Kleros Project & Token Sale Overview

Kleros, the Blockchain Dispute Resolution Layer that provides fast, secure and affordable arbitration for virtually everything. Kleros is hosted by the Thomson Reuters Incubator.

Today, millions of business, contractors and consumers depends on services that resolve payment disputes.

The ability to dispute past transactions due to fraud or disagreement is a proven necessity in e-commerce and contract work, resulting in trillions of dollars flowing through trusted intermediaries that provide dispute resolution services such as Visa and PayPal.

Yet no such service exists for cryptocurrencies. The inability to resolve a disputed transaction is one of crypto’s biggest barriers to growth.

What if anyone could use crypto with the same ease that we use existing payment and commerce solutions?

Kleros is a layer on top of Ethereum that provides fast, secure, and affordable arbitration. It uses crowdsourced arbitrators to offer a solution for disputed transactions in the crypto ecosystem.

Kleros will boost confidence in the crypto ecosystem and give a critical step to mass adoption.

The Problem Today

How do we settle disputes when transacting on a cross-border network without middle men? For example, Alice (who lives in France) wants to hire Bob (an app developer in Guatemala) to build an app.

They both worry that their counterparty might not honor the terms of the agreement. Existing dispute resolution methods (state courts and alternative dispute resolution systems) are too slow, too expensive or too complex to eliminate this risk.

The Future is Built on Kleros

Kleros — The justice protocol

Kleros provides fast, affordable, and transparent arbitration native to the decentralized internet. It is built for industries underserved by traditional arbitration and government court systems.

USE CASES FOR KLEROS

Escrow : To pay for an off-chain good or service, Kleros can be used to have the smart contract either reimburse the buyer or pay the seller.

: To pay for an off-chain good or service, Kleros can be used to have the smart contract either reimburse the buyer or pay the seller. Insurance : When an insured event happens, the insurer can validate it and compensate the insuree. If the insurer does not validate the event, a dispute resolution process would ensue. If the insuree wins the dispute resolution process, funds from the security deposit of the insurer would be transferred to the insuree.

: When an insured event happens, the insurer can validate it and compensate the insuree. If the insurer does not validate the event, a dispute resolution process would ensue. If the insuree wins the dispute resolution process, funds from the security deposit of the insurer would be transferred to the insuree. Crowdfunding: Instead of backers sending funds to a wallet controlled by the project owners, they could send the payment to a Kleros controlled wallet. Funds would then be released as predefined milestones are met. Kleros would guarantee the fairness of the process.

Instead of backers sending funds to a wallet controlled by the project owners, they could send the payment to a Kleros controlled wallet. Funds would then be released as predefined milestones are met. Kleros would guarantee the fairness of the process. Oracles: Oracles bridge the gap between the outside world and blockchains. Kleros can be used as an oracle in a number of critical applications such as insurance.

Kleros is hosted by the Thomson Reuters Incubator, a program that helps legaltech startups with expert executive mentorship and exploring partnership opportunities with TR products and business units. It’s an important step for Kleros to reach mass adoption.

PARTNERSHIPS

We have signed two partnerships who will be early adopters of our decentralized dispute resolution services.

These partnerships will allow us to pilot test our technology in e-commerce disputes and token curated lists. These tests will prove that Kleros is ready for broad commercial use.

To keep up with future partnership announcements join our Kleros Announcement Telegram.

EARLY JUROR PROGRAM

We launched Kleros’ Early Juror Program with the goal of recruiting early suppliers of adjudication services. The program included a small airdrop of 5 million PNK, (0.5% of the total supply), needed as a deposit to act as a juror.

All 5,000 available spots were filled in just 14 hours.

To learn more about Kleros’ Early Juror Program, read this post.

Token: Pinakion (PNK)

A Pinakion was the bronze plaque that each Athenian citizen in Ancient Greece used as an ID. It was often used as a token for jury selection in Athens’ popular trials.

PNK is a utility token. In order for a juror in the Kleros ecosystem to be elected to settle a specific dispute, he must deposit PNK. The more PNK deposited, the higher the likelihood of being selected. Jurors who don’t deposit any tokens cannot be selected to settle disputes.

PNK play two key functions in Kleros. First, it protects the system against the sybil attacks. Second, it incentivizes jurors to vote honestly by making incoherent jurors pay part of their deposit to coherent ones.