KLEROS: A FAST SECURE AND EASY WAY TO RESOLVE DISPUTES USING BLOCKCHAIN TECHNOLOGY FOR VIRTUALY EVERYTHING.

With the whole world becoming a small and close knitted Global Community, each day there are tons of people relying on others for the small and big type of works. This includes the transfer of labor, skill, technology or Goods etc. And all these transfers coincide with the transfer of funds or Monetary Value things. And when such large amount of people are involved in these transfers there are more often than not chances of having some disputes or conflicts between these people. But mostly these transactions involve people from different parts of the Globe and their dispute can't be covered under no single jurisdiction. And so there are high chances of one party cheating over the party. But does this mean we should not trade with people outside of our jurisdiction? NO! Not at all. We need to find a better way to resolve our disputes. And that better way is KLEROS.

WHAT IS KLEROS?

Kleros is a decentralized application-based platform that acts as a third party in any contract and resolves the disputes if anything arises. It is an application that is built on Ethereum Blockchain. It can work on very simple to very complex disputes and can act as an arbitarary between the two parties. It relies on game theoretic incentives to have jurors rule cases correctly. It uses jurors to validate and deliver the judgment which is fast easy and better to understand.

HOW DOES KLEROS WORK?

In 2015 In the article The Crowdjury, a Crowdsourced Judicial System for the Collaboration Era, Federico Ast, one of Kleros founders, and Alejandro Sewrjugin (1) presented their ideas on how a blockchain based decentralized court would work. They understood that a decentralized court system would be faster, easier and cheaper for people to apply to and get justice.

Kleros works as a court for the people to solve their disputes. It is an opt-in service based on the Ethereum blockchain. In this people can choose to include the number of jurors they want. The funds will be locked in a smart contract. And whoever wins the dispute gets to keep the fund after paying a small amount of it to jurors as arbitration fees.

"Jurors rule disputes in order to collect arbitration fees. They are incentivized to rule honestly because,
after a dispute is over, jurors whose vote is not coherent with the group will lose some tokens which
will be given to coherent jurors.
After Kleros has reached a decision on the dispute, tokens are unfrozen and redistributed among
jurors. The redistribution mechanism is inspired by the SchellingCoin9, where jurors gain or lose tokens depending on whether their vote was consistent with the others jurors."In the start if juror votes incoherntly then he loses just a small amount of PNK tokens but with regularly voteing against the common motion can result in reduction of a some kind of reputation score which will result in you being assigned less chances to be a jury on.

Here in this picture we can see that the hoe the fees are distributed among the jurors and how the arbitration system works as a whole.
THE PARTNERS

The team has got partners in some industry leaders in DETHER, INK PROTOCOL, BLUE FRONTIER, MARKET PROTOCOL. Which is a very good start for a new and upcoming project like Kleros. It is also looking in future to add more established industry leaders to partner with it.

THE TEAM

The team is a very good mixture of youth and experience. With the Co-founders beings the top of the attraction list.
Federico Ast, Clément Lesaege, Nicolas Wagner all the three have put up a strong project and that which can be easily turned into a very good working model. Thier whitepaper is very simple easy to understand. They haven't promised anything out of the line just to grab some eyeballs whatever they have promised in this project is very easily achievable and made into a successful model.

This article was written for Original Works Contest. You can also find this on twitter

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