What is Kleros (PNK)?
Kleros (PNK) is a decentralized dispute resolution project launched in July 2018. It is an open source protocol that uses blockchain and crowdsourcing to resolve disputes fairly.
Kleros offers an intermediary service for decentralized applications (dApps) and their users. If the service provided by the application does not cause a dispute, Kleros acts as an unreliable third-party payment service.
However, in the event of a dispute, each party can apply for arbitration through Kleros arbitrators selected from the owners of PNK tokens. PNK is an ERC-20 service token based on Ethereum with a fixed margin.
At this stage, the jury can make a decision in favor of both sides. Arbitration fees are distributed among all arbitrators in the form of ETH: jurors who have made a minority decision lose part of their PNK tokens in favor of the majority of jurors. This decision can be appealed for a fee.
The stated mission of Kleros is to facilitate access to justice and improve personal freedom.
Kleros charges a fee, which is paid in ETH and provided by the parties to the dispute or taken from funds previously blocked on escrow.
Who are the founders of Kleros?
Kleros (PNK) was founded by Federico Asth, Clement Lezage and Nicholas Wagner.
Federico Ast is the CEO of Kleros and a lecturer at Coursera. Prior to that, he worked as a creator and tutor at Crowdjury, and was also a journalist, speaker and blogger at Clarín.
Clement Lesage is the technical director of Kleros. Prior to that, he worked as a freelancer on smart contract security, as well as a research intern in the field of machine learning at Technicolor.
Nicholas Wagner is the lead developer of Kleros. He also works as a freelance web developer and blockchain developer. In the past, Wagner worked as a blockchain developer in Dether.io and an internal developer in the Tradelab Programmatic Platform.
What makes Kleros unique?
Kleros is designed primarily for decentralized applications, however, it is a decentralized and inexpensive arbitration system that can attract attention outside of the blockchain industry. It is designed as a multi-purpose platform for dispute resolution, which in many cases can function as a judicial service.
This includes the resolution of escrow disputes, violations of social media policies, and oracle decisions. The PNK token plays an important role in all these cases due to the fact that the amount that jurors contribute is directly correlated with the probability that they will be selected to consider the case.
It also serves as an economic incentive for jurors to be honest in their cases. PNK also gives them the right to vote, depending on the number of tokens they hold. This encourages owners to hold tokens for management purposes, since jurors also receive payment in ETH individually in the form of arbitration fees.
How many Kleros (PNK) coins are in circulation?
Kleros (PNK) has 612,980,020 PNK in circulation as of February 2021, while there is no data on maximum deliveries.
At the moment, the PNK token is traded at a price of 0.163306 USD, with a daily trading volume of 4,660,978 USD and a market capitalization of 100,103,315 USD.
How is the Kleros network protected?
Kleros relies on cryptography and blockchain to protectevidence, select jurors, and encourage honest decisions. The protocol token represents the right of users to be randomly selected as jurors.
Since PNK is an ERC20 token, it can be stored in many offline or desktop crypto wallets that support Ethereum, which provides a high level of security.
- To own your crypto assets, you need to manage your own private keys.
- Ledger hardware wallets make private key management easy and secure.
- Each unique 24-word recovery phrase creates a new set of private keys.
- Make sure you secure your 24-word recovery phrase properly.