Kleros, a dispute resolution layer for the Ethereum blockchain, has announced its token sale. The team will host an Interactive Initial Coin Offering (IICO) on May 15th, an enhanced Initial Coin Offering inspired by a model proposed by Vitalik Buterin and Jason Teutsch. It will mark the first time an IICO has been used in a public sale.
IICOs are designed to be more egalitarian than conventional public sales, which aligns with the principles guiding the Kleros project. Using crowdsourced jurors, Kleros will provide dispute arbitration, enabling claims to be settled clearly, fairly, and transparently. Explaining the reasoning behind an IICO, Kleros CTO Clément Lesaege said:
“Initial Coin Offerings have shown the phenomenal public interest in funding blockchain projects, but participation has become a lot harder. Due to exclusive private sales and pre-sales, crowd sales have now bypassed the crowd. We want to change that, which is we’ve gone for an interactive ICO which allows for a slower and fairer token sale. That way, participants can set their own cap, and then a uniform token valuation is deduced, based on the total ether contributed.”
16% of all PNK tokens will be issued in the Kleros IICO on May 15th, with the remainder of the supply earmarked for public sale to follow. In total, 66% of the 1 billion PNK minted will be distributed in this manner.
Kleros is partnered with INK Protocol, Dether with many more to come.
Watch the Explainer video: