What is Kleros?
Kleros is a decentralized platform that acts as a fully automated dispute resolution framework that resolves all forms of commercial disputes, according to the origin of the dispute between the two parties. Kleros makes use of a selection of juries that are specialized in the commercial fields to decide in a more impartial and equitable manner to implement the terms of an intelligent contract, if the negotiating parties reach a disagreement, the platform is responsible for withholding funds while the jury evaluates the dispute and makes a decision.
Incentive for the Juries
Jury members during a dispute must vote to resolve the dispute, during the process all jurors are expected to have the same verdict and thus receive an incentive. The Kleros jury voting and reward system is a system that works perfectly flawlessly because it is a derivative of the Schelling Coin mechanism that has proven to be very successful.
The Main Elements of the Kleros platform are:
The Arbitrated Contracts: the contracts arbitrated by the Kleros platform are the intelligent contracts. These contracts will be used depending on the type of contract that the two negotiating parties want, this contract must detail the number of jurors in case of a dispute, the category of the contract and the options for voting. Kleros is a platform with a high level of security and privacy, therefore only selected juries will be able to view the information regarding the case in dispute.
Specialized Juries: the Kleros platform has a wide network of juries specialized in different commercial fields, these juries are responsible for analyzing and judging the case depending on the category in which they specialize. The process of selecting jurors to handle a case will depend on the number of tokens you have, the more tokens the jury has the more chance they will have of being selected for a case.
Votes: The votes are one of the essential elements within the Kleros system, the votes are the ones that decide which of the two parties to the dispute is right, the juries are the ones that are in charge of casting the votes after analyzing the dispute, these votes cannot be shown until all the jurors have voted and a decision has been reached, apart from voting, jurors must give a brief explanation of why they made that decision, this is done in order to reduce appeals between the parties, due to the anonymous nature of the votes, the system is protected against bribery or retaliation.
Governance System: the Kleros platform also allows decision makers to delegate their votes, the delegates do not necessarily need to be human, they can be intelligent contracts that are specifically programmed, the more the platform grows with the adoption of the users the more subcourts can be added and modified, this makes the Kleros system completely scalable.
Why is Kleros Essential?
Nowadays the technology has been developed and constantly evolving and has allowed people to make transactions online, whether sales or purchases alike, today more and more people buy and sell products on the Internet due to the ease and convenience it offers, also this is aimed at the growing adoption of kryptonite, many companies have adopted them as an acceptable means of payment. Due to all of this, a system that controls and resolves any inconvenience in a transaction is becoming increasingly necessary. Intelligent contracts alone are not enough, which is why the Kleros system is of vital importance for the current and future business sector.
Token Kleros
The Kleros platform has its own token which is PNK (Pinakion) based on the Ethereum blockchain, this token is used for many functions among them are:
Means of payment so that users who use the platforms can participate as jurors.
It's compensation for jurors who do good work.
How Kleros works
Kleros is a system that works perfectly, and his team has done an experiment that illustrates the principles of how Kleros runs, the experiment is called doges in test, in this experiment users must upload images to the site and question any image to know if it is a doge or not.
TEAM
PARTNERS
ADVISORS
Conclusion
Kleros is a very solid dispute resolution system built in blockchain, the system can handle any kind of disagreement or dispute and has a wide network of specialized juries in different fields to obtain an equitable verdict, the system is fast, safe, economical and transparent.
More Information & Resources:
- Kleros Website
- Kleros Whitepaper
- Kleros Medium
- Kleros Youtube
- Kleros Twitter
- Kleros Github
- Kleros Forum
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