Kleros Joins Forces with Dether to Launch Decentralized Arbitration for Cryptocurrency Traders

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Blockchain dispute resolution layer Kleros has announced a partnership with cryptocurrency payment platform Dether that will allow P2P buyers and sellers of cryptocurrency to access Kleros’ decentralized arbitration service to mediate disputes. Kleros uses crowdsourced jurors to consider the merits of each case and adjudicate accordingly. This new form of justice for the digital age has many use cases including escrow.

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Dether’s adoption of the Kleros protocol will demonstrate the effectiveness of decentralized arbitration and grant buyers and sellers of crypto a fair and transparent means of settling disputes. In addition to P2P buyers and sellers, Dether brings merchants and customers together, making it easier for them to transact using cryptocurrency. As a result of its partnership with Kleros, Dether’s users will be able to transact with complete strangers in confidence that both parties will be protected by a resolution mechanism.

Kleros CTO Clément Lesaege said, in a statement: “We like the way Dether is building a global P2P system of crypto buyers that removes the need for middlemen. An integral part of being able to trade in a trustless setting is having a framework to ensure the buyer and seller are protected. This is where Kleros comes in, providing a safety net so that should a dispute arise, it can be settled fairly using a crowdsourced pool of jurors. We look forward to working with Dether, and to announcing further partnerships as we seek to demonstrate the many use cases for Kleros.”

Kleros can be integrated into almost every type of application being built online, says the company’s statement. The protocol can also be used for a wide range of decisions requiring technical expertise for the allocation of resources (real or symbolic) between parties, such as freelancing, crowdfunding, oracles, gaming, insurance, copyright, e-commerce, and many more.

Using the ERC792 arbitration standard, the Kleros PNK token will be used to compensate jurors for arbitrating disputes. Kleros will draw a jury of experts who will analyze the evidence and reach a verdict, with all fees delivered by smart contract. The team will host an Interactive Initial Coin Offering (IICO) on May 15, an enhanced Initial Coin Offering inspired by a model proposed by Vitalik Buterin and Jason Teutsch. It will mark the first time an IICO has been used in a public sale. Kleros’ purchase protocol will allow participants to specify the amount of tokens they’d like to purchase and a personal cap.

Kleros currently has a working minimum viable product and plans to release their protocol onto the Ethereum Mainnet in Q2 2018.  The project is completely open-source, owned by no one, and is intentionally not backed by any institutional investors.

image: Allen Allen. CC BY 2.0

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About Adriana Hamacher

Managing editor, Blockchain News ★ Cryptoassets advisor ★ Ex-BBC reporter/producer ★ Award-winning writer ★ Robot tamer

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