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What is Jurat Coin (JTC)?

JTC Coin is a consumer protection version of Bitcoin ready for Web3. JTC is the result of the first serious effort by the blockchain community to solve the hard problems plaguing the cryptocurrency space: frauds, hacks, exploits and lost private keys.

The project is a collaboration between engineers and Web3 attorneys to update the Bitcoin core with a decentralized technology (called “Jurat”). With Jurat, blockchain nodes connect directly to official courts without any intermediary. As a result, JTC owners can enforce their legal rights and recover their coins in the event of a fraud, a mistake in sending crypto, or if they lose their private keys. JTC is the native coin of the JuratBTC network, a layer-1 blockchain mined by attorneys.

JTC is also more hospitable to the coming regulations in the crypto space than older projects. You can read more about it in our two formal comments to the U.S. Treasury Department and the U.S. Department of Commerce. https://www.regulations.gov/comment/TREAS-DO-2022-0014-0220 https://www.regulations.gov/comment/ITA-2022-0003-0043

The project whitepaper and litepaper are available at jurat.io/whitepaper/

The Jurat wallet is available for download on Android, iOS, windows and Mac.

What problems does JTC solve?

JTC solves the need for effective law enforcement on blockchains.

The protections that decentralization affords for data and digital property also inhibit effective law enforcement. The result is widespread misuse of blockchains for theft, fraud, ransomware extortion, money laundering and even circumvention of economic sanctions by rogue states, to name a few.

Lawlessness also prejudices governments against cryptocurrency, causes unfair losses to crypto users, and keeps mainstream commercial interests from adopting cryptocurrencies like bitcoin for their day-to-day operations. All of this weighs on the value of cryptocurrency because property is worth more when legal protections apply. The lawlessness problem will become even more pronounced as attempts to implement the decentralized internet (Web3) unfold.

JuratBTC solves the problem using on-chain legal enforcement, a tool that is fully consistent with the norms of decentralization. JuratBTC nodes can reach consensus about the meaning of official orders from U.S. courts and execute court-ordered transactions autonomously without any central authority and without the need for any intermediary to interpret them. As a result, the blockchain’s native coin, JTC, solves the pain points created by thefts and hacks because it is capable of enforcing the property rights of the true owner while keeping blockchain decentralized.

First and second generation blockchains have failed to solve the lawlessness problem because their prevailing technology is insufficient. The best they can do is empower a central authority with a master private key. But in doing so they introduce intermediaries and a central point of failure. – the exact problems blockchain is intended to avoid! For example, the solution that Bitcoin BSV has attempted (“Black List Manager”) includes a central authority and intermediary, and is massively unpopular as a result.

How do BTC and JTC relate?

JTC is a fork of Bitcoin, meaning that it is adapted from the Bitcoin core software and imports the Bitcoin BTC ledger. The JuratBTC network fork occurred at Bitcoin network block height 717808, which was on January 8, 2022.

Wallets holding bitcoins as of block 717808 (January 8, 2022) also hold JTC at a 1 to 1 ratio to BTC. The same private key controls both the BTC and the JTC assets. As a result, JTC is already as widely distributed as BTC.

Like BTC, there will only ever be twenty-one million (21,000,000) JTC coins. JTC follows the same halving schedule as BTC.

JTC picks up where Satoshi left off by adding access to the court system so that coin holders can enforce their legal rights (property rights and contract rights) much as they could with a bank account. With this improvement, JTC offers some of the same advantages as the Visa network and which are impossible for BTC.

BTC failed to include this important feature (Satoshi denied being a lawyer), so BTC holders have great difficulty enforcing legal rights. That is why BTC is used mainly for speculation instead of fulfilling Satoshi’s vision of a peer-to-peer electronic cash system for the internet age.

Who are the founders behind JTC?

JTC is the result of a collaboration between blockchain engineers and Web3 attorneys starting in 2020. Building for two years, they launched the JTC token in 2022 as a hard fork of Bitcoin.

Mike Kanovitz holds a JD degree from Cornell University. He is a longtime civil rights and consumer protection attorney and a partner with Loevy & Loevy, the 100-person civil rights law firm he co-founded with Jon Loevy.

Mike routinely litigates on behalf of cryptocurrency consumers in cases involving fraud and other crimes on-chain. One example is Barron v. Helbiz, an ICO fraud case brought on behalf of 20,000 cryptocurrency users against Helbiz Inc. (NASDAQ: HLBZ), Paysafe Ltd. (NYSE: PSFE) and Ethereum co-founder Anthony Di Iorio as well as other industry players. Mike also champions civil rights in all of its forms, from protecting prisoners, to employee whistleblowers, to online privacy and other aspects of the burgeoning field of Cyber Civil Rights. His cases have recovered over $500 million for his clients.

The problems Mike found in helping victims of cryptocurrency crime led him to start Jurat Networks to build savvy legal solutions for blockchain. He is a Web3 thought leader who kicked off the field of on-chain legal enforcement. For example, see his article published by the Official Monetary and Financial Institutions Forum (OMFIF) Digital Monetary Institute https://www.omfif.org/2021/07/conspiracy-law-could-solve-blockchains-oversight-problem/

Alexzandra Fields is a serial entrepreneur with deep experience in fintech and consumer products. She holds a BA from DePaul University. She has substantial experience launching early-stage companies, including cash flow-funded startups. With an ability to wear many hats she heads up our product development, marketing, and operations. She has extensive experience working as a marketing and product consultant who has helped her clients raise in excess of $50 million.

The JuratBTC miners consist of lawyers from many areas of practice.

How many JTC are in circulation?

JTC follows the same release schedule as BTC, thus there are 19 million coins in circulation and the maximum total coins will be 21 million.

How is the JuratBTC network secured?

JuratBTC is a proof of work (PoW) blockchain mined by attorneys. It follows the same mining protocols as for Bitcoin. Limiting the mining to attorneys results in a greener profile than other PoW networks.