Disputes, as we know, is a very sensitive issue especially when finances are involved. Dispute is a severe form of conflict, a disagreement between two or more people/parties. Disputes can dismantle a well fortified kingdom if it is not rightly managed. It can render void an entity or endeavour individuals labored over long periods of time to build. Little wonder then that xDAC has made swift dispute resolution one of its top priorities to ensure users' satisfaction and a friendly air on its platform.
Let's recall that xDAC is one of the platforms that advocate automation and decentralization of governance on blockchain. It is not surprising then that it lives up to its principles by adopting a very decentralized mechanism for swift resolution of disputes on its platform.
Now you are probably curious as to what exactly this mechanism is and how it works. Well, it's a normal thing for curious people. Lol! So here it is:
xDAC has come up with the idea of Dispute Representative Board to ensure swift and fair settlement of disputes on its platform. The board is made up of a group of anonymous arbitrators set up solely for the purpose of handling disputes on the platform. These arbitrators would be token holders/investors and as such, have a say in the affairs of the platform. To resolve a dispute, these representatives would be required to review the documents submitted by the disputing parties and cast their votes based on their objective judgments. A quorum of 60% of votes and above would be required to resolve any conflict brought up before the board.
This mechanism perhaps wouldn’t have much effect as per ensuring swift settlement of disputes but for the incentive scheme attached to it.
An incentive scheme?
O yes!
You see, for their contributions, the dispute arbitrators/representatives would be incentivized in xdac tokens per dispute that they attend to. The incentive scheme would take the form of a bounty. For every case of dispute submitted, the platform would set a bounty for its resolution; thus, the arbitrators/representatives would be able to decide on the dispute to attend to based on the bounty reward.
Now to the ultimate question: could this protocol foster swift resolution of disputes on the platform as expected?
Absolutely!
Let's look at it this way: I'm sure everyone wishes to be rewarded one way of the other for their efforts especially here on blockchain. So logically, the higher the bounty pool for disputes, the swifter the dispute would be bound to get resolved as the representatives would naturally go for cases with greater rewards. With this understanding, xDAC is settling for no less than making the bounty pool really attractive in order to yield the desired outcome in disputes settlement.
This notwithstanding, xDAC has the right to choose given representatives to attend to certain disputes. This is where arbitrators' track record of unbiased judgements come to bear as the xDAC team would naturally go for nothing less than people of proven integrity. However, the speed of dispute resolution would depend somewhat on the nature of the dispute itself. While some disputes can be resolved easily/directly – as in cases where the disputed amount involved is not reasonably significant, others can take prolonged time especially when large amounts are involved. In the latter case, the accounts/companies involved might have to be frozen by the platform until the dispute has been safely settled.
These said, one can only hope that we have people of integrity in the dispute representative board and that the xDAC platform lives up to expectation.
For more information on the xDAC project, visit their website at: https://www.xdac.co/
And read their whitepaper here: https://www.xdac.co/docs/xDAC-Whitepaper.pdf
You might also want to join their telegram chat group to stay up to date with developments. Go here: https://t.me/xdacgroup
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