Arbitration is the core of Curia. If we want to create an alternative financial system, we need efficient self-regulation mechanisms, nobody really wants the state to get involved in disputes related to crypto, especially in countries where courts are not up to date with tech.
Yes, there are already some on-chain arbitration solutions out there, but we believe that they are not good enough for more complex disputes where specialized panels are needed. This is what differentiates Curia from other protocols, our panel members are formed by actual Lawyers and Legal Engineers from LexDAO.
- Parties agree beforehand that they are going to solve their dispute using Curia (we suggest using our arbitration clauses).
- Claimant submits their claim by filling out the following form with details relevant to the dispute (including contact info for the respondent).
- Respondent is verified and notified by Curia, they have three days to fill in this form with their response.
- Once the respondent has been verified, the Curia Appointment Body will choose the arbitrators best suited for the dispute, providing a curated panel, formed by Legal Engineers and Lawyers from LexDAO.
- If the dispute is related to tokens (ERC20 or ERC721), parties are encouraged to lock them in our Smart Escrow, so that they can then be released based on whatever the tribunal decides. This allows our awards to be enforceable on-chain, without depending on courts.
- Parties proceed to introduce their on/off-chain evidence to the tribunal and they may also have an oral hearing if they wish to do so.
- Tribunal issues an award based on the claims/counterclaims made by the parties. This award is issued as a PDF attached to an NFT, that contains a summary of the award with the PDF as unlockable content.
- If the parties used our Smart Escrow, then the tokens will be released accordingly to what was established in the award.