Kleros Price Chart Update [PNK]

The PNK price update as of now is $0.02578. In the previous 24 hours, its trading volume was $520,946, and its value has decreased by -0.86%. As of now, PNK's live market cap is $19,811,800, and it is ranked as the #621 on the Coincu. PNK has a circulating supply of 776,626,704 and a maximum supply of 776,626,704.

Kleros: An Overview

Kleros, launched in July 2018, is a decentralized project focused on dispute resolution. It operates as an open-source protocol utilizing blockchain technology and community involvement to arbitrate disputes in a transparent and fair manner.

Acting as an intermediary for decentralized applications (DApps) and their users, Kleros serves as a trusted third-party for facilitating payments in non-disputed cases.

If a dispute arises, the involved parties can turn to Kleros for arbitration. The protocol selects judges from PNK holders who then make decisions on the specific issues at hand. The fees paid by the parties are allocated to the judges in the form of ETH.

The Key Elements of Kleros

Kleros can be likened to a decentralized "supreme court" within the smart contract ecosystem, offering arbitration for contract disputes.

The protocol establishes specialized courts for different domains, such as insurance and software development, enabling resolution of disputes specific to each field.

Jurors are selected randomly to preside over disputes, with users required to stake Kleros tokens on the platform to become eligible. The more tokens staked, the greater the chances of being chosen as a juror. This selection process prevents potential manipulation by attackers.

When disputes occur, Kleros functions as an application within an Oracle system. If there is a unanimous answer, it is sent back to the requester. However, if there are conflicting answers, the dispute resolution process is initiated.

In cases involving incorrect or unverified information, Kleros acts as a dispute judge. Once the dispute is resolved, the outcome is communicated back to the Oracle system to ensure accuracy and reliability.

Furthermore, Kleros offers a versatile system that can be employed in various applications, including escrow services, micro tasks, insurance, and social networks.

Kleros' Array of Services