Explore the Future of Decentralized Justice with Kleros
Launched in July 2018, Kleros (PNK) offers a revolutionary approach to dispute resolution leveraging blockchain technology and crowdsourcing. This decentralized protocol acts as an impartial middleman for decentralized applications (DApps) and their users, ensuring fair adjudication without the need for traditional intermediaries. With Kleros, disputes are resolved through a jury selected from PNK token holders, who are incentivized to act fairly via a combination of economic rewards and penalties. Not only does this system promise more accessible justice, but it also enhances individual freedom in the digital age. Dive into how Kleros is redefining arbitration and why it stands out in the decentralized ecosystem.
What Is Kleros (PNK)?
Kleros (PNK) is a decentralized dispute resolution project that launched in July 2018. It is an open-source online dispute resolution protocol that uses blockchain and crowdsourcing to adjudicate disputes fairly.
Kleros offers a middleman service for decentralized applications (DApps) and their users. If the service provided by the application does not create a dispute, Kleros acts as a trustless third-party service for payment.
When a dispute does occur, however, each party can apply for arbitration through the Kleros arbitrators that are selected from the owners of PNK tokens. PNK is an Ethereum-based ERC-20 utility token with a fixed supply.
At this point, the jurors can make a decision that will favor either party. The arbitration fees are distributed to all arbitrators in the form of ETH; jurors who have issued a minority decision lose part of their PNK tokens for the benefit of the majority of jurors. This decision can be appealed, at a cost. The stated mission of Kleros is to offer easier access to justice and improve individual freedom.
Kleros charges a cost that is payable in ETH and is provided by the parties to the dispute or drawn from the funds previously locked in escrow.
Who Are the Founders of Kleros?
Kleros (PNK) was founded by Federico Ast, Clément Lesaege, and Nicolas Wagner.
Federico Ast is the CEO of Kleros and a lecturer on Coursera. Before that, he worked as a creator and evangelist at Crowdjury and was a journalist, speaker, and blogger at Clarín.
Clément Lesaege is the CTO at Kleros. Before Kleros, he worked as a smart contract security freelancer and used to be a research intern in machine learning at Technicolor.
Nicolas Wagner is the lead developer at Kleros. He also works as a freelance web and blockchain developer. In the past, Wagner worked as a blockchain developer at Dether.io and a back-end developer at Tradelab Programmatic Platform.
What Makes Kleros Unique?
Kleros is designed primarily for DApps; however, it is a decentralized and inexpensive arbitration system that could attract attention from outside of the blockchain industry. It is designed to be a multipurpose dispute resolution platform that can function as a legal adjudication service in many cases.
This includes escrow dispute resolution, social network policy violations, and oracle resolutions. The PNK token plays an important role in all of these due to the fact that the amount which is deposited by jurors is directly correlated to the probability of them being selected for a case.
It also functions as the economic incentive for jurors to be honest in cases. PNK also gives them voting power which is tied to the number of tokens they hold. This incentivizes owners to hold tokens for governance purposes, as jurors are also paid in ETH on a case-by-case basis in the form of arbitration fees.
How Many Kleros (PNK) Coins Are There in Circulation?
Kleros (PNK) has a circulating supply of 599,684,715 PNK as of February 2021, with no maximum supply data available at the time.
How Is the Kleros Network Secured?
Kleros relies on cryptography and blockchain for securing the evidence, selecting the jurors, and incentivizing honest decisions. The protocol token represents the right of users to be drawn randomly as jurors. Since PNK is an ERC20 token, it can be stored on many offline or desktop crypto wallets that support Ethereum, allowing for a high level of security.
Where Can You Buy Kleros (PNK)?
If you want to buy, trade, or sell Kleros (PNK), you can do so on the following exchanges:
If you are unfamiliar with how to buy cryptocurrencies, you can learn more by reading our guide here.
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Kleros Market Data
Coin Statistics:
- Current Price: $0.0435
- Market Cap: $33,821,273.56
- 24h Price Change: -4.31%
- 7d Price Change: 2.02%
- 30d Price Change: 132.10%
- 24h High: $0.0458
- 24h Low: $0.0433
- All-Time High: $0.4849 (2020-11-22T20:13:05.000Z)
- All-Time Low: $0.0038 (2019-02-08T14:44:09.000Z)
- Circulating Supply: 776,626,703.45
- Total Supply: 776,626,704.00
Conclusion
Kleros (PNK) is pioneering a new era of decentralized justice, leveraging blockchain technology to provide fair and transparent dispute resolution. By eliminating traditional intermediaries and empowering token holders to act as jurors, Kleros offers a unique and efficient solution for resolving conflicts in the digital age. Whether you're a developer of decentralized applications or an individual seeking a more accessible form of justice, Kleros stands out as a promising platform in the blockchain ecosystem. With its innovative approach and growing adoption, Kleros is set to redefine how we think about arbitration and justice in the
