Cryptocurrency projects are starting to operate more like businesses, rather than marketing campaigns specifically designed to raise money. The change is mostly fueled by a shift in investor perception and overall landscape changes which have rendered old crypto fundraising methods like ICOs mostly obsolete.
The result is that now businesses need to fight for themselves. Building a viable product that works, solves a problem and has a real target market matters. Shocking, right?
Overall, it’s been great to see the crypto space maturing over the last two years. Blockchain projects are beginning to break outside the mould and create true innovations that could begin creating true crypto adoption, meaning the real world will start using blockchain.
One blockchain project that we’ve been keeping close tabs on is Kleros, because they have been ahead of the curve in terms of professionalism. From day one Kleros has been operating as a business. From their product strategy to their unique approach to crypto fundraising, it’s clear that Kleros is here to stay.
To show you what we mean, we’ve done a recap of what Kleros has been up to so far in 2020. But first, just a quick summary of Kleros:
Kleros is a blockchain platform that can resolve any kind of disputes efficiently and affordably using crowdsourcing and cryptoeconomics. Kleros is built on Ethereum and is suitable for any time of contract, no matter how simple or complex. If you’d like to learn more about Kleros and how it works click here.
Kleros was recently announced as one of six winners of the prestigious European Commission’s Horizon 2020 Blockchains for Social Good Prize! The winners are selected by the European Commission and between them will receive 5 million Euros total, which is granted to be spent to apply their distributed ledger technology to societal challenges.
The award was part of the NGI initiative, funded by the Enhanced European Innovation Council (EIC) pilot which exists to support and guide small companies, innovators, entrepreneurs and scientists with funding, mentoring and networking opportunities.
Curate is a dapp that allows the creation and decentralized management of Token Curated Registries using the Kleros platform. Community members are incentivized to contribute to the decision making.
Those that agree with the majority of the community will be rewarded, while those that submit decisions that are deemed to be incorrect will lose some crypto. This system allows TCRs to be maintained by rewarding positive behaviour and punishing negative behaviour.
Curate has numerous potential applications, one of the most interesting being decentralized bounty campaigns.
Partnered with Omen
Kleros announced that their dispute resolution service will be integrated into Omen, a prediction market protocol built with Gnosis and developed by dxDAO. This integration is a great opportunity for Kleros to build their name further in the decentralized community and should bring an additional flow of activity to the platform.
Alongside this integration, Kleros’ technology was entrusted with the final arbitration role of a $200,00 grant of GNO tokens.
Linguo coming soon
Kleros’s a decentralized translation service that uses their blockchain platform to vastly improve the existing freelance translation process called Linguo is on the way. The main problem with translation is you aren’t able to verify the quality of the work because you don’t speak the language. Linguo uses crowd-sourcing to eradicate this problem.
Linguo can facilitate online translation work that’s fair for everyone. It ensures that freelancers are paid on time and job posters receive satisfactory work. This is achieved using crowdsourced wisdom that creates an efficient, seamless process using crypto-economic incentives.
Nurturing top talent
The Fellowship of Justice is a Kleros led initiative that sources the top minds from around the world to further improve the Kleros product and drive additional Kleros growth efforts. Just recently Kleros launched the third iteration of this program.
In a similar vein, the Guild of Justice is an innovative program that is designed to grow the Kleros community worldwide by recognising and rewarding positive community activity.
There’s a vast difference of transparency between traditional companies and crypto companies. Most crypto companies are fairly cagey about what they’ve been up to. Kleros took a different approach by publishing an in-depth transparency report that covers updates, financials, plans and more.
Here are two interesting content releases by Kleros that are worth checking out:
- Yellow Paper, a more technical and deep analysis of how the Kleros protocol functions.
- Dispute Revolution: Revised and Augmented Edition – an updated version of the Kleros Handbook, containing everything one needs to know to get started with Kleros
PNK listings and trading volume
Kleros’ native token, PNK, was listed on Loopring, Ethereum’s zkRollup DEX. You can trade PNK there at high speeds, low fees, 100% self-custodial security and no gas payments are required.
PNK was also listed on Balancer, a non-custodial portfolio manager, liquidity provider, and price sensor. Recently PNK has been pulling in some good trading volume, achieving over $1 million in 24 hours regularly.
The Daily Chain
*This article has been sponsored. The Daily Chain encourages you to carry out your own research before you make any form of investment and educate yourself about how to stay safe in the crypto space.