Kleros | The Digital Court

INTRODUCTION
The technological era has brought advancement in some many area that has brought about improvement in life. In life the interaction and transaction between individuals or bodies has led to various dispute due to the fact that parties involved do not honor their agreement. Disputes is said to be having false thought on a matter or subject. It could also be defined as a person’s having conflicting interest leading to resentment among the parties involved.

Disputes as a challenge confronting people in many sphere of life brought about the origination of the tool called the “Kleros”. Kleros is a decentralized application built on top of Ethereum that works as a decentralized third party to arbitrate disputes in every kind of contract, from very simple to highly complex ones. It relies on game theoretic incentives to have jurors rule cases correctly. The result is a dispute resolution system that renders ultimate judgments in a fast, inexpensive, reliable and decentralized way. Furthermore Kleros is a smart contract based dispute resolution mechanism that relies on randomly selecting tokenholders of the kleros token pinakion (PNK) to serve as jurors for a given dispute.

More so, Kleros is a decision protocol for a multipurpose court system able to solve every kind of dispute. It is an Ethereum autonomous organization that works as a decentralized third party to arbitrate disputes in every kind of contract, from very simple to highly complex ones. Every step of the arbitration process (securing evidence, selecting jurors, etc.) is fully automated.

Kleros does not rely on the honesty of a few individuals but on game-theoretical economic incentives. Kleros as a tool will bring about change both for individual and business by tending make both parties honoring the stated agreement and resolving dispute by reviewing and subjecting it to proper check by the jurors [An agent (jury) follows a procedure where an input (evidence) is used to produce an output (decision)] who give the final verdict on the stated evidence without any inducement (bribe).

For example James paid for his flight tickets online taking him and his family to the Caribbean for holiday two weeks and this transaction was done a month earlier only to find out on that day that his name was not on the manifest he request for a refund but it was not granted. The second one was a cab company stationed in Nigeria who didn’t honor the request of a newbie in town after paying online with his mobile phone due to the fact that him not having his way around the city after an invoice has been given to him. He complained about it but to no avail the complained was not honored.

The third is a company who declared that bonus will be giving to customers who invest more money on some of their product but after doing that months past the agreement was not honored but when the matter was put forward before the company they gave various excuses that led to disputes. Klero reduces disputes resolution by serving as an opt-in court system which brings about what is called smart contracts. Smart contract legal document written as binding agreement between parties involved. Smart contracts are smart enough to automatically execute as programmed, but not to render subjective judgments or to include elements from outside the blockchain. Existing dispute resolution technologies are too slow, too expensive and too unreliable for a decentralized global economy operating in real time. The idea is that they will choose a type of court specialized in the topic of the contract.

A software development contract will choose a software development court, an insurance contract will select an insurance court, etc. Furthermore, with kleros the charges by the courts for sitting and lawyer exorbitant fee will be done away with it. For small business kleros will aid smart contract to be effective, client honoring the agreement and ease the dispute between client and the small business with just a little token (PNK). For large corporation such as amazon, ebay etc kleros will aid client and corporation get along with smart contract provided by klero and more so if there is a dispute klero play a key role bringing solution to person involved with a little token charge during the service rendered and also serve as third party between client and corporation when transaction is to be carryout and the rule are spelt out to both parties.

For fairness the kleros system should create algorithm that looks at the evidence before being examine by the juror and thereafter examine by a general court that gives the final verdict of what has been provided by juror. More so algorithm should be create that prevent inducing the jurors and rotation policy algorithm should be adopted as well. For example this fairness incentivization disputes tends to be actualize with good results. In conclusion kleros is system that needs to be adopted for proper resolving of cases with disputes and smart contract activation.

This is an Originalworks Contest.

kleros2018