What is OATH?
OATH’s dispute resolution protocol is modeled on the common-law jury system and utilizes blockchain, cryptographic algorithms, random algorithms associated with categories and attributes, jurors’ credit level, and case-tracking technology. OATH is building a decentralized, standard, and extensible public chain-agnostic protocol that protects dApp users’ rights and assets.
Smart contracts cannot effectively verify or authenticate off-chain information for real-world businesses, therefore creating loopholes for contract f raud.
Because a smart contract is a self-executing program written in a computer programming language, it works according to the terms and conditions originally written in the code. This limits its ability to resolve disputes not included in the codes.
Decentralization is the key feature of a blockchain application. When a dispute arises, it is difficult for both parties to find a credible third party to resolve the dispute. In the decentralized world, it is particularly difficult for traditional courts or arbitration institutions to enforce the rules and resolve the disputes.
All key data, such as the contract and relevant evidence, is hashed into the blockchain to establish a permanent, immutable record.
The jury members’ identities are kept confidential through cryptographic techniques to ensure objectivity and immunity from external influence.
OATH’s dynamic allocation algorithm reduces the odds of the same jury members resolving multiple disputes to avoid collusion.
FAIRNESSOATH’s categorized random algorithm, designed for reducing bias, selects jurors with diverse backgrounds to ensure fairness.
By providing common contract templates, OATH will improve the usability of smart contracts in a variety of scenarios. The templates will include many typical applications and scenarios, such as e-commerce, copyright protection, OTC transactions, and others. OATH protocol will be built into the template and include a dispute resolution plan, compensation agreement, and other related fields. All smart contracts written through the OATH smart contract interface are automatically secured by the OATH protocol.
Website: https://oaths.io/
Whitepaper: https://oaths.io/files/OATH-Whitepaper-EN.pdf
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