People love the idea of making money online, but in reality, it’s not that easy.
However, with the new and innovative blockchain-based arbitration platform, Kleros, making money online is actually easy.
Kleros is a blockchain dispute resolution platform that provides fast, secure, and affordable arbitration in essentially any scenario. The service can be used to solve disputes which otherwise can’t be affordably solved by courts or other dispute resolution methods.
Even Vitalik Buterin, the creator of Ethereum, is a big fan of Kleros. As previously reported by IIB, he stated that it’s one of the DeFi (decentralized finance) applications being built on Ethereum that he’s excited about.
How to Make Money on Kleros
To earn money on Kleros, you must first apply to become a juror on the platform. Kleros crowdsources a number of jurors from around the world and assigns them to certain cases. Jurors do not know who one another are and therefore cannot communicate and collude in their decision making.
As a juror, when you get assigned a case, you must stake some of the platform’s native token – Pinakion (PNK) – review the case details, along with the attached evidence, and determine which side of the case wins by casting your vote.
The system works by rewarding jurors who vote with the majority on the outcome of a contract dispute and penalize those who vote in the minority. This incentivizes jurors to vote honestly and take their assigned cases seriously.
Once the case is resolved and if you voted with the majority, you will be awarded a portion of the arbitration fees in ETH according to the fraction of total votes you made. If there were 9 jurors who voted in the majority, you would receive 1/9th of the arbitration fees.
Also, in the event that some jurors voted with the minority, and you voted with the majority, you’ll receive a portion of their staked PNK.
How Much Money Can You Make on Kleros?
All in all, each Kleros case is different, and the amount of money a juror makes is dependent on the number of jurors involved and the complexity of the case.
Providing some insight into how much a Kleros juror can make is a Kleros spokesperson who told IIB:
“People have been making between $85 to nearly $300 an hour working from home with Kleros. Those figures are narrow to certain jurors but when most of our simple cases are resolved in less than 5 mins, the payout is $15.”
Adding to this, the spokesperson said:
“Some jurors have even been awarded more than 3 ETH + PNK for certain cases.”
This is quite a substantial amount of money for what seems like very little work. Therefore, Jacob, a member of IIB decided to try this novel new court himself and ended up earning $100 from a case that took him less than 20 minutes of work.
Explaining his experience, he said:
“I was selected to be a juror on a case last week. It only took me about 15 minutes to make my decision. And I was awarded about $100 worth of ETH and PNK.”
According to Jacob, the experience was a simple way to make money online, and he will continue to participate in cases as they come up.
While the number of cases may not yet be plentiful enough to work full time due to the newness of the platform, the amount of money that can be made in a short amount of time for very little effort is unprecedented.
On that note, the Kleros spokesperson said:
“Moving forward, we hope Kleros can provide a source of income for jurors and in the process, contribute to a more trustworthy blockchain ecosystem.”
What do you think about the Kleros platform? Have you tried it yet? If so, tell us about your experience in the comment section below.
