How Smarter Contract Works
We want to make your experience as straightforward as possible.
Suppose Andy hires Sandra via a contract to paint his house.
When Sandra says the job is done, Smarter Contract asks Andy to propose a value for the contract variable requiring judgement (i.e. whether painting is complete).
If Andy proposes a value of FALSE (indicating painting is incomplete) and Sandra does not accept that, then the system offers Sandra and Andy a means for settling on the value of their contract variable.
If they continue to disagree, expert(s) review information provided by both parties.
The decision of the expert(s) on the value of the contract variable is sent to the contract governing the painting job.
If the decision is that work is complete, then the contract sends Andy’s money to Sandra.
The cost of dispute resolution is paid by the losing party and is based on the number of units of information shared with the expert(s). This makes the cost of simple disputes low.
Prior to dispute resolution, parties are given a platform for negotiating and agreeing on the contract variables that dispute resolution would otherwise decide.
Pick any number of experts from 1 to 100. Experts are decentrally chosen from the appropriate pools, with top experts given highest priority.
Limited Scope: Limited Cost
Experts only determine the value of variables that are in dispute. The cost of adjudicating the full contract is avoided.
Each evaluation job has one randomly chosen observer, who can see everything, but cannot communicate with anyone. The observer rates each expert.
Dispute Resolution Fee
The dispute resolution fee is based on the number of characters of text and code shared with the experts as evidence. Simple disputes are therefore very low cost. Loser pays the cost of dispute resolution.
Bias and Bribery Prevented
To prevent bias and bribes, all communication with evaluators is asynchronous (not real-time) and is redacted by multiple humans so that no party can identify any other party or know their ethnicity, gender or geography.
Experts do not directly decide the outcome of the contract. The users' smart contract does that. They simply determine the values of the contract variables requiring human judgment, such as what percent of the assignment was completed.
Select Among Discrete Options
When experts must select one option among several (e.g. Yes or No), each of their votes is weighted by their rating.
Select From a Range
When experts must choose a number from a range, the number selected is the weighted median of the experts' votes, where each vote's weight is its expert's rating.
Optionally, Smarter Contract can handle the contract's escrow.