In 2008, Satoshi Nakamoto, an anonymous person or group of people, published a whitepaper titled “Bitcoin: A Peer-to-Peer Electronic Cash System.” The nine-page document was groundbreaking and fundamentally changed people’s perception of money and how they exchange it.
JTC is a branch of Satoshi’s Bitcoin that upholds the original vision while integrating on-chain legal recourse, making it safer and more practical, and offering a decentralized method for legal compliance.
This post will explore how JTC is bringing on-chain legal compliance to the core technology of cryptocurrency’s undisputed leader.
Satoshi’s Vision for the Future of Money and Finance
The Bitcoin whitepaper is less than 3,000 words long, filled with mathematical equations that most people wouldn’t take a second look at, and enjoys cult status as the work of an anonymous leader.
However, at its base, the whitepaper is simple, and its message is clear: It is possible and necessary to liberate monetary systems from the whims of central banks. Achieving this new version of money would allow people to transact in a secure, borderless, and censorship-resistant system where individual users seize control of their assets from middlemen and banks.
The idea initially drew attention from only a tight group of coders, cryptographers, and libertarian thinkers. These people include the likes of Hal Finney, Gavin Andresen, and Amir Taaki. These people and a handful of others kept Satoshi’s vision alive until it could leave the nest.
Bitcoin in Action: A Decentralized Ledger and a Global Mining Network
At the core of Satoshi’s vision is a distributed ledger called a blockchain, which operates as a public record of every Bitcoin transaction ever executed. The blockchain is maintained by an open network of computers, also known as nodes or miners.
The miners add new transactions to the ledger through a proof-of-work (PoW) consensus mechanism that requires them to solve complex cryptographic puzzles using considerable computing power.
As no single computer controls the network, there is no central authority to change the protocols, inflate the money, or open up a single point of failure. This protects the Bitcoin monetary system from potential interference by government officials, hackers, and other potentially nefarious actors.
The network’s native cryptocurrency, $BTC, acts as a store of value, a reward for miners, and a means of exchange. When Bitcoin went online, $BTC had little to no value. Today, some 15 years later, one $BTC is worth over $35k, and its market capitalization makes it more valuable than some of the most well-known companies in the world.
The Legal Shortcomings of Bitcoin
The rise of $BTC has driven a global debate around how financial systems should function, bringing cryptocurrencies and public blockchains into the mainstream. This new technology is already driving innovation in decentralized finance, digital art, and supply-chain logistics industries.
However, Bitcoin has shortcomings. Most significant is the lack of legal compliance and access to remedies when criminals break the law. As a result, users often fall prey to scams and can lose their life savings even from a simple mistake. The lack of legal recourse has attracted criminals and scam artists to cryptocurrency and has drawn negative attention from regulators. It also undermines the industry’s capacity to expand into the mainstream, as many people will not onboard into crypto knowing they won’t have access to legal recourse if something goes wrong.
Jurat’s Mission To Merge Bitcoin with Legal Recourse and Compliance
Jurat brings consumer protection, mainstream commerce, and legal compliance to the blockchain through its on-chain enforcement technology. The Jurat Legal3 solutions are deployed on the JTC blockchain, a branch of Bitcoin created on January 8th, 2022, at Block Height 717808.
The native coin, called $JTC, was created through the fork at a 1:1 ratio with $BTC. You can claim your $JTC for free if you held $BTC prior to Block Height 717808.
The Legal3 solutions deployed on the JTC blockchain adhere to the core pillars of Bitcoin while protecting users from fraudsters.
On-Chain Legal Recourse with JTC
Jurat’s crypto fraud recovery system protects anyone operating on the JTC blockchain. Individual users have access to legal recourse in the case of a scam or hack. Unlike other blockchains, where the best hope is usually law enforcement officials who take less than 1 in 100 cases, $JTC users can bring their legal cases to court to have their funds returned.
JTC’s unique recovery system is based on the blockchain’s ability to connect to federal and state courts. Information from the court is relayed by nodes to the miners using a unique request ID system that turns a judge’s orders into machine-readable code. Court rulings are implemented on-chain by PoW miners that can, for example, execute transactions to return funds to a victim’s coins or freeze a suspected scammer’s account.
The Future of Tokenization on JTC
The $JTC coin can be used to mint JTC Ordinals with the same on-chain legal recourse as the coins. These Bitcoin-format NFTs offer considerable advantages to anyone looking to tokenize assets on a blockchain. In particular, JTC users can store legal contracts, licensing, royalty agreements, and other documents immutably on chain and then incorporate them directly into the token’s metadata. Courts can then enforce these agreements through possession and control of the token.
- Digital artists can inscribe licensing rights directly into their digital art, making the rights clear for both buyers and sellers.
- Owners can enforce contract and property rights directly without relying on third parties when payments aren’t made or tokens are stolen.
- Attorneys and legal professionals can use JTC Ordinals to bring legal services on-chain. Legally operative documents and evidence can be stored immutable.
- JTC blockchain time stamping verifies the authenticity of legal documents and other proof.
Final Thoughts on Jurat and Satoshi’s Vision
Bitcoin’s success goes beyond its growth into a near trillion-dollar asset. It changed the public’s thinking about money and transacting freely. As a branch of Bitcoin, JTC adheres to the core principles of decentralization, anti-censorship, transparency, and privacy while adding legal compliance through its Legal3 toolkit. JTC is poised to bring Satoshi’s vision to the mainstream by offering legal compliance to each user and each transaction.