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Kleros – ICO Detailed Information


ICO Kleros
Kleros Since they originally appeared almost 11 years ago, cryptocurrencies have been promising a change that would make the world a better place for everyone. They offer a number of benefits over traditional finances, including lower transaction fees, decentralization, as well as the ability to reach everyone, whether or not they have access to the bank.
Start January 11, 2020
End February 11, 2020
Rating 3.1
Status
KYC Yes
Founded
Categories Society
Token PNK
Minimum investment 0.1 ETH
Tokens for sale 16000000
Accepting ETH
Discussion

Kleros Overview

ICO description, Technical Details and Documents

The blockchain technology in its current form is far from being immaculate and capable of resolving any given challenge that faces the contemporary society. Clement Lesaege, and other compilers of the Kleros whitepaper, have rightfully emphasized the fact that the emergence of different disputes is inevitable, even after the blockchain technology will have been adopted on a global scale.

Kleros Transfers Justice System to Blockchain


The all-encompassing and proper arbitration of such disputes would be impossible if carried out by human conciliators, simply because of the enormity of cases that would flow on a daily basis. Whereas the smart contracts, in their current form, don’t possess the capability to render even a simple arbitrary decision because they are being programmed to execute only a specific set of functions.

Kleros claim to have come up with the concept of a unique decision-making protocol suitable for settling various kinds of disputes within the framework of a decentralized multi-purpose court system. In order to bring this idea to fruition, Kleros will try and raise funds by means of Interactive Coin Offering (ICO), which stipulates for the fragmentation of the traditional token sale, organized as a single event, into an offering implemented on a phased basis.

Kleros concept of decentralized courts


Kleros has set itself an objective to create a judicial system predicated on the full utilization of blockchain and the accompanying smart contracts. The said system is going to be of an opt-in kind, which means that all participants are to choose to use this arbitration method willingly, thus indicate Kleros as their chief conciliator in disputes. That is achieved through the generation of a smart contract in which the creator can specify how many jurors should review his case as well as the type of court, where the dispute is to be reviewed. The system is also comprised of a large number of dApps, such as an escrow, an oracle, curated lists, etc., all of which will facilitate the work of Kleros Court and Kleros Governance.

Token economics


PNK is the ERC-20 compliant token that exercises several functions. First of all, it is used for the purposes of staking, where the potential juror deposits a sum in PNK with one of the courts that cooperate with Kleros. Basically, it mirrors the PoS concept: the more tokens one stakes with the system, the higher the chance of being chosen as a juror by the random number generator.

The token also acts as a protective mechanism against cyber attacks since the perpetrator would have to obtain an enormous amount of tokens to have even a theoretical chance of changing the outcome of jurors’ vote. Therefore, any kind of attack on the Kleros system should be economically insurmountable. Also, the holders of PNK tokens are eligible for voting rewards and arbitration fees for serving the juror duty.


The Kleros team

ICO details


The sale of PNK tokens is scheduled to begin on January 11. The project has already raised $2.44 million during pre-sale. The tokens will be sold only for ETH at a price equivalent to $0.0173 per PNK. The minimum investment is 0.1 ETH. Investors from the United States are the only ones who won’t be admitted to the ICO event.

Author: Alex Paulson for Crypto-Rating.com

Kleros Milestones

* Crypto Rating accepts no liability for any errors in the Kleros ICO information and Rating. For the most up-to-date information please visit the ICO's official website.

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