the crypto space after observing multiple clients fall victim to fraud and theft. The lack of legal recourse for people who lost their savings to hacks and phishing scams inspired the creation of Jurat.
After building the protocol and confirming that legal rights could be enforced on-chain without forgoing the perks of decentralization, Kanovitz perceived that the technology could make blockchains more secure and suitable for mainstream commercial transactions.
The $JTC Bitcoin fork utilizes Jurat to provide the distinctive ability to recover digital assets and halt accounts connected with illicit activities. The protocol can offer legal remedy for users without intermediaries or asset custodians while sustaining the network’s full decentralization.
The functionality of this blockchain extends over four steps:
- An individual who needs legal recourse due to on-chain crime, a misplaced transaction, or lost private keys, can create a Jurat request ID through the Jurat UI.
- After opening a case, the individual provides the ID to the court. If the court agrees with the lawsuit, they indicate this to Jurat blockchain nodes by including the ID in their written opinion and displaying it on the court’s public docket.
- Once on the public docket, specialized nodes can access the court’s opinion and recognize the Jurat ID, then they can understand the judge’s order.
- Each miner subsequently authenticates the court order, like verifying a private key signature. The process is automatic and doesn’t rely on any intermediaries.
In a recent real life court case, $JTC was utilized when a US federal judge considered cryptocurrency accounts of numerous sanctioned individuals. This group included a wallet owned by the Lazarus Group, presumed to be state-sponsored hackers from North Korea. The court ordered the freezing of the hackers’ accounts and the Jurat nodes pursued the court orders with no issues, successfully blocking the hackers from using the $JTC in the sanctioned accounts.
Laying the Foundation for Legal3 with Jurat
The successful application of Jurat technology in cases like the one against the Lazarus group marks an initial move towards Jurat’s broader objective of introducing a legal base layer for every transaction in Web3. The organization plans to extend their attorney miner base as the introduction of $JTC nears. Curious attorneys who have a keen interest in blockchain justice are invited to apply for this initiative.
Frequently asked Questions
1. What is Jurat Initiates Layer-1 Mining Engineered by Legal Professionals?
Answer: Jurat Initiates Layer-1 Mining Engineered by Legal Professionals is a unique mining engine developed specifically for Layer-1 blockchain, designed and implemented by legal professionals. It aims to provide a secure and legally compliant mining solution for Layer-1 blockchain networks.
2. How does Jurat’s Layer-1 Mining Engine work?
Answer: Jurat’s Layer-1 Mining Engine operates by leveraging the power of legal professionals who validate transactions on the blockchain network. These legal professionals, known as miners, ensure compliance with legal regulations while securing the network and verifying transactions.
3. What are the benefits of Jurat’s mining engine for Layer-1 blockchain?
Answer: Jurat’s mining engine offers several advantages for Layer-1 blockchain networks. It ensures compliance with legal requirements, enhances security by involving legal professionals, and provides a trustworthy and reliable mining process. Moreover, it promotes transparency and legitimacy within the blockchain ecosystem.
4. What sets Jurat’s Layer-1 Mining Engine apart from other mining solutions?
Answer: Jurat’s Layer-1 Mining Engine stands out from other mining solutions due to its unique integration of legal professionals into the mining process. By involving legal experts, it addresses legal challenges and ensures compliance, making it a more secure and reliable mining solution.
5. How can legal professionals participate in Jurat’s Layer-1 Mining Engine?
Answer: Legal professionals interested in participating in Jurat’s Layer-1 Mining Engine need to undergo a verification process to ensure their qualifications and expertise. Once approved, they can join the mining network, contribute their legal knowledge, and validate transactions while earning rewards.
6. Which Layer-1 blockchain networks are compatible with Jurat’s mining engine?
Answer: Jurat’s mining engine is compatible with various Layer-1 blockchain networks, including but not limited to Ethereum, Solana, Polkadot, and Avalanche. This compatibility enables legal professionals to participate in mining activities across multiple blockchain ecosystems.
7. Is Jurat’s Layer-1 Mining Engine open to global legal professionals?
Answer: Yes, Jurat’s Layer-1 Mining Engine welcomes legal professionals from across the globe to participate in its mining activities. As long as legal professionals meet the necessary verification requirements and comply with applicable laws in their jurisdiction, they can contribute to the mining engine and earn rewards.
