Nation3 is its own jurisdiction because it has the power to create and enforce law.
Traditionally, nation states enforce law within their physical borders (their land). But Nation3 enforces law within its virtual borders, making it the first Internet jurisdiction.
The idea is simple: people can enter legal agreements over the Internet, secured by the Nation3 system of law. In case one of the parties breaches the agreement, they can open a dispute and take them to court in Nation3.
- Internet-native: No need to print, fax, pigeon or take a plane to attend a hearing. No need to wait years for a resolution.
- Limited liability: In Nation3, each party entering an agreement deposits crypto as collateral — the maximum amount they can be liable for, in case of breach. No surprises.
- High legal standards: In Nation3 it's unconstitutional to pass law with retroactive effect. Nation3 also adheres to the Universal Declaration of Human Rights.
- Encrypted and private: In case of dispute, all communications between the parties and the judges are end-to-end encrypted. And, by law, all evidence must remain private.
In order for Nation3 to create and enforce law, the following building blocks are required:
- Laws: The laws to be enforced within the Nation3 jurisdiction.
- Contracts: The contracts entered by the Nation3 DAO with key parties (e.g. judges).
And the following stakeholders:
- Citizens: Ultimately govern Nation3 via the Nation3 DAO.
- Judges: Resolve disputes. Elected by the Nation3 DAO.
- Guardians: Oversee the work that guild/contractors carry out for the Nation3 DAO. Elected by the Nation3 DAO.