We've added an ERC20 compliant badge to our Token Curated Registry creating yet more opportunities to compile trustworthy decentralized lists...
You may already know about our Token Token Curated Registry Dapp (T2CR from hereon in) with a full guide just a click away above . Since it began at the end of March '19, there have been more than 220 registered tokens, 20 badge requests and > 1000 ETH deposited with jurors receiving thousands of dollars in arbitration fees.
Why An ERC20 Badge?
Good question. If not to look pretty added to your Ethfinex badge (you have it right?) how about furthering the legitimacy of your token? The ERC20 badge improves the classification of tokens for other entities like exchanges, partners and integrations.
Having your token registered with an ERC20 Badge in the Kleros Token Curated Registry has the following benefits:
1. ERC20 compliant tokens registered on Kleros' T2CR will be added to Uniswap.ninja.
Uniswap.ninja is a frontend to the Uniswap DEX. It allows anyone to list tokens for free while eliminating malicious listing.We'll go into more detail with a full explainer upon release but basically, it's a DEX with a community vetted list of tokens.
2. It will allow those tokens to be used on the Kleros escrow
The Kleros escrow is an escrow system allowing users to make payments to parties conditionally on them providing you a product or service. You can use it to buy cryptocurrencies on other chains, pay a freelancer to make you a website or buy some good.
If you think that the product or service has not been delivered as it should, you can create a dispute. Kleros jurors may then decide that you should be reimbursed or that the provider should get paid.
Currently the Kleros escrow only supports ETH. In the next release, payments will also be possible in tokens with the ERC20 badge.
3. 'Proof of ERC20 compliance' can lead to more trust in partnering and integrating your projects.
As you can see from the tweet below, not fully complying to standards can cause major headaches when integrating.
How to Add ERC20 Badges
Head on over to tokens.kleros.io and you'll be presented with a list of submitted tokens in various states. Some will be pending, others challenged and most accepted.
Click on the token to which you want to add the ERC20 badge and select the radio button for the ERC20. Click 'Listing Criteria' to read it before submitting.
NOTE: Only 'Registered' tokens are able to attain badges. To learn how to register your token in the T2CR, read this tutorial.
Be sure to read the listing criteria carefully before proceeding. You can see them in full below.
When you're 101% sure the token complies with the ERC20 standard click 'Add Badge' and pay the 5 ETH deposit.
MetaMask will pop up asking you to confirm the transaction. Double check all the info and click 'Confirm'.
Wait, $1400 For a Badge?!?
You may have noticed that 5 ETH is around $1400 by May 2019. Why pay that amount of money for a badge?
Remember: this is just a deposit that you will get back when your token is awarded the ERC20 Badge.
The deposit is important for Kleros' cryptoeconomic system to work swiftly and create the right incentives for all users.
Wait, But Why Risk My 5 ETH in the First Place?
As mentioned earlier, by having your token tagged as an ERC20, it will be eligible for the Uniswap.ninja decentralized exchange, allow your token to integrate with the Kleros escrow and gives partners a higher level of trust in your platform.
If this were not enough, you can also win a slice of ONE MILLION PNK in proportion to your accepted submissions on the ERC20 curated list.
Kleros will likely be the defacto trust backed dispute resolution system on Ethereum...
In theory, you could add a large number of these badges to verified tokens and walk away with an equally large stack of PNK...
What Happens Now?
Now we wait.
Upon paying the TX fee transferring the 5 ETH deposit into the contract, your token will be added into the 'Badge Requests' tab of the T2CR interface showing 'Registration Requested' as below.
By clicking on that card, you can see more information regarding the remaining challenge period (how long other users have to challenge the veracity of your ERC20 compliant claim) and the ability to 'Submit Evidence'.
Submitting evidence can be done at any point, even before a listing is challenged. You may want to do this to clear up any outlying information or prevent possible challenges before the fact.
ERC20 Badge Request Key Info
Submission Fee = 5 ETH
Challenge Fee = 3 ETH
Court to Stake in
Blockchain > Technical
Payment for Coherent Ruling = >= 0.5 ETH
Stake Lost for Incoherent Ruling = 26000 PNK
Minimum Stake to Participate = 80000 PNK
Token Challenge Period = 7.25 days
Evidence Period in Disputes = 3.25 days
Vote Period = 6.75 Days
Appeal Period = 4.5 days
Oh, Before You Go, Click Below and Become a Juror
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