The companies will work towards integrating decentralised arbitration into the governance of Seastead communities to resolve disputes relating to virtually any product or service
Blue Frontiers, a company developing floating cities (‘Seasteads’) that will help combat sea level rise, an industry that is expected to grow significantly in the next 30 years, has partnered with Kleros to provide decentralized justice services for virtually any transaction or dispute within their floating blockchain-powered economies.
Founded in 2017, Blue Frontiers is a technology leader in blockchain based governance and combating sea level rise, creating seasteads that could potentially enable coastal habitants and entire island nations to add habitable land on the ocean for their residents. The company recently announced that the first seastead would use blockchain technology to power its economy, alongside a new cryptocurrency called Varyon.
Kleros is a justice protocol that allows for decentralized arbitration of almost any type of dispute. Kleros utilizes concepts from game theory to device a set of rules so that jurors who act competently and honestly will be rewarded, while those who don’t will be penalized. This results in fast, affordable and secure dispute resolution for a large number of disputes.
The arbitration process that Blue Frontiers will integrate into its Seastead governance frameworks to resolve disputes can be laid out in four easy steps:
- Users transacting within the Seastead ecosystem create a smart contract and use Kleros as the adjudication protocol.
- The relevant information is securely transmitted to the Kleros platform.
- A jury or tribunal is selected from the juror network. They evaluate the case’s evidence and cast their votes.
- The jury’s decision is enforced by the previously written smart contracts, ensuring a just outcome.
“Our Seasteads are specifically designed to facilitate innovation in how humans choose to model habitation, form community and govern their affairs. By adopting the pioneering objective arbitration protocol developed by Kleros, we will allow our communities and the ecosystems they interact with to settle disputes fairly, securely and efficiently” explained Randy Hencken, Co-Founder of Blue Frontiers and Director of The Seasteading Institute.
Reflecting the model for independence underpinning Blue Frontiers’ Seastead communities, the Kleros project is completely open-source, owned by no one, and is intentionally not backed by any institutional investors. Additionally, the Kleros protocol can be used for a wide range of disputes requiring technical expertise in the allocation of resources (real or symbolic) between parties, such as: freelancing, crowdfunding, oracles, gaming, insurance, e-commerce, and many more.
“Kleros can be integrated into almost every type of application built online and will serve as a key institution for dispute resolution in the emerging blockchain era. It will provide a fast, inexpensive, transparent, reliable and decentralized dispute resolution mechanism that renders binding ultimate judgments about the enforceability of smart contracts” said Dr. Federico Ast, CEO of Kleros.
The first Seastead is expected to be completed in 2020 and is planned for French Polynesia. It will be habitable by up to 300 people simultaneously.
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