Kleros -Blockchain Platform for Third Party Arbitration of all kinds of disputes

chukwuebukaa (43)in #originalcontents • 6 years ago

The effectiveness of having a system of Arbitration in the 21st century has been severed by several manipulative efforts, we all have one time or another witnesses the stress, waste of time and resources, coupled with the misinterpretation of the law rampant in our judiciary systems all over the world, this would often always lead to the wrong verdict after a long procedural exhaustion.

Kleros is a decentralized arbitration protocol based on the ethereum blockchain that is a solution to the judgement system of the 21st century.

By using Game theories algorithm, Kleros ensures that the jurors are incentivized for being effective arbitrators. Here individuals with enough background information about any subject matter can apply as jurors, and are picked using a staked voting system to preside over disputes.

Kleros will make it possible for large companies like ebay and Amazon to manage the large scum of cases they receive daily on a blockchain technology that is more effective than conventional legislative systems.

Image above shows how Kleros plans to incoporate major systems in the world, from the simplest to moest complex, hence users can almost entirely find their area of dispute in the Kleros platform and add Kleros as arbitration system for any of their issues.

Small businesses have a great advantage of a cheaper and more secure platform to appeal their cases on, rather than spending a huge chunk of the capital needed for their business onto dispute resolution.

Alternatively, individuals who are skilled in a any area of specialty can apply to Kleros as jurors, where they earn monetary incentives by presiding over disputes and voting using the algorithm that Kleros has built.

Kleros will make it possible for both small companies and large incorporations to save time and money on dispute resolutions, by making use of Kleros platform , they can receive quick and effective judgements to their cases and can effectively concentrate on managing their businesses for large companies and growth for small companies.
One thing i like about Kleros is the structure in which it is built on top of, which makes it virtually impossible for any particular case to be rigged. The Shelling Point System developed by Thomas Shelling made it possible for Focal Points to be allocated to a particular group of judges who have majorityof votes in any particular disputes resolution,using a secret balloting system, based on the principles of user’s expectation of another user to be honest with their votes, making it a fool-proof structure of honesty.

Pinakion Tokens(PNK)

The PNK is the token of Kleros ecosystem, used to pay both jurors for their work of solving disputes and also for staking and picking of jurors using the random voting structure.