Kleros Arbitration Now Available for CryptoUnlocked
Many of you are already familiar with our CryptoUnlocked platform for creating challenge based donations, as well as the associated Trusted Oracle platform which is used to resolve the CryptoUnlocked challenges. Those of you who have been following our progress closely may even know that we leverage Realit.io together with our very own TRST tokens to resolve CryptoUnlocked challenges as well as other questions asked on Trusted Oracle. If there is disagreement on the answer to a question posed on Trusted Oracle, users can double the amount of the bond which is staked to their preferred answer. At the end of a set period of time, the answer which has received the highest bond will resolve as correct, and in the rare cases in which there is still a dispute, Realit.io provides means for further resolution.
In our continuing quest to provide the best products possible for our users, we’ve recently added a second means of resolving Trusted Oracle questions and CryptoUnlocked campaigns. This new feature leverages the Kleros decentralized court platform. Inspired by ideas rooted in the legal systems of ancient Greece, Kleros allows users all over the world to serve on a “jury” which settles online disputes. The cryptocurrency token Pinakion (PNK) is staked by those who want to be selected as jurors, with more tokens staked corresponding to a higher chance of being selected to serve on the jury. Jurors then review the evidence of the dispute, and vote on a decision for the case. They are incentivized to make a clear headed and well considered decision, because they will lose pinakion tokens if their decision is not in accordance with the majority of other jurors and will gain tokens if their decision is the same as that of the other jurors. The majority decision is accepted as the resolution of the dispute, and the losing party in the dispute must make things right or lose reputation within the Kleros network. Of course, the losing party also has the option of using additional tokens to challenge the original decision, at which point a larger jury will decide on the case.
As an added bonus for our hardworking CryptoUnlocked Creators, any campaigns that are created with Kleros dispute resolution will be awarded with their pinakion tokens (PNK). Kleros is generously offering a total of over 1 million PNK tokens, with 300,000 tokens offered to creators each month. The tokens will be distributed proportionally based on the amount of funds raised by the campaign. The Kleros team will also be voting on a campaign that they think is best, and they will reward that campaign’s creator with 100,000 PNK tokens as well as the chance to have their project and campaign promoted on Kleros’ communication channels!
Both Realit.io and Kleros are unique and effective approaches to blockchain based dispute resolution, with inherent advantages and disadvantages. Based on the CryptoUnlocked donation campaign they are creating or the Trusted Oracle question they are asking, users can decide which philosophy of online arbitration best aligns with their goals. Better yet, create a CryptoUnlocked campaign today and experiment with both Realit.io and Kleros. Just go to the CryptoUnlocked website and click on “Create Campaign” in the upper right hand corner…
And… experiment with creating campaigns using Realit.io or Kleros on the next page:
