Over the years the distinguishing factors that cryptocurrency enthusiasts look for have changed. A few years ago if you were interested in investing in an altcoin you would be most concerned with the hype behind it. Social media followings and engagement used to hold a lot more weight.
Today it’s different. The market has matured a lot. In this current landscape people are showing much more interest in cryptocurrencies that hold traditionally strong fundamentals. Product strength is now a huge factor, as is the real business development of the project.
That’s why there are a lot of eyes on Kleros right now. We’ve already talked about how Ethereum founder Vitalik Buterin has a very keen interest in Kleros, but it runs much deeper than that.
For the unaware, Kleros is a blockchain dispute resolution layer. Kleros uses crowdsourcing and advanced cryptoeconomics to resolve disputes efficiently and affordably.
Simply put, Kleros is making strong progress in the LegalTech world and people are interested to see how their decentralized justice platform can transform the process of resolving disputes.
With that said, let’s dive into the moves Kleros has been making and assess what their progress could mean for decentralized justice.
The Fellowship of Justice
It’s not just a cool name – the Fellowship of Justice is Kleros’ program designed to bring together a community of experts that can contribute to decentralized justice.
It’s a remote programme which teaches participants from a number of highly advanced fields about the technology of Kleros and why it’s important.
The intention of the program is to choose experts from a variety of industries so the Kleros team can get new and important insight into how decentralized justice can work in new areas.
Throughout the Fellowship the members work closely with the core Kleros team to advance the concept of decentralized justice by providing their informed opinions based on their field of expertise.
Here’s a look at just part of the wealth of experience that has been part of this programme:
- Luis Bergolla – Doctoral Student, Stanford Law School
- Abeer Sharma – International Arbitration, Queen Mary University
- Nicolás D’Agnillo – Financial Analyst, JP Morgan
- Dorukhan Korkut Oguz – Corporate Lawyer and Legal Researcher at UC Berkeley School of Law and Golden Gate University
We anticipate that the Fellowship of Justice will play a meaningful role in the development of Kleros and it could play a key role in kick starting decentralized justice in new areas.
Spreading the news
Kleros is highly regarded in the LegalTech world and as a result they have been able to leverage their experience and groundbreaking products to give talks at some of the best Universities and law schools in the world, including:
For us it’s great to see both the recognition that Kleros is getting in this space, and the drive Kleros has to spread the world about their decentralized dispute resolution system. It’s key that upcoming industry professionals learn about this revolutionary tech which could reshape their profession. It also provides the opportunity to drum up more interest and gain additional informed, unique feedback to refine the product.
Recognition from important figures
It’s always promising to see a company getting mentioned in the media, but when academics and other important figures in the industry are acknowledging Kleros too it’s certainly telling. Kleros has been referenced in many academic papers. It suggests that Kleros is on to something big here and the product could have a promising future ahead.
Colin Rule, widely regarded as the world’s leading expert in online dispute resolution (ODR), is enthralled with Kleros.
“We are at the dawn of a new era. The innovations we craft and hone today may shape the lives of generations to come. We have a lot of work to do, but I believe this book is an important contribution to the effort.”Colin Rule, Vice President for Online Dispute Resolution at Tyler Technologies. Ex Director of Online Dispute Resolution for eBay and PayPal.
Investments and incubators
We like to see cryptocurrency projects get real world recognition, which is why these next two points are very interesting.
Since 2018 Kleros has been part of Thomson Reuters incubator lab, which is designed for startups within Fintech, RegTech, LegalTech, or NewsTech which Thomson Reuters sees potential alignment with their customers. As part of the incubator lab Kleros has access to executive mentoring, advanced technology and data capabilities.
More recently in January 2020 Kleros won a grant under “Programme d’Investissements d’Avenir” (Future Investment Program) by BPIFrance Financement after completing a tough due diligence process where Kleros defended the commercial, research and development aspects of the project. As a result, Kleros will receive funds for co-financing research and development.
Besides the obvious benefits of receiving additional funds for development and innovation, both of these opportunities provide Kleros with additional exposure and industry expertise and guidance which should be invaluable for product growth.
What does this all mean?
The progression of Kleros is much more akin to traditional business compared to the average cryptocurrency project, but that could be a good thing. Kleros is winning the hearts of industry professionals all across the LegalTech space, which just goes to show you how valuable these powerful minds find the concept and product.
In conjunction with this we can see the enthusiasm from incubators and investors to spur on the development of Kleros.
Overall, it seems like Kleros is successfully making waves in this space and is simultaneously gaining the respect and support from its peers, which should help with future development and success. If Kleros continues with this trajectory, the entire court process as we know it could change for the better.
The Daily Chain
*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.