Believe it or not, but the Internet, or at least some facets of it, aren’t online 100% of the time. In mid-October, Youtube, the world’s more prominent video sharing platform, went down for upwards of one hour… worldwide, sending netizens into a panic. Mere weeks ago, Facebook, Instagram, and WhatsApp suddenly lost the ability to offer its services, affecting hundreds of millions. Even Bitcoin hasn’t been 100% functional for its entire lifetime.
While such outages and downtimes are unavoidable, Stacktical, an up-and-coming blockchain project with its own crypto asset, DSLA, is looking to revolutionize the website downtime industry, ensuring that consumers have better experiences on the Internet.
As established, customers and their respective online service providers are far from perfect. However, the two do their utmost to maintain a symbiotic relationship through what is known as a Service Level Agreement (SLA), which a customer and website host/similar service both sign off on. SLAs give service providers an incentive (and often a hefty one at that) to have reliable offerings. If a certain standard of service isn’t met, the agreement ensures that there is a compensation mechanism for customers. However, SLAs can often be expensive, complex, and failable, hurting businesses, and, more importantly, the consumer at the end of the chain. As Wilhem Pujar, the chief executive of Stacktical, says:
“The problem is that offering and maintaining service level agreements is very labor-intensivee for providers. The entire agreement portfolio must be defined, negotiated, deployed and monitored. When a service level violation is detected, the manual enforcement of policies generate a lot of customer support overhead that also translate into a massive waste of time for customers. Traditional Service Level Agreements can easily be a net negative for all involved parties.”
But, Stacktical is looking to change this. The startup, run by an array of talented individuals, is looking to put SLAs on a blockchain. More specifically, these agreements will be altered into smart contracts, removing intermediaries, decreasing costs, improving businesses models, and ensuring a better quality of service for businesses and the end-user.
Stacktical intends for these smart contracts to be crowdfundable, meaning that SLAs can be more economically, reliable, and decentralized. This also ensures that SLAs are immutable, meaning that providers or customers cannot tamper with agreements for their own advantage. This on-blockchain system also allows for a reward distribution system.
If an online service provider is to, let’s say, fail to maintain the stability of their offering, meaning downtimes and slow server times, customers of said firm can be rewarded with the aforementioned DSLA tokens. And all this can be automatically, due to the game-changing potential of blockchain technologies. In other words, SLAs do not need to be actively maintained, as businesses can be instantly compensated for outages without an often drawn-out, time-consuming claiming process, which can be costly and avoided. Stacktical says that its proprietary blockchain system can “achieve [an] unprecedented level of efficiency.”
As hinted at earlier, this reward system will be run through the DSLA token, which will be an ERC-20 asset based on the Ethereum chain. DSLA basically acts as the fuel of the Stacktical ecosystem. Here’s a hypothetical situation to help you conceptualize how the DSLA system works:
If Business X is to experience a web outage, a portion of a compensation pool of DSLA tokens will be paid out to the customer. With these tokens (the amount will depend on the smart contract SLA’s terms), the business can either withdraw DSLA to their own wallet for a presumed sale, or it can redeem a service from the provider, thereby depositing the DSLA back into the pool.
DSLA will be distributed through an ongoing initial coin offering. Visit the following sites/social media channels below to stay up-to-date about the project!
Disclaimer: This is a sponsored post
The post Stacktical: Automating Compensation for Downtimes Through Blockchain Tech appeared first on Ethereum World News.