Developing ICA.one International arbitration for crypto trades
Enforcement of ICA decisions will be mandatory in countries that have joined the New York Convention on International Commercial Arbitration. In these countries, national courts will be required to enforcement order for our decisions taken in accordance with the national substantive law regulations.
Stage 1 - creation of a system of identification of participants in transactions (users, organizations), with the maintenance of the concept of user anonymity on the platform, in the format of Self-Sovereign Identity
Stage 2 - a system for sending legally significant messages
Stage 3 - the dispute resolution system is a direct digital environment for filing lawsuits, reviewing cases and executing arbitrators’ decisions.
Stage 4 - the evidence registration system is a functional extension to ensure the registration of evidence using distributed registry technology.
the possibility of judicial protection of the rights of owners of crypto assets, users of cryptocurrency and digital services, including social networks, ecommerce, investments in digital assets, etc.;
preservation of user anonymity: the party to the transaction, until it enters into a dispute, remains anonymous, and can declare any nationality.
With the NEAR protocol, we will provide a trusted environment for all participants in the ecosystem of legal relations.
The lack of generally accepted regulation of transactions, which is why relations in the field of crypto assets, even in 2022, are regulated by what is called “business rules”, i.e. how it turns out. The parties to transactions in the “digital world” do not have a sufficient set of tools to protect their rights, and also cannot rely on competent judges (arbitrators) when considering disputes in ordinary arbitrations and courts of general jurisdiction. The anonymous deals often does not allow their participants to protect their interests and present evidence.
The $2 trillion Crypto Asset Market As of Q1 2022
Digital assets and cryptocurrencies are a supranational market. The international nature of transactions is determined by the international nature of the asset with which the transaction is made.
The digital ecosystem for:
*identification of persons, companies, information systems and assets (both digital and physical assets tokenized for the digital world) for conducting settlements
- denoting the jurisdiction of the transaction
- guaranteeing the transaction
- supervision of the deal
- dispute resolution
- guaranty the obligations of the parties during the arbitration process using ESCROW accounts
- for the sale of assets
Product stage 1 :
- identification of parties to transactions - individuals, organizations, initiative groups of digital asset market participants;
- anonymous digital identifier for individuals;
- identification of digital assets, the volume of cryptocurrencies and transactions
- a system for confirming the fact of user identification for KYC procedures
The legal dispute resolution system will use the NEAR blockchain for transactions with crypto assets.
NEAR may become the first blockchain ecosystem with algorithms for legal protection of its users
The WEAR Foundation gets the opportunity to make demands to protect the rights and legitimate interests of any participants in the ecosystem, including both services and individual users. Even Binance does not have such a legal system.
NEAR receives a powerful generator of informational occasions that can be used by NEAR promotion specialists.
Economic impact: identification operations, transactions with documents, payment of organizations for access to the system will be carried out through the near blockchain. This will increase the traffic and demand for the NEAR token. Moreover, in the long term, NEAR receives a tool for additional influence on the blockchain, which will be used to perform regular and one-time legally significant actions.
- transaction fee for user identification
- transaction fee for sending documents
- transaction fee for sending legally significant messages
- fee for having the case reviewed by arbitrators
- commission for using ESCROW accounts to enforce a court decision
Test implementations -2021
System connection of ID with Near - Q2 2022
Mass adoption, digital identity - Q4 2022
Mass adoption, sending legally relevant messages - Q4 2022
International Court of Arbitration for Crypto assets - Q1 2023
- HTML5, CSS, ShellScript - support
Nikolay Petrov - 10 years of making products from 0 to mass adoption, ex CEO of VEDA, blockchain where you can store information into token. linkedin.com/in/nikolay-petrov-7817b425/
Oleg Sivakov - 15 years in development, 7 years in blockchain development, ex CEO of B41 Blockchain Development, architector and developer of a blockchain platform “Tamyr" for association “BlockchainKZ” and “Nodes Plus” for B41. Telegram: Contact @olegsinfo
Ksenia Xizova (CMO) - 12 years in digital marketing, ex CMO of Plazma Pay, ex CMO of Wikium - international courses with 7 mln users all over the world.
Total cost: $1500K - $1550K
The project is ready for integration in NEAR blockchain.
Total Ask: 11K NEAR