TELOS ARBITRATION; THE WORLD’S FIRST MEMBER ELECTED ARBITRATORS ON THE BLOCKCHAIN!

Arbitration is a proceeding in which a dispute is resolved by an impartial adjudicator whose decision the parties to the dispute have agreed, or legislation has decreed, will be final and binding. Arbitration is often used for the resolution of commercial disputes, particularly in the context of international commercial transactions. In certain countries such as the United States, arbitration is also frequently employed in consumer and employment matters, where arbitration may be mandated by the terms of employment or commercial contracts and may include a waiver of the right to bring a class action claim.

One of the blockchain projects that has taken arbitration to heart is EOS which came from the EOSIO software project. This has worked, but as people realized quickly, there were certain flaws. The most obvious one was who vetted and hired these arbitrators. Though the website says that they were carefully vetted, questions started arising about who vetted and hired these arbitrators. If the community did not hire or vet these arbitrators how does anybody know that they will not be looking out for the people that got them hired? If they did not do the bidding of these guys, will they still keep their positions or get fired? When EOS launched, accounts were frozen at the request of some arbitrators and…