Below is our recent interview with Patrick Dunn, Director at Trial Funds Society:
Q: Patrick, tell us something more about Trial Token?
A: Today, most cases never make it to court because of the high cost of litigation. Imagine if individuals or companies could support plaintiffs, whose cases they believe in, by providing funding for them to pursue their case. Crowdfunding websites have gained mass adoption to support meaningful projects and new products that we want to buy.
Trial Funds will support blockchain and smart-contract technology that connects plaintiffs with backers. Offering a platform for people who need access to justice, and also empowering the public to fund others in the pursuit of justice.
Trial Funds will review every case that’s submitted and post cases that have a high likelihood of winning or setting. This model is already common in places such as the UK, USA, Canada, Hong Kong and Australia, countries where taking legal action is costly. Even if you have a good case, you might not be able to afford the process of taking it through to trial.
Q: How did you come up to the idea for Trial Token?
A: We noticed a lot of people couldn’t get the funding they really needed when they were wronged and we wanted to create a platform that anyone could use to seek the justice they deserve.
Q: Why do we need a change in the legal system?
A: The crowdsourced nature of the platform allows a global response to a very real injustice currently taking place. Together with supporters, plaintiffs, and case backers we believe a positive and direct impact on our society is possible. This gives people the opportunity to get the funding they need to correctly defend themselves where they would otherwise not be able to.
Q: You’ve recently been listed on decentralized exchange; could you tell us something more?
A: Yes we are now here which gives our participants the ability to buy and sell our token when posting a legal case. The Token Store is a fully decentralized exchange based on the Ethereum network. It doesn’t hold any of your funds, but rather a smart contract does. Trading is therefore fully anonymous and not prone to the hacking and fraud risks centralized exchanges suffer from. The best way to trade between ETH and ERC20 tokens with The Token Store is through MetaMask. No registration is needed: your MetaMask account is automatically connected to The Token Store. All one must do to start trading is deposit funds into the smart contract using the deposit widget on the exchange page.
Q: What is Trial Funds?
A: Trial Funds will support blockchain and smart-contract technology that connects plaintiffs with backers. Offering a platform for people who need access to justice, and also empowering the public to fund others in the pursuit of justice.
Q: What is on the roadmap for Trial Token moving forward?
A: We’ll the actual company is already completed. We are in the process of launching the site.