- Metacourt DAO is a democratized society responsible for running the first blockchain-based judicial metaverse.
- MetaCourt provides a justice protocol with Game Theory for on-chain arbitration and other legal services, with a jury of Web3 and law experts.
- Decentralized judicial systems present a solution for issues in Web3, as the traditional judiciary is ill-equipped to efficiently handle the cases in Web3.
MetaCourt DAO is the decentralized autonomous organization of MetaCourt that manages, governs and executes the judicial platform of MetaCourt. MetaCourt is a blockchain-based court in the metaverse dealing with legal cases to provide solutions for the legal issues faced by other decentralized organizations.
MetaCourt DAO As a Legal System
MetaCourt is a first-of-its-kind blockchain-based company functioning to present a decentralized solution for judicial systems. It can also be called the first ‘legal metaverse.’ The concept emerged from the fact that the traditional legal system is poorly functioning. It has, time and again, proven to be inefficient for the diverse range of issues existing in the real world. It is also very time-consuming and expensive.
So how can one entrust such a system with the convoluted nature of Web3 cases and the decentralized entities involved? Many lower-level judicial institutes may not even be equipped to handle the disputes of Web3, simply due to their sheer lack of awareness and familiarity with how things work in this new era of the internet.
The DAO of MetaCourt is the main governance body that is democratized and runs the entire ecosystem. It’s a transparent digital community that works to provide various services to ensure fair and on-chain justice in the blockchain universe. It is a large community that makes sure that the MetaCourt remains decentralized, with a decentralized decision process without a central authority.
MetaCourt aims to establish a judiciary for the specific needs of Web3 cases in a decentralized manner that is fair, transparent, unbiased, affordable, reliable, agile, and easily accessible to all.
Web3 and Law
MetaCourt is a metaverse built on a unique justice protocol to aid legal assistance to the users of Web3 and the legal practitioners dealing with Web3 cases. Legal professionals can also collaborate on the platform to discuss law, host events, conduct business, and even take courses on law.
With the rapid growth of crypto adoption, the market is on an unprecedented rise, despite the ongoing ‘Crypto Winter’ and an overall bearish market. More onboarding leads to greater conflicts and reduced accessibility of legal remedies. The demand for other legal services is also surging, such as data protection, compliance issues, regulatory and authoritative conflicts, licensing agreements, etc.
On the other hand, most legal professionals as well as jurors are not well-versed in Web3 intricacies. Traditional channels also incur exorbitant costs for clients.
The traditional legal systems are highly centralized, as opposed to the decentralized nature of the blockchain. For example, if there is some dispute between an amateur crypto user and a whale, a service provider, or a DAO, they can very easily hire corporate lawyers, which becomes very difficult for a user who cannot have access to such means, to combat.
Another huge challenge is that the technology itself is fairly new, which means that laws and precedents are only in their initial phases. Another problem is the decentralized nature, due to which there is a lack of a regulatory framework that can be efficiently applied to the entire ecosystem. Since the users of Web3 are scattered across the globe, they are subject to different jurisdictions worldwide.
MetaCourt Multi-chain dApp and How Does It Work?
The underlying mainnet of the metaverse is built on the BNB blockchain (Build and Build). The legal services of the platform will be provided on-chain, which requires a chain that has high transaction speeds and low transaction fees. It’s a very important aspect, as the judicial system will involve a huge volume of transactions and multiple channels of service charges. BNB is a high-performance blockchain that enables fast micropayments and lowers gas fees to ensure an affordable legal system.
Hence, the MetaCourt dApp was developed on the BNB blockchain utilizing a native token, $COURT, built on the BNB in a multichain protocol. The multi-chain approach is crucial for the access of the blockchain-based virtual court to users of all the existing blockchains of Web3 so that it is truly a court that acts as a judiciary for the whole world of Web3, and not just for the users of BNB.
The justice protocol for on-chain jurisdiction is called the Meta Convention. It uses Game Theory to ensure a transparent, affordable, and efficient judiciary. Cases are dealt with by utilizing escrow smart contracts with curated arbitration and mediation clauses within them. An escrow payment tool ensures the enforcement of on-chain adjudications.
The panelists are thoroughly tested for their skills in law as well as Web3 technology. Dispute adjudication panelists are chosen by constant evaluation tests based on a reliable grading system and decentralized knowledge assessment model and the previous cases they have adjudicated and won. There is also a minimum stake requirement to become a panelist. The panelists who form the majority voting side are given points for further grading as well as tokenized rewards.
The Metacourt DAO supervises this guild of ethics and evaluation criteria to ensure that the most just decisions are made by the platform. They ensure that the participants have the necessary knowledge and skills to become arbitrators, legal advisors, mediators, and other legal service providers.
Another very important provision of the network is the meta law school, which provides free education on Web3 and law, in collaboration with professional experts and course providers. This is part of MetaCourt’s aim to onboard users, developers, service providers, and arbitrators in the metaverse.