Hello everyone. Today, I would like to share with you a very potential project. There are a lot of projects have created on blockchain technology at this time and succeed. Blockchain with people now not strange, I know my friends read this article are investors and always looking for a good project to invest, that's why through this article I wanna introduce to you a new project I found it also using blockchain technology.
The project I wanna share name is OATH protocol. Have you ever heard about it? OATH protocol the first decentralized blockchain security protocol, designed to address dispute resolution in government. When we mention about blockchain technology, our primary concern is security, it is the most important concerns when using the blockchain technology, We are all familiar with cybersecurity to protect our data from breaches, While it is important to be mindful of and maintain the highest level of IT security it does not address all of our security concerns. A decentralized ecosystem needs a decentralized protocol to protect users' rights and assets, that' why OATH protocol has been created to provides the missing link and builds a decentralized jury system for dispute resolution.
OATH protocol is modeled on the modern Anglo-American common-law legal system developed as community self-governance. It uses cryptographic and random algorithms to select a diverse and unbiased pool of jurors. OATH's use of the blockchain juror's credit level system and case tracking technology enable robust, fair, and transparent community decision-making on the blockchain.
In OATH protocol that can be used in a variety of the scenarios such as OTC, trading blockchain e-commerce, home rental, blockchain insurance, content publishing, and Oracle services, public chain governance and many others.
Imagine like this: When a transaction is carried out on an e-commerce platform secured by OATH Protocol either side may activate the protocol to instantly start the dispute resolution process in case of disagreement by the parties. OATH's algorithms then randomly select a specified number of jurors to decide the case. The jurors are selected from a diverse pool, according to the criteria set b the parties. Then, both parties are given time to upload evidence to support their positions, during this process jurors may ask clarifying questions or request additionals evidence, once the jurors have made their decisions based on the evidence and parties' arguments, they will independently cast their votes. Modeled on the Angle-American common law jury system, OATH protocol ensures justice and fairness. Of course in during the dispute resolution process, the jurors' identities are kept strictly confidential to preserve objectivity and prevent the external influence.
This is a groundbreaking idea using blockchain technology and of course, the ultimate goal of OATH protocol is an extensible widely applicable, and highly reliable standard protocol, it adds an important layer of blockchain security by protecting chain and dApps users' rights and assets.
Let's see some of the advantages of this project.
TRUST: All key data, such as the contract and relevant evidence, is hashed into the blockchain to establish a permanent, immutable record.
CONFIDENTIALITY: The jury members’ identities are kept confidential through cryptographic techniques to ensure objectivity and immunity from external influence.
DYNAMICITY: OATH’s dynamic allocation algorithm reduces the odds of the same jury members resolving multiple disputes to avoid the collision.
FAIRNESS: OATH’s categorized random algorithm, designed for reducing bias selects jurors with diverse backgrounds to ensure fairness.
AUTONOMY: Both parties to the contract may set the terms of the dispute resolution process they agree to be bound by.
TRANSPARENCY: Once the dispute is resolved, the jury’s votes and stated reasons therefor are disclosed to the community.
These are some of the highlights of the project. In order to have clearer and more detailed information, If you are interested in the idea of the project and want to discover more specific information about how it works as well as some knowledge to create the OATH protocol. Please click the link below in this article. In this limited article, I just want to give a preliminary look at the project with interesting ideas and highly recommend you focus on this project. Thanks, everyone read my article.
Website: https://oathprotocol.com/
Whitepaper: https://www.oathprotocol.com/files/OATH-Whitepaper-EN.pdf
Telegram: https://t.me/oathsio
Twitter: https://twitter.com/OathProtocol
Facebook: https://www.facebook.com/oathprotocol/