INTRODUCTION
Technological Preferment that drives the global decentralization is accumulating mainstream attention in the world. All of these developments comes amid a rise in online transactions across the jurisdictional boundaries.
WHAT IS KLEROS
"Kleros is a decentralized application built on top of Ethereum that works as a decentralized third party to arbitrate disputes in every kind of contract, from very simple to highly complex ones. It relies on game theoretic incentives to have jurors rule cases correctly. The result is a dispute resolution system that renders ultimate judgments in a fast, inexpensive, reliable and decentralized way".
USE CASES
Kleros can be used in the following aspects;
- Arbitration
- Social media
- Gaming
- E-Commerce
- Crowd-funding
- Oracles
Kleros
HOW KLEROS WORKS
Kleros connects users who need various disputes settled with a crowdsourced pool of jurors who have the requisite skills to settle their disputes in a quick and affordable manner. The Kleros protocol is opt-in, meaning that users can implement Kleros as their dispute resolution protocol directly into their smart contracts. Crowdsourcing taps into a global pool of jurors. Blockchain guarantees evidence integrity and transparency in jury selection. Game theory provides incentives for honest rulings.
Pinakion Token (PNK)
Kleros
"PNK provides jurors an incentive to vote honestly. Users trying to game the system will lose money". Pinakion protects the system from sybil attacks, while also providing jurors an incentive to vote honestly.
Team and Partners
The team behind Kleros is led by co-founders Frederico Ast (CEO) and Clement Lesaege (CTO). Their token sale is currently live and is one of the first, if not the first Interactive Coin Offering as laid out by Vitalik Buterin, Jason Teutsch, and Christopher Brown as an improvement to the traditional ICO model.
Conclusion
Kleros offers a dispute resolution protocol for the modern digital world that supersedes traditional jurisdictional areas as the world trends towards globalization. The potential of smart contracts to disrupt transactions and agreements between parties in an efficient and automated manner will inevitably lead to the need for a decentralized court system.
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