OATH Protocol – Blockchain Alternative Dispute Resolution Protocol


Issues regarding the smart contract is that it is written in a computer programming language, such as Solidity, C++, et al, that only few users have the requisite knowledge and experience to write in a correct and secure way. Mentioned creates an extremely high entry bar for potential and new smart contract user, because they do not have required knowledge to complete the contract, which is the same in traditional world, with lawyers, and does not provide sufficient support for general population to transit to smart contracts from regular contracts. Specially, since smart contracts are not supported with regulation and government does not recognize it. On the other hand, smart contracts are not able to effectively handle information in real-business, that are offline and there is a space for frauds, since limited number of people can check the contract and information that is required to complete the contract.
Special case of smart contract deficiency is negotiation, since smart contract is a computer program, and it is not able to negotiate effectively the deal on changed entry data. It works on a data originally written in a code, and new data that are influencing the deal cannot be feasibly added. When comes to mind that there is anonymity in the blockchain, possibility of fraud is enlarged.
Above mentioned issues on the blockchain can be solved, and Oath protocol https://oathprotocol.com/ proposes dispute resolution handle, that shall be infrastructure layer between chains and decentralized applications. Juror community shall be the decentralized judge in disputes, and handle all cases that have disputes within smart contracts. Simply put, Oath shall be the governance network over smart contract on the blockchain, which is fairly needed institution on the blockchain, since regular governance does not influence the blockchain and result in a low regulation. This dispute resolution can be applied also to real-world issues on the blockchain, which is currently issue for general acceptance of smart contracts.
Consensus protocol for Oath is named Proof of common sense, and this shall be used by all community juror, which will decide in the case of dispute based on their common sense related to case attached contract terms, evidences and testimonies of parties involved in a dispute. This will allow general acceptance of smart contracts, since regulation will be introduced through Oath platform and provide increased security for users on the blockchain. Transparency of information on the blockchain will help in the process of juror in community reputation status.
Flow of information is that Oath protocol https://oathprotocol.com/ is extension of smart contract, that will provide smart contract with arbitration plan, and deposit OATH tokens for potential arbitrage of dispute. When smart contract is in progress, Oath protocol tracks the progress of the contract and if everything is resolved without dispute, smart arbitrage plan is closed and deposited Oath is returned. In the case of dispute plan is converted into smart arbitration case and odd number of jurors are engaged which will be picked in accordance with criteria gender, age, language, occupation etc.
Jurors are chosen by random algorithm, and counter parties have five days to submit necessary documentation, based on which jurors will have three days to decide regarding the dispute and have proper reward that will be sent on the blockchain. Of course, as part of the process, counter parties will have the right for appeal.
This protocol shall greatly improve security of smart contracts on the blockchain.

Author: https://bitcointalk.org/index.php?action=profile;u=1573369


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