Kleros, a new decentralised dispute resolution ‘layer’ for virtually any transaction, has partnered with Market Protocol, a company building an open source foundation for decentralised derivatives Markets, an industry worth over USD500 trillion.
Together, the two companies will provide a completely decentralised trading and dispute resolution technology platform for secure and trustless transactions.
“The decentralised nature of Market Protocol is another great application for our trustless arbitration services,” says Federico Ast (pictured), CEO of Kleros. “As in other critical use cases such as e-commerce and payments, this is another step for our protocol to build the dispute resolution infrastructure for the global decentralised economy to operate smoothly and securely”.
Kleros, whose name is derived from the Greek word for Kleroterion (a stone randomisation device used in democratic processes in ancient Greece) provides completely decentralised arbitration services for virtually anything. The company proposes doing this using Ethereum smart contracts. Its dispute resolution technology can be used to arbitrate all kinds of disputes in industries such as e-commerce, finance and insurance.
Market Protocol is powering safe, solvent & trustless derivative trading of any asset. This creates a decentralised framework allowing traders to establish long or short positions without lending or borrowing. Contracts are guaranteed solvent with no counterparty risk. Users can trade cross-chain, off-chain or on-chain relationships, such as Monero/ETH or APPL/stablecoin using ERC20 assets as collateral while remaining on the Ethereum blockchain. The protocol provides the pieces necessary for others to create decentralized exchanges and applications. Market Protocol’s first beta dApp was released on Rinkeby test network in April.
Seth Rubin, CEO and co-founder of Market Protocol, says: “With trustless settlement, we are guaranteed to have issues from time to time. This can be as simple as bad data or worse, malicious data. We are excited to work with Kleros to provide creators of Market Protocol contract relationships a robust dispute resolution mechanism. We look forward to working with Federico and the rest of the Kleros team!”
Combined with Kleros, the two applications will provide the infrastructure for secure and fair decentralised trading for the next generation of derivatives traders.
