INTRODUCTION
As time goes by blockchain technology increases in its popularity and goes mainstream. Everyday, different types of cryptos are created, to meet one need or the other.
These increases interest on services based on the blockchain as well as digital and virtual trading.
As it is with a lot of existing and new technologies, they have a number of disadvantages or problems they need to resolve in their product or service.
Everyday, disputes arise on the blockchain, and there isn't a means of resolving them efficiently.
Sometimes buyers do not get expected services or products from vendors, and the back and forth take a lot of time, energy and resources.
A lot of times, these buyers are attracted by the awesome pictures on display, but when the product is delivered, it's a different story entirely.
When these disputes arise, they can't be settled in traditional courts, because it's not even worth the hassle most times.
Some existing technologies related to dispute resolution are slow, expensive, unreliable or people do not just feel that they are treated fairly. This ensures that interest in these drops. Hence, a viable solution is needed.
MEET WITH Kleros
Kleros is a decentralized app on the ethereum blockchain that ensures justice prevails. It functions as a third party to resolve disputes-simple or complex, across a multitude of industries. It makes use of a jurors system, spread across the world. These jurors are experienced individuals in the field in question. It is a opt in service and resolves disputes quickly. Other benefits of Kleros is that it's easy, inexpensive, fast and reliable.
Kleros involves a number of steps, after the user has opted in.
Users seeking justice will need to submit case files along with evidence, and also indicate the number of jurors they wish to preside over their cases.
Kleros makes use of game theory, cryptography and the blockchain to carry out tasks efficiently, as well as to pick jurors.
Jurors have a lot to gain or lose. When jurors vote fairly, they are rewarded. Giving a wrong verdict ensures that jurors lose some of their tokens, which they staked to signify interest in a particular case.
PROJECT OF Kleros
Kleros is comprised of many functions. We will now take a more in depth look at them.
Arbitrated contracts
Seeing Kleros is an opt in service, both parties need to agree that in the situation a dispute arises, it will be resolved with the aid of kleros as the arbitrator. Numbers of jurors for the case need to be stated clearly, and also what type of subcourt they wish to have their disputes resolved in. Parties have to choose a court that is related to the industry the case is located in. For example, an insurance contract will choose an insurance court, an e-commerce contract will choose an e-commerce court etc.
Options for jurors
Options from which jurors can select from are created for jurors and they will use this information provided to settle the dispute. Some possible options are:
“Reimburse X”
“Give one extra week to finish the work”. Immediately votes are collated and this is settled, the smart contract ensures that this is executed immediately, and the case file is closed.
Privacy
Jurors need to have relevant information pertaining to the case, to be able to resolve disputes adequately. To ensure that information provided remains private, the jurors contract language and voting options are not put on blockchain.
Drawing Jurors
Token system
Users of the Kleros platform can earn residual income with the aid of pinakion (PNK) tokens by functioning as jurors and resolving disputes. The higher the number of pinakions deposited, the higher the users chance of being selected as a juror. If a user doesn't make any deposits, then that user has no chance of being a juror.
Jury selection
The process of jury selection is done randomly. The probability of being selected to be a part of the jury depends on the amount of tokens deposited. Selection is also done automatically.
VOTING SYSTEM
When much evidence of parties are provided to jurors and a voting option is shown to them so that they can choose only one. Then address,salt and volt is submitted by them.
ATTRIBUTION FEES
Rewarding the jurors, attribution fees is given by parties. And it prevents the scammer. And for this the full work is completed without any disputes. Both parties carry this fees for smart contract.
APPEALS
When the full work is completed by jurors but one parties think that he or she is not satisfied with this judgment then he can appeal for this.
If a verdict is appealed, jurors of the appealed level are not paid (but they are still affected by the dispute due to token redistribution). This incentivizes jurors to give explanations of their rulings. When proper explanations are given, parties are less likely to appeal as they have more chance to be convinced that a decision is fair.
Source
INCENTIVE SYSTEM
In this system the jurors of Kleros do their duty with full responsibility and here that is no fact where parties give their fees in a small or big amount.
After the final result of disputes, the token are redistributed among the jurors. We know that a smart fees always inspire a person to do a smart work so here jurors do their work with full responsibility.
GOVERNANCE MECHANISM
As blockchain technology got too much popularity so government try to follow some rules for growing the platform of Kleros so fast. And one of is depended upon the vote of token holders. Direct voting or delegating their vote is another option, but if someone fails to vote then it will be shifted to his delegation as voting power.
ADVANTAGES OF KLEROS
- Transparent system.
- Security lebel is high.
- Bribery is strictly restricted.
- Jurors are too much active and honest about their duty.
- Jurors are awarded for their best work.
- Parties privacy is maintained carefully.
- Working cost is low.
- It is too fast system.
*Only topic specialist resolve the disputes. - Appeal system.
APPLICATION OF KLEROS
- Escrow
- Micro Tasking
- Insurance
- Oracle
- Curated lists
- Social networks
TOKEN OF KLEROS
Kleros has its own token and it is called pinakion (PNK). And users can use this token to complete their work. Jorors also use this token.
BRILLIANT TEAM OF KLEROS
ADVISORS
If you want to know more please see the video.
Source
FOR MORE INFORMATION
kleros2018
This is my twitter link
https://mobile.twitter.com/Sharmin56860318
klerostwitter
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Hi @sharminwadud,
many thanks for the work and time you put in this article. Upvote and Resteem 4 U!
Best regards
@rich.art.deluxe
Thank you
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Hi @sharminwadud
Wow, really interesting method to encourage users to hold tokens.
Thank you for such informative article. Pleasant read :)
All the best
Thank you dear.
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