PAID Network Arbitration: Earn Incentives and Rewards as an Arbitrator on the Blockchain
A world run by digital consensus is starting to flourish on the blockchain. As genuine community-based self-governance and law begin to emerge, the traditional regulator, politician, and lawyer roles are being replaced by smart contracts distributed on individual computing devices.
New roles are emerging for digital citizens. Crypto token holders on decentralized lending and investment, virtual gaming, and other blockchain platforms are already voting on how they should be run.
Consequently, a key job position with high growth prospects within the blockchain space is the community arbitrator role.
Traditional Arbitration vs Decentralized Arbitration
The current arbitration system was designed as an alternative dispute mechanism to the “monstrous maze” of costs and legal perplexities, but is only a partial improvement. Out-of-court arbitration is still too costly, lengthy, geographically restrictive, and biased by undue influence from the realms of power and money.
Community arbitration on the blockchain has finally broken free from the shackles of the traditional legal system. The decentralized community arbitrator plays the important role of ruling on contract disputes arising from decentralized transaction agreements enabling decentralized communities and projects to efficiently and fairly resolve disputes.
PAID Network’s arbitration function was designed to resolve the injustices of the traditional legal system’s arbitration inefficiencies. When contracts are not honored, the PAID arbitration system provides an inexpensive, quick, and fair dispute resolution solution.
When a dispute arises, a PAID ecosystem user simply needs to initiate the arbitration process within the SMART Agreement in question, and can oversee the progress of their dispute on PAID’s DApp on their mobile device.
Jobs for Arbitrators on PAID Network Benefits
PAID Network offers its abribrators a unique career proposition by rewarding ethical and timely dispute resolution in $PAID tokens. Arbitrators with a good reputation score will benefit from more workflow.
By becoming a PAID Network arbitrator, you will have the opportunity to become a bonafide digital citizen and contribute to a more equitable and ethical legal system, worldwide. Moreover, you will be helping PAID Network ecosystem users secure the completion of fair business agreements in a more efficient and cost-effective manner.
In exchange for performing arbitration duties, you will benefit in the following ways:
Get $PAID Tokens
Arbitrators on the PAID platform receive a fee paid in the $PAID token for each dispute arbitrated. As a part-owner in the PAID Network, you have an incentive to judge fairly and maintain the system’s integrity. Applying game theory, the Paid Network is incentivizing arbitrators to act ethically. To incentivize fair decision-making, arbitrators will stake $PAID tokens. In addition to earning APY on the staked tokens, you gain voting rights, priority access to new token offering deal flow through PAID DAICO (Ignition to be announced in greater detail soon), as well as other benefits.
Earn a Good Reputation and Get Higher Incentives
As an arbitrator, your reputation for fairness is your most valuable asset. On traditional online marketplaces, like Amazon, if you accrue an excellent reputation score, you have no way of promoting your excellent rating to new potential clients. On PAID Network your reputation score is your new credit score. As you improve your reputation score, the network’s algorithm will automatically assign you more dispute resolution cases.
When you work as an arbitrator within the PAID Network ecosystem, you create tangible value for the ecosystem as a whole.
Improve Your Reputation In a Provably Fair Arbitration System
In the current legal system, lawyers and arbitrators have many incentives to not act reasonably on behalf of their clients. The public perceives lawyers as under the influence of big business, politicians, and the judiciary, according to an ABA survey.
Key ways PAID Network eliminates undue influence and bias in the arbitration process include:
Arbitrary selection of arbitrators — PAID arbitrators are anonymously and randomly selected through Chainlink’s VRF (Verifiable Random Function) technology to ensure disputes are provably-fair. A blind arbitrator selection process means Joe Arbitrator cannot call up his old law school chum Mary Arbitrator and convince her to rule in favor of his client’s brother.
Transparent arbitration process — The entire arbitration decision process takes place transparently on the blockchain as each arbitrator records his or her rulings directly on the smart contract.
If you are an independent lawyer, arbitrator, or other professional seeking to utilize your arbitration skills, you can earn more from your reputation while promoting an ethical legal system in the PAID Network ecosystem.
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