In the 21st Century, Blockchain and the Internet has offered a lot of transformation in our everyday activity. Many people who use various online platforms to trade or purchase different crypto products are vulerable to online theft and hackers. The idea of decentralization is been welcomed by a large number of people using this platform and this is where KLEROS comes in.
WHAT IS KLEROS
Kleros is a new decentralized platform that is built in Ethereum which works as a decentralized platform to stand as an arbitrator or a third party on all kind of contracts from complex to simple ones. Kleros serve as a dispute resolution system that renders judgement in an inexpensive and swift way.
Advantages of KLEROS:
• Secured
• Bribe Resistance
• Only jurors that specializes in the topic of the contract are picked
• Privacy is guaranteed
• Transperancy at a high level
• Rewards for jurors
Built on the Ethereum blockchain, Kleros is charged with the responsibility of resolving issues from very simple to complex ones. It is fully automated, which means it doesn't literally depends on honesty but on game-theoretical economic incentives.
Arbitrated Contracts
Kleros is an opt-in court system. Smart contracts have to design a Kleros as their arbitrator. When
they opt-in, contracts creators choose how many jurors and which court will rule their contract in
case a dispute occurs.
Kleros
Applications of KLEROS:
• Escrow
• Insurance
• Social media
• Arbitration
• Micro Tasking
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