In this episode of Adventures in Blockchain our panel is joined by a special guest. Clément Lesaege is a blockchain developer working at Kleros. Kleros resolves disputes using a decentralized arbitration system and smart contracts. Clément shares some examples of how their smart contracts work with outside data.
Gregory McCubbin, ever the teacher, breaks down what Clément means when he is talking out how Kleros is using smart contracts. Smart contracts are an agreement when something happens it there is a specific outcome, all of which happens in a trustless and decentralized way. ICO or Initial Coin Offering is the example Gregory shares as a very simple use case for smart contracts handled within the chain.
Kleros is solving a problem when a source outside of the blockchain is used such as an escrow service. Clément explains how a disputation is handled. Jurors are chosen at random, they then vote on the dispute and the smart contract carries out the verdict. The panel discusses how the blockchain handles all this in a decentralized way. Charles Max Wood expresses how wonderful this would have been back in his freelancing days.
While Charles can see how this would all be very useful he needs help understanding how all this happens in a blockchain and asks Clément why they chose to build this in a blockchain. Clément explains that in the blockchain everything is transparent which helps avoid bribery by the parties involved. Also, the smart contracts carry out the sentence automatically, the cryptocurrency is moved around a soon as a verdict has been reached by the jurors. This is a lot less complicated than in the real world, where receiving money after a verdict has been reached in a real court can take a while and get messy.
Kleros works as a plugin and can be adapted to the needs of the users. The panel discusses the various use cases including escrow and freelancer fees. Clément shares some of the projects currently using Kleros. Kleros is used in token registries to keep people from making fake tokens and scamming others out of their cryptocurrency.
The panel expounds on the possibilities blockchain provides for escrow services. Escrow can be locked away for months at a time not earning any interest, Gregory considers the benefits if instead of doing that, people put that money into a stable cryptocurrency that is gaining in APR. The panel considers how this would improve the escrow model and incentivize the adoption of blockchain in escrow services.
Clément finishes this week’s episode by introducing the two new exciting apps they are currently working on at Kleros. He shares resources for learning more about kleros, how to become a juror and how to learn more about token registries.
- Gregory McCubbin
- Charles Max Wood
Charles Max Wood