Jurat launches Judicial Bitcoin Fork: $JTC
An emerging blockchain protocol called Jurat, which provides the ability to bridge blockchains to official courts, is being added to the Bitcoin core to create a new coin: $JTC. The blockchain brings additional capabilities to cryptocurrency users, such as freezing stolen coins and recovering after losing a private key, all under the auspices of official courts.
The project was conceived by a team of seasoned blockchain engineers and Web3 attorneys who represent victims of cryptocurrency fraud and thefts. The primary objectives are to ensure robust consumer protection for users of cryptocurrency and to provide businesses with access to the same legal rights afforded in commercial banking and credit card services.
What Is $JTC?
$JTC is a native coin created by adding the Jurat judicial protocol to the Bitcoin blockchain, similar to how $LTC and $BCH came to be. Adding the Jurat protocol gives owners court access for on-chain enforcement of their legal rights in coins and other digital assets like ordinals and BRC-20 tokens.
$JTC forked at Bitcoin block height 717808, which occurred on January 8, 2022. All addresses that contained $BTC as of that block received $JTC at a 1:1 ratio to their $BTC.
The $JTC coin will be listed on exchanges in the near future. Until then, the only way to obtain $JTC is by claiming or mining it. $BTC owners can claim their $JTCs using the Jurat Wallet, which is available for Android (Play Store), IOS (App Store), Windows (Jurat.io), and Mac (Mac App Store). At present, $JTC mining is limited to licensed attorneys but may be extended to legacy Bitcoin miners in the future.
How To Claim $JTC?
Every address that held $BTC before the fork can claim the equivalent amount of $JTC by using the following steps.
First, download and install the Jurat Wallet.
The next step in the process varies depending on whether you held your $BTC in self-custody or on an exchange:
- For coins in self-custody: $BTC holders who held their coins can claim $JTC by using the “claim” option in the Jurat wallet and entering the private key or seed phrase for the address where they held their $BTC. Jurat recommends that users move their cryptocurrency to a separate wallet controlled by a different seed phrase before using the claim function.
- For coins on exchanges: $BTC holders who kept their $BTC on centralized exchanges, like Binance or Coinbase, at the time of the fork will need to contact the exchange and request them to deposit the $JTC to their Jurat Wallet. You can create a new $JTC address using the Jurat Wallet and provide this address to the exchange.
What you can accomplish with Jurat?
Jurat’s technology provides a bridge between courts and the blockchain needed to provide legal recourse and pave the way for cryptocurrency’s mass adoption.
Legal recourse for fraudulent or mistaken transactions: Many users avoid cryptocurrency because of the risks of losing assets. For example, if you send coins by mistake or because of fraud, the coins will be gone, and there is no recourse. This is very different from using banking payment rails, where a bank can reverse a payment if the law requires it. With $JTC, a user can obtain legal recourse in court without relying on banks, centralized custodians, or other intermediaries. Also, because scammers know that $JTC users can enforce their legal rights, these criminals are less likely to use the JTC blockchain for fraudulent schemes.
Judicial recovery after losing a private key: One of the biggest concerns about using cryptocurrency is the risk of losing private keys. This is a serious problem for the entire industry. For example, as much as 20% of all BTC has been lost, or approximately 1,500 BTC daily. This means that tens of millions of dollars worth of digital assets vanish every day. $JTC provides a solution by allowing owners to claim lost property via an action in court. With Jurat, a court order to send your coins to a wallet you control will be enforced automatically by the blockchain.
Tokenization of real-world assets via legally enforceable Bitcoin ordinals and BRC-20s: As a recent Bitcoin fork, $JTC is fully capable of implementing tokenization protocols such as ordinals and BRC-20s. What $JTC adds is the unique ability to enforce court orders regarding these tokens. For example, if a user wants to tokenize their property, like the deed to a house, a court can resolve competing claims of ownership and transfer the token accordingly. Likewise, if an artist wants to enforce a copyright or a royalty in digital art, the rights can be determined by a court and reflected in the control of the ordinal NFT. JTC’s tokenization features can also help the legal industry provide new products for consumers of legal services, such as recording on-chain wills usable in a probate court.
By augmenting typical blockchain protocols with these unique capabilities, JTC is more attractive and effective for the most important blockchain use cases. As noted by Mike Kanvotiz, Jurat’s CEO and founder: “If you’ve never personally lost your crypto to a phishing scam or hack, you may not be aware of how limited the scope for legal recourse is. You cannot call Bitcoin for help like you can call your bank. Effective on-chain legal enforcement through Jurat is a way for cryptocurrency owners to get help and bring accountability to Web3.”
Jurat can be used to recover crypto stolen by hackers and scammers through the courts.