The new blockchain protocol helps delegates with proof of quota protocols reduce the risk of harassment – exposing them to financial penalties when an auditor does not meet network reliability requirements.
The DSLA protocol is a decentralized marketplace for peer-to-peer service level agreements, also known as service level agreements. This makes it possible for everyone to protect themselves against the risks of delays and outages while minimizing legal teams, support teams and insurance companies.
Project managers estimate that 80% of companies are currently using SLAs to protect against outages from outside service providers. However, they argue that SLAs are often slow to implement, and since they can only be updated once or twice a year, they often do not evolve according to current conditions.
Thanks to this approach, SLAs can be decentralized to the blockchain within five minutes, and clients can adjust the contract size depending on their position on risk. The team says suppliers also have many incentives to enter into contracts with their customers where they are rewarded for operational excellence. As explained on the protocol website, “It gives everyone the opportunity to affirm the reliability of the service, to reward when the service is working as expected, and to claim financial compensation when the service falls short of expectations.”
This protocol operates on ERC-20 compliant DSLA codes that are hosted and transferred between service providers, guarantors and service consumers. The flow of these digital assets depends on whether the service levels are good or bad, and they also act as the key to accessing the decentralized application of the DSLA network.
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The research and development behind this infrastructure began in February 2018. The team is now completing preparations for an important milestone it has built for a long time: the launch of the backbone network in November.
DSLA’s parent company, Stacktical, says the use cases for this protocol can go far beyond hoarding. He wants to help companies provide better customer service and is targeting the aviation industry, where flight delays cost tens of billions of dollars a year.
Co-founder and CEO Wilhem Pujar believes that DSLA can finally give customers a much better deal than they get now, which in turn will lead to a better, worry-free door-to-door transportation service in the future. He also encouraged companies to focus on customer inventory more than on customer acquisition, citing research showing that a 5% increase in retention can increase profits by an astonishing 100%.
The DSLA protocol should also benefit other sectors, including web hosting, cloud computing, climate and environmental management, and fintech API providers. Developers will be encouraged to create DApps based on this protocol so that customized solutions can meet the company’s urgent needs.
Partnership and Progress
This past February, Stacktical announced that it had received a grant from the Web3 Foundation to help the company anticipate the scalability of the Polkadot blockchain. It has also garnered many partnerships, including with Harmony and Band Protocols.
Harmony is the first proof of ownership blockchain network to officially support the DLSA protocol during a stimulated beta on September 30, 2020. The goal of this initiative is to validate functionality, performance, reliability and security. Assumptions about the decentralized application of the DSLA network.
Meanwhile, the Band Protocol data oracle will expand the use of DSLA smart contracts by linking the speed analysis protocol to the decentralized performance monitoring indexer. The team said that BAND representatives will also be able to insure themselves against poor returns, cuts and late payments.