A consistent concern raised against cryptocurrency is its connection to criminal activity. Lawmakers fret about how to enforce the law when criminals resort to blockchains for money laundering and other crimes, while would-be adopters fear losing their savings to the scams and hacks that are so common in the crypto world. Unlike the legacy financial system, there is no way to recover funds in the event of a crime or even a mistake like losing private keys,
One result is that the blockchain industry has struggled to come into the mainstream. Legal compliance is a necessary missing piece for users to meet their obligations while reducing the risks to them of transacting on-chain.
The JTC Blockchain is a new branch of Bitcoin that aims to solve the problem by enabling on-chain legal recourse, such as recovering stolen coins or freezing a digital asset that is the subject of a dispute between blockchain users. You can think of its native coin, $JTC, as a consumer protection version of Bitcoin and the JTC Blockchain as a platform for tokenizing legal rights on-chain.
Legal Compliance: A Needed Upgrade to Bitcoin
The lack of legal compliance in the blockchain industry is due almost entirely to one problem: the difficulty of enforcing laws that already exist. Fraud is illegal whether the target is using dollars or crypto, and digital asset owners have the right to recover stolen coins like stolen money. But there is usually no way for a court or law enforcement officer to give victims effective legal recourse against anonymous hackers and scammers.
The cryptocurrency industry in general, and the $BTC community in particular, suffer from the resulting lawlessness, which limits adoption and weighs down market values.
Enter $JTC, a coin that adds court-connection protocols to the Bitcoin core. Once augmented, blockchain nodes are able to access court dockets and understand what court judgments require without any human intermediary. The result is that the blockchain can autonomously enforce legal requirements as decided by actual judges. In other words, the JTC blockchain can comply with legal pronouncements just like a legacy bank or store. So, for example, if a court orders that coins get returned from a hacker’s wallet to a victim’s wallet, $JTC will comply.
The Jurat Ecosystem: JTC Blockchain, $JTC Coin, and JTC Ordinals
The JTC ecosystem comprises the JTC blockchain, the native $JTC cryptocurrency, and the JTC Ordinals, all of which offer consumer protection and commercial legal rights to users in the event of scams, hacks, mistakes, and business disputes.
The JTC blockchain is a branch of Bitcoin that adopts both the Bitcoin core software and the $BTC network ledger. This produced several important results.
First, all $BTC wallets as of the block when $JTC commenced (717808) own $JTC 1:1. They can use it to access the network through the Jurat Wallet (which is available for Android, iOS, Windows, and Mac). Second, the JTC blockchain network upholds all of the features found in Bitcoin, including a decentralized ledger, open account structure, and proof-of-work (PoW) mining. Just like on other Bitcoin branches, users can transact anonymously, across borders, at low cost and free from intermediaries.
Combining all its features produces a consumer protection version of Bitcoin where legal compliance tools allow users to seek legal recourse if their digital assets are compromised.
The $JTC Multi-Utility Token
The use cases for $JTC are similar to $BTC, but $JTC holders benefit from access to legal recourse. Legal recourse opens blockchain payment rails to a host of new people who need access to courts, such as for large commercial transactions and tokenizing real-world assets.
Whether paying with $JTC or handling JTC Ordinal tokenized assets, a user with a dispute can access a court either on their own or through an attorney.
There’s No Shame in Demanding Legal Recourse
A mantra of Bitcoin maxis is to keep the government out of crypto. To them, avoiding the government is a good thing. In reality, though, effective law enforcement benefits. When a crypto user loses their life savings due to a phishing scam or wallet hack, the most important feature to them is the ability to enforce their rights to get it back. Most people and businesses want the protection of the laws. So including options for legal recourse is a must.
Likewise, most Maxis imagine a world where a government official can press a button and seize their property. But that is not how the court system works. Judges enforce due process on government officials, ensuring that there is a full opportunity for all users to present evidence and only allowing officials to move forward when the law justifies it. This is the same system that protects all property from official interference – houses, cars, bank accounts, and even Maxis rely on these protections when choosing to own real-world property. There is no reason to doubt that due process will also apply to their coins.
JTC’s Tokenization Solutions
JTC Ordinals are similar to standard Bitcoin Ordinals, but beneath the surface, they hold enforceable legal rights that can benefit digital artists, legal professionals, NFT collectors, and traders.
With $JTC, users can inscribe licensing and royalty agreements directly into the token’s metadata. This gives the seller and buyer certainty. For example, digital artists and collectors can view all rights in a token on an explorer and enforce those rights in court if there is a breach. The inscription system also allows attorneys to create legal documents, like a Will or a contract, and store them immutably with indisputable time stamps to prove their authenticity in court.
Final Thoughts on JTC, Compliance, and Bitcoin
$JTC follows all of the core protocols of $BTC while adding the important element for enforcing legal rights on-chain. It is a welcome and needed feature for a new wave of users who want the advantages of Bitcoin without giving up their legal rights when they need them.
