Kleros Token Sale Announcement, January 11, 2020

Kleros -
In March 2018, when we announced our first token sale with an ambitious roadmap ahead of us, we only had a prototype of the Kleros protocol on the Ethereum testnet.

Just a little more than a year after the initial sale, we launched four different dapps: the Kleros Court, the Token² Curated Registry, the Escrow and the Oracle on the Ethereum mainnet earning recognition from the entire blockchain ecosystem and far beyond.

If you want to read more about each of our Dapps, including explainers, click below.

  • The Kleros Court is our core Dapp which brings the power of Kleros crowdsourced juries to a wide range of applications. There are currently 193 jurors staked with 65 unique jurors drawn to arbitrate over 130 cases. 2020 will likely see these numbers expand greatly.  
  • Our Token² Curated Registry, with over $350k of transactions including 214 ETH paid out to jurors since its inception. Our T2CR was used in the first ever decentralized exchange listing partnership with Ethfinex and will be used by DeversiFi and Gnosis DutchX amongst others in 2020.
  • Kleros Escrow is a fully decentralized dispute backed escrow service bringing trust to contractors, freelancers, traders and pretty much anyone who’s looking to transact services or goods using cryptocurrency. Users can create an escrow in ETH or any ERC20 token which has the appropriate badge credentials in our Token² Curated Registry.
  • The Realitio Oracle enhanced by Kleros arbitration, allows for off-chain data to be verified. Users can ask any kind of questions using cryptoeconomics + Kleros jurors to receive fast and efficient responses in a fully decentralized manner.

Now, having completed the goals set in our first roadmap, we are opening a new token sale to fund the next stage in the development of the project.

The PNK Token

PNK is an Ethereum ERC20 token which has three distinct uses:

  • It allows users to stake and be randomly drawn as jurors in disputes settled on Kleros network.
  • It incentivizes jurors to vote honestly.
  • It prevents the sybil attack.

(To learn why Kleros needs its own token, read this post).

Currently, the token is actively used by the jurors who adjudicate disputes on the Kleros network.

PNK is currently trading on Bitfinex, IDEX and Uniswap.

Mechanics of the Sale


Starting on January 11th 2020, 16:00 UTC, Coopérative Kleros will release for sale 150,000,000 units of the PNK token. The Coopérative will place sell orders of PNK using single sided orders in steps which are explained and illustrated in more detail below.

This allows buyers a larger liquidity pool to easily place larger orders without adversely affecting the token price. The sale price will start at lowest market rate and increase naturally as more people buy. There are two ways to participate: a simple way and a web3 enhanced way.

Simple

In the simple way, you can just send your contribution in ETH directly to the sale contract. You will get the lowest possible price for PNK (the cheapest steps fill first).

Simple interface. Send your ETH to the contract via address or QR code. All the ETH will be used to buy tokens, filling the cheapest orders first.

Enhanced Way

By using a web3 browser, you can have more control over your contribution. The token sale interface works with a number of steps containing a large amount of PNK for sale.

You have two options in the contribution section: a chart showing the steps and a table with details about the quantity of PNK and price in those steps.

You can allocate a set amount of ETH to any of the available steps. Once the transaction is confirmed, the PNK will be sent to your wallet immediately.

In this screen, you can choose the amount to contribute and choose the price at which you want to place your order.‌‌

As one step is taken in full, the orders directly move to the next.

If for example, you purchased 10,100,000 PNK at 0.000048 ETH as shown in step A below, you would receive 10,000,000 PNK at 0.000048 ETH and the extra ETH you sent will be reimbursed.

This guarantees that you will not pay more than 0.000048 ETH per PNK. If the price is lower, you will pay less. If the price is higher (such as in the case of these extra 100k PNK), part of the order won’t be executed.

Kleros is excellent proof of how a small, dedicated team can create real change with limited resources in a very short time span.

We're continuing our work in the same pace with extremely exciting updates coming already in the beginning of 2020.

With the strong support of our community, our goals are set and our vision clear - decentralize justice in order to allow equal and fair access to all.

Kleros software and network are developed by Coopérative Kleros, a cooperative type of entity incorporated in France. To learn more about the Cooperative, read this article.

Where Can I Find Out More?

Join the community chat on Telegram.

Visit our website.

Follow us on Twitter.

Join our Slack for developer conversations.

Contribute on Github.

Download our Book