Introduction
KLEROS is platform that has stepped up to bridge this gap, and a network of juries specialized in various categories that are available to resolve disputes. In addition to a transfer (authority) from central to local government. application built on the top of #Ethereum that works as a decentralized third party to Arbitrate disputes in every kind of contract, will provide arbitration of disputes. Also evolving an agreement where the two parties give the experts the right to vote on who is correct, in case of dispute.
What makes Kleros fast and real?
#Kleros fast, reliable and completely automated procedure once a smart contract is in place. Also, there are a number of different courts which will be attended.
The thing that is essensial, there is enough money to compensate the jury for analyzing the evidence and voting a verdict. "Pay full amount to party1", "Pay only 50% to party1", "Return money to party2", etc. The jurors get more tokens for better work. There is new version or rather an adapted to today's hyper-connected environment.
What is Kleros?
Kleros is Decentralised Application built on Etherium platform works as The Blockchain Dispute Resolution layer.
Kleros is a network of juries specialized in various categories that are available to resolve disputes virtually in everything.
Disputes in the global, digital, and decentralized economy occur in areas where they cannot be solved by state courts and existing dispute resolution methods and in some of the cases where money involved is too small both parties plan not to visit any court of jury and in these cases Kleros provides a solution built on decentralised Etherium platform and they have jurours expertise in virtually all fields. They crowdsourced jurors to adjudicate disputes in a fast, secure, and affordable manner. System is set up to keep checking and preventing and corruption.
In this case parties deposit money to Kleros system and Kleros release money as per contract where both parties are happy and in any case of dispute case goes to jurours who decide and accordingly money released. So both parties are happy and knowing their money and work both are safe and true judgement will be made in case of even smallest of disputes.
How Kleros works
Crowdsourcing juries will defines what's the appropriate price should be used to settle the contract. And for the resolution of disputes regarding the oracle data, if a dispute arises, it will be resolved using the Kleros dispute resolution system.
Case 1
Sam is a web designer. He has a small business, and depends on his income from doing web design work.
He recently secures a small client, Pots’n’Pans, who decide to hire him after viewing his portfolio. They agree on a set of payments to be made totaling $2000.
The first $500 is released at the start of the job, another $500 after the backend is complete, and the last $1000 upon the completion of the job.
They define a clear scope of work and what the client needs.
The client pays Sam the first $500 and off they go!
After a few weeks, when Sam completes the backend to spec, he contacts the client for his second payment. They let him know that they decided to change direction, and are not interested in continuing the development process.
What can Sam do?
Even with evidence of his interaction and their agreement with the client, realistically, there is not much to be done.
Going to small claims court or engaging in a lengthy dispute would cost more than to just accept it as a loss.
Had Sam secured their agreement via Kleros, there would’ve been a panel of judges that could’ve helped to settle this dispute. But without it, Sam is out $1500.
- Taken from their website https://kleros.io
Case 2
Homemakerzz.hh is a successful multi-city architecture and interior design firm employing many top level designers and developers on contract basis.
Homemakerzz has contracted Lucy, for building a 3D walk-in model of an office. The blueprints and sizes and colors along with other specifics are sent E mailed, the time limit is 10 days.
After 9 days Lucy writes in for an extension of 5 more days. Here if Kleros is involved the remuneration would be automatically adjusted if Homemakerzz accepts the new deadline so or The contract cancelled and the money refunded to them. On the other hand after submission of the project Lucy is told to execute some new changes in lighting free of cost, the request seems small but amounts to a lot of extra work. Here also Kleros would step in to make full payment to Lucy for the work completed regardless of the changes that Homemakerzz wants.
Such contracts are entered into daily by writers and artists, by contractors and freelancers, by work-from-home accountants and consultants . Kleros would be able to secure performance by ensuring non biased arbitration for anything from digital contracts to insurance pay outs for damages to your car- inexpensively and really fast.
google
Conclusion
From the use case which we analyzed between TotoPaul and BlorkosPeter, we have seen that KLEROS works in an effective and efficient way. Small business get to benefit from KLEROS, since they now have a platform that can handle any dispute that may arise in their small transaction cases. Large corporations are not left out, as KLEROS can also effectively and efficiently manage all disputes that may arise at a low cost. Hence, everyone should thrive and integrate KLEROS into their business.
Link to Tweet:
https://twitter.com/jerry_nusrat/status/1031644532918501377
- jerry_nusrat
Kleros 2018