Stacktical To Deploy Its Decentralized Service Level Agreement Solution On Elrond
Service level agreements (SLAs) are contracts that define the terms and conditions for a provider to deliver services to its customers. They are widely used in the Software as a Service industry, which has reached US$68.2 Billion in the year 2020, and is projected to reach a revised size of US$219.5 Billion by 2027.
DSLA is a risk management protocol that helps service providers and customers to automatically settle deviations from service level agreements using smart contracts. The first product built on this protocol is tailored for Staking Providers serving Proof of Stake blockchain networks. It enables their delegators to be reimbursed for Validators performing outside of the agreed metrics.
“Today’s unexpected Google outage will likely cause tens of millions of dollars in losses to businesses worldwide. Automatically settling SLA breaches will increase the quality of online services and help avoid such situations. We’re happy to support this through our collaboration with Stacktical” said Beniamin Mincu, Elrond CEO.
The first DSLA product helps validators and delegators on Proof of Stake networks reduce their mutual exposure to staking infrastructure risks, using decentralized service level agreements and two-way, self-settled compensation claims.
Our immediate collaboration will focus on adding Elrond Network validators information in the DSLA Ethereum-based smart contracts. Soon after, DSLA Protocol will be deployed as smart contracts on the Elrond Network, serving the same purpose but at higher speeds and lower costs.
In the long term, Stacktical will leverage Elrond’s high throughput and inexpensive smart contracts execution platform to deploy a decentralized SLA framework suitable for digital services of any kind.
“Elrond has one of the largest validator networks in the PoS space and is a great addition to DSLA Protocol, and our flagship two-way hedge against staking and delegation risks. But the biggest value for us long term is its high throughput and inexpensive smart contracts execution capabilities, which we can leverage to settle SLAs in real-time, at internet-scale, for a wide variety of industries.” said Wilhem Pujar, Stacktical CEO.
The collaboration will bring additional adoption for the Elrond smart contract platform and provide an immediately useful tool for Staking Providers looking to increase the quality of their services.
Elrond is the internet-scale blockchain, designed from scratch to bring a 1000-fold cumulative improvement in throughput and execution speed. To achieve this, Elrond introduces two key innovations: a novel Adaptive State Sharding mechanism, and a Secure Proof of Stake (PoS) algorithm, enabling linear scalability with a fast, efficient, and secure consensus mechanism. Thus, Elrond can process upwards of 15,000 transactions per second (TPS), with 6-second latency, and negligible cost, attempting to become the backbone of a permissionless, borderless, globally accessible internet economy.
About DSLA Protocol
DSLA is a risk management protocol for developers, to build applications and operate infrastructures that are natively capable of financially protecting users against failures. It enables anyone to vouch for the reliability of a service, get paid when the service performs as expected, or get compensated when the service does not meet expectations.