After months of continuous research, we are finally publishing the Dcourt whitepaper first draft to be reviewed by the public. Until now, the Dcourt project was purely a private project. Today, after launching the official Dcourt website, we are excited to share the results of our research since September last year and until now with everyone.
What it is
Dcourt is a proposed decentralized dispute arbitration system that aims to assure fairness between users while cutting down the extra fees that many middlemen apply. It adds a new layer on top of Solidity smart contracts, whether on Ethereum or Rootstock, where off-chain transactions and interactions, whether electronic or physical, are interactively verifiable.
How it works
At its core, it is a decentralized judicial system that is secured by a concept similar to Bitcoin's computationally expensive proof-of-work, but instead our concept relies on an intellectually expensive proof-of-justice where a permissionless network of jurors, similar to miners, cast votes that help render the impartial verdict of cases and by result are rewwarded for securing the fairness of the system. They are economically incentivized to act as honest and accurate as possible and are disincentivized from misbehaving.
The Dcourt token is an ERC20 utility token designed primarily to create approporiate economic incentivizes and disincentivizes for jurors in order to maintain the security and fairness of the system.
Holding the Dcourt token is the only requirement for anyone to become a juror since it defines his voting weight, reward and/or penalty.
Potential use cases
While we do have a list of some of the most promising use cases we could think of, it's hard to make an exhaustive list of all possible use cases. Therefore, we believe that the truly promising use cases of Dcourt are yet to be discovered and created by third party developers.
Here are some of the known use cases:
- Autonomous rights management
- Sharing economy applications
- Trustless legal contracts
- Decentralized escrow exchange for ERC20 tokens
- Autonomous EULA/ToS
You can find more details on the listed use cases on the whitepaper.
No more gas fees in Ether!
Two weeks ago we published the specification for our new proposed ERC standard in preparation for the Dcourt white paper. The standard specification is also detailed on the Dcourt whitepaper. We are proudly the first to implement the proposed standard in Dcourt's unrelease WIP proof-of-concept smart contract. We will release the code on Github once we are completely confident about it.
ICYMI, this feature will allow the Dcourt smart contract to become the first of its kind to allow users to pay transaction gas fees in the native Dcourt token instead of Ether. This should give Dcourt an advantage over every existing smart contract in terms of usability and user experience.
The present and the future
Our main occupation at this moment is getting as much feedback as we can on the Dcourt whitepaper draft so that we can get to a final draft ASAP. So please, if you have any comments, suggestions or criticism, please forward them to firstname.lastname@example.org.
The next milestone is the announcement of the Dcourt bounty program which is scheduled to begin by the end of the month.