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How Kleros is fueling growth in and out of crypto

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Something you’ll notice in cryptocurrency is the reliance on promises and announcements. A good amount of the investments market movements in this space are influenced by roadmap items, rather than solidified fundamentals.

This unnatural market dynamic has created a strategy where what might be deemed as a promising investment in cryptocurrency looks dramatically different from a hot start up in the real world. While traditional venture capitalists and other early investors are focused on market fit, working products, growth strategy and sound financials, crypto investors appear to be more interested in what project teams can promise is coming soon and other speculation.

Of course, the cryptocurrency world is vastly different from traditional investing for many reasons, so this disconnect isn’t completely surprising. However, the two strategies do share one key similarity. Both involve assessing where the investor believes the business will be in the future. 

The interesting thing now is that this approach to finding cryptocurrency investments is falling through and the traditional approach is looking much better. Those big crypto promises haven’t materialized in most cases and investors have been left wishing they took the time to search for different fundamentals. So the question now is: what can we look for in cryptocurrency projects that could signify business prowess and promote future growth?

One example we’re keen to share is Kleros – a cryptocurrency project that is using blockchain to facilitate a platform that can achieve decentralized justice. They’re taking a very different approach to most of the cryptocurrency market. Rather than focus on hype marketing, they are determined to become seen as an innovator in their industry of choice outside of crypto as well as inside. To achieve this they are heavily involved in the legal and LegalTech scenes. Not only that, but Kleros also has a program that allows them to pick the brains of some of the worlds best up and coming minds to continually improve their product and network in some of the most vital crowds.  

In the same spirit, Kleros has recently released an updated version of their handbook, which fits into what we are talking about. 

The Kleros Handbook – Dispute Revolution: Revised and Augmented Edition

Kleros’ handbook is the perfect portrayal of our point here. It’s a book dedicated to educating people properly about their work and vision, as well as touching on how their system works and the business opportunities it has. 

Kleros has just released the Revised and Augmented version of the Kleros Handbook of Justice. It’s the second iteration of the book that includes numerous updates to improve and expand upon the previous version. 

It’s just one of the initiatives Kleros is undertaking that not only presents their drive to succeed as a business, but also conveys their professionalism and industry knowledge. 

This is astoundingly important, especially in their target sector. Investors need to know that the business understands their target market inside out. That’s a given. But with this approach that Kleros is taking we can see they are presenting themselves as thought leaders and innovators in the legal world, and people are noticing. 

Building notoriety 

Through their network and brand building efforts Kleros has gained the positive attention of many important people, including Vitalik Buterin. For example, the prologue of the Kleros Handbook is written by Colin Rule, who is rightfully referred to as ‘the guru of online dispute resolution’. Colin built the dispute resolution systems at eBay and Paypal, so it’s fair to say that he knows a thing or two about dispute resolution. The fact that he’s not just interested in Kleros but actually involved in their work is a huge achievement.

Not to mention that the other two prologues of the book are written by Primavera de Filippi, renowned scholar in the blockchain industry and lecturer at Harvard, and Sophie Nappert, a big name in international arbitration. 

Winning more business

Our point is that it’s not enough to just promise something. In fact, even creating a good product isn’t enough. Venture capitalists look at a wide array of fundamentals for a reason. They want to know that the business has a solid plan to grow. This quote from Kleros sums it up perfectly. 

When it comes to civic innovation, writing software that works is only half the challenge. The other half is about convincing people that it can work.

By creating long-form content like the Kleros Handbook, the team is able to introduce and convert individuals from the LegalTech audience by showing why their mission is important and outlining how it all works. With just one book they can demonstrate the amount of time, effort and thought that has gone into their system. Not only that, but they show that their work is the result of dozens of innovators from around the world and extensive market research. It’s shown that Kleros is solving real problems and their product is actively and successfully being used as a dispute resolution solution. 

However, it’s not all about Kleros either. They are interested in growing the prevalence of decentralized justice as a whole, and not just their own brand and product. 

Here’s what they have to say about the contents of the book:

“Our goal was to provide readers with a one stop shop for a full account of the different aspects of the emerging field of decentralized justice, a place to learn about the history of the discipline, about cryptoeconomics, legal implications, business opportunities and the ever growing number of use cases that can be addressed by this novel approach to dispute resolution.

This book represents the result of painstaking research into the underlying concepts of decentralized justice. It is an attempt to share our vision and motivate the right minds to think about the future of the legal industry and law as a whole. The world is rapidly changing and law will have to adapt to this rising tide.”

Conclusions

The investor landscape is changing in cryptocurrency and the investors become less speculative and more determined to find fundamental gems. There are a lot of things to look for when searching for investments. One piece to the puzzle is business and growth strategy and how the project plans to gain notoriety inside and outside of crypto for their target market. 

Our example of Kleros and the Kleros Handbook perfectly illustrates a different, well throughout approach to crypto where the team presents themselves as innovators and actively tries to educate the Legal world about the powers of blockchain and decentralized justice. This technique appears to be working, having earned them some impressive notoriety thus far. 

Learn more about the Handbook here.

*Disclaimer – Kleros are our Media Partners and therefore this content is sponsored by them. The fees paid by this project are used to pay for The Daily Chain salaries, dev work, hosting services, travel expenses etc.. that are required to make this company a success and continue to provide the community with great content on a daily basis.

Alex Aves
Alex is a crypto enthusiast that has been enthralled with the crypto space for over two years now. He currently works in the marketing team for Liquid, one of the leading crpytocurrency exchanges.

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