• NOW
PR: Justice Protocol Kleros to Host One of the First ‘Interactive’ Crowd Sales

PR: Justice Protocol Kleros to Host One of the First ‘Interactive’ Crowd Sales

This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com does not endorse nor support this product/service. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press release.

Kleros, a dispute resolution layer for the decentralized web, has announced details of its token sale. The event will mark one of the first cases of an interactive initial coin offering (IICO), designed to provide a fairer and more transparent crowdfunding model. Inspired by a system of Greek democracy, Kleros is a dispute resolution layer for the internet era. Its use cases include escrow, insurance, e-commerce, and crowdfunding.

Kleros will use crowdsourced jurors to assess the merits of a case, consider the evidence and reach a fair decision. In return, they will be rewarded in the form of Pinakion (PNK), the native Kleros token. Kleros, which means ‘chance’ in Greek, is related to the word ‘kleroterion’, a randomization device used to ensure democratic process in Ancient Greece. The Pinakion token gets its name from the identification plaques engraved with the names of jurors that were drawn from the stone-carved kleroterion.

Kleros’ innovative approach to administering justice in the digital age is as novel as its crowdfunding model. The project has eschewed a private sale in favor of an IICO which its team believe to be more in keeping with the principles Kleros was founded on. Kleros CEO Federico Ast said:

“The Interactive Initial Coin Offering was first conceived in a paper by Vitalik Buterin along with Truebit’s Jason Teutsch and Modular CEO Christopher Brown. It was designed to eliminate deep discounting and promote inclusivity. We’re pleased to report that Modular will be assisting Kleros with implementing our IICO. This means that participants will be able to set a personal cap in ether of their choosing.”

The IICO formula sees a uniform token valuation being calculated after each participant has set their own cap, based on the total amount of ether that is contributed. Individuals can set a cap according to their level of interest in the project. The Kleros purchase protocol then removes contributors whose cap was exceeded using smart contract, beginning with the lowest bids. At this stage, individuals who have been removed have the option of setting a higher personal cap to ensure inclusion.

Initial Coin Offerings are traditionally prone to oversubscription and network congestion. There’s also a risk of misaligned incentives for both contributors and developers. Kleros’ IICO aims to solve these problems, unlocking tokens gradually for the benefit of all parties. 16% of all PNK tokens will be made available in the Kleros IICO to be held on May 15th. Thereafter, tokens will be issued in tranches until 66% of the 1 billion total supply have been made available for public sale.

Prior to the token sale commencing on May 15th, a working prototype of the Kleros protocol will be released. A video demonstration explains the way in which Kleros’ dispute resolution layer will operate and how crowdsourced jurors will be selected. PNK token-holders are eligible to become jurors and mediate disputes between parties that have elected to use Kleros. By ruling fairly and correctly, judges will also be rewarded with PNK tokens. Kleros has already announced partnerships with Ink Protocol and Dether, platforms whose users will be the first to benefit from decentralized arbitration.

A cooperative incorporated under French jurisdiction, Kleros will host its May 15 crowdsale in a spirit that characterizes its justice protocol, based on the principle of égalité for all.

To learn more join our Telegram or visit: www.kleros.io

Contact Email Address
Supporting Link

This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

Tags in this story
crowdsourced jurors, decentralized web, Dether, dispute resolution layer, French jurisdiction, Greek, IICO, Ink Protocol, justice protocol, Kleros, kleroterion, Pinakion (PNK), Pinakion token, PNK
CoinEx Chain Elects New Node Partners
CoinEx Chain Elects New Node Partners

Hosted by CoinEx Chain Foundation, “CoinEx Chain Global Nodes Election Launch Conference” was successfully held in Shenzhen on Oct 16.… read more.

Bitcoin.com Partners with Canadian Gaming Giant Bravio Tech on Global Lotteries
Bitcoin.com Partners with Canadian Gaming Giant Bravio Tech on Global Lotteries

Following on from its landmark partnership with HTC, Bitcoin.com has partnered with Canadian gaming and lottery giant Bravio Technologies. The… read more.

Bitcoin.com PR

Bitcoin.com is your premier source for everything Bitcoin-related. We can help you buy bitcoins and choose a bitcoin wallet. You can also read the latest news, or engage with the community on our Bitcoin Forum. Please keep in mind that this is a commercial website that lists wallets, exchanges and other Bitcoin-related companies.