Kleros Protocol governance recently became fully decentralized. Moving forward all core smart contract changes will need to be voted on and executed by the community. As the team puts it: Welcome to the era of FULLY decentralized justice.
It works by handing the control over to the Kleros Governor. A smart contract that powers the protocol’s on chain governance for core parameter changes. The transition means the protocol’s governance is now fully autonomous. Essentially, once a proposal passes a vote then the Kleros Governor smart contract will execute it automatically. As a result, the dispute protocol’s future is now fully driven by community members and PNK token holders.
Beforehand, Kleros relied on Aragon Governance to vote on proposals which meant that the community then had to trust the development team to implement the outcome. Furthermore, the transition supports using Snapshot for proposal votes. Snapshot enables gasless voting which ensures there are no barriers for community participation.
What is Kleros?
Kleros (PNK) is an open source online dispute protocol, it leverages blockchain technology and game theory mechanics to fairly resolve disputes. The idea is that the rise of the digital economy and era of the world being on the internet has created a new digital realm. However, Kleros believes existing geopolitical jurisdictions are not ready to deal with this new digital realm.
At a high level, Kleros uses crowdsourcing to settle disputes in a quick and cost efficient manner. Meaning the protocol will connect users who need a dispute settled with a pool of jurors. As a result, the protocol’s native PNK token provides an economic incentive for jurors to act honestly. Additionally, as Kleros’ tech can integrate seamlessly into smart contracts many believe it will become the goto dispute resolution protocol of the DeFi economy.