Our world is spawning at a whole new rapid level. With technological advancements every day, many things have changed from how there were formerly done. The transition from traditional centralised contract nature to state-of-the-art decentralised technology is revolutionising the world.
The internet came and transformed the business world. To cap it up, blockchain's invention has availed for an ecosystem dominated by p2p interaction. The only shortcoming that is still associated with current blockchain technology is the failure to establish a fair ground for both parties to enter smart contract.
But kleros has made it possible to cater for fairness.

WHAT IS KLEROS?

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Kleros is a decentralised platform, created in bid to make p2p interactions more productive and much desirable by curbing the incidence of disputes that may arise from it. It is built on the ethereum virtual machine. Another interesting fact about kleros is that, one can either get them involved from the onset of contract or post contract, so long as it is a smart contract.

How kleros works?

The platform, powered by blockchain technology adopts the services of jurors as the ultimate mediators on the chain. There are several categories of jurors here and subcourts too. So depending on the nature of the p2p relationship, whether it be insurance-related, transport-related or any other, the best-suited jurors in that specific regard will be assigned the case. After understudying the case, they now decide on a fair and just action and, act on it instantly.

Source: WhitePaper, Page 3
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Integrity and Altruism of the Juror System

Of course, one cannot rule out the possibility of some power broker wanting to manipulate the juror system on kleros. Its only that to do so, such a person must have at least 3 accredited jurors in his pocket and in turn those jurors must have a lion share of pinakions on the platform. Considering the fact that kleros has already put in place a mechanism in which price of the pinakions will significantly rise once there is perceived to be an unusual localised demand, it would be next to impossible for anyone to manipulate judgement outcomes.

Furthermore, the system is based on the infamous game theory. Through this, the judgements made by the jurors can be tested for validity. If as much as one juror opts for a contrary judgement from that which the other three chose, then the former is faulted and disregarded. This is how fairness and justice is tested here.

Incentive: Arbitration fees

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At the commencement of any said contract on the platform, both parties are required to pay a meagre certain fee. This fee is the actual arbitration fee that will be paid to the hired jurors on the chain.
By so doing, the jurors will be highly motivated and committed to delivering fairness and justice in matters that they are called to intervene.

So in the end, the victor will have back the fee he/she paid at the onset, aside whatever ruling might now follow.

Source: White paper page 8

Promotion of P2P relationships

From the ensuing, it is obvious that kleros will protect both involved parties from undue exploitation. As a result, freelance writers will not worry before taking up jobs online neither will graphic designers or web designers bother with same too.
In the long run, it will avail an ecosystem of highly populated freelancers which is very beneficial for economies because it creates more employment opportunities. And the latter in turn, has multiplicity of benefits.

Use case scenario

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Jane is a non-fiction story writer, who has just finished one of her literary works. All she needs now is an adept illustrator. So she goes scouting on the net, there she finds one and after series of chats, she now enters into a smart contract with him, involving keros. Two weeks after, Joseph, the illustrator contacts her that he is through and he sends her the works. To his surprise, Jane does not find his work appealing in any way. To say the least, she is pissed. Kleros's jurors intervene at this junction, pointing out that the fault came from Jane- that she did not explicitly state the concept of what she wanted and so, judgements was ruled in favour of Joseph.

If you prefer a video overview about kleros, here is mine:

For more information and resources, kindly check out the following:

Kleros Website
Kleros Whitepaper

You can also participate in this contest, simply follow the link below:

https://steemit.com/crypto/@originalworks/940-steem-sponsored-writing-contest-kleros

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