In a significant move towards consumer protection, South Africa's new crypto regulations have classified digital assets as financial products and services. This development implies that any disputes or complaints arising in the crypto space could potentially be addressed by the financial services ombudsman, necessitating the need for efficient dispute resolution tools. One such innovative tool is the Smartsettle ONE eNegotiation platform, which is designed for disputes that can be simplified to a single numerical issue.
In a unique collaboration with SIB Marketplace Pty Ltd, Smartsettle Resolutions is hosting an online tournament in October 2023 as a means of demonstrating the various functions of Smartsettle ONE in the context of crypto dispute resolution. This eNegotiation tournament is designed to show how the various stakeholders in dispute resolution - Ombudsmen, Mediators, Negotiators, Arbitrators, and Adjudicators - can work together to resolve crypto disputes effectively. The platform leverages powerful algorithms that simplify and automate the process of dispute resolution for enhanced efficiency. This initiative marks a significant stride in addressing the challenges of dispute resolution in the rapidly evolving crypto landscape.
The tournament event will be hosted at the International eNegotiation Exhibition where everyone is welcome any time to join in continuous edutainment events. The rules for the tournament are summarized at the bottom of this article.
Enroll now and start any time (Event Ended on Nov 4, 2023)
First Place goes to Jo Holland - Congratulations!
As context, the tournament will use the following hypothetical negotiation between a Crypto User and a Crypto Exchange.
A case between a Crypto User vs a Crypto Exchange
A Crypto User mistakenly sent $1000 worth of Ether Tokens to their Tether Token address instead of their Ether address through a Crypto Exchange app. The Exchange refused a refund based on their policy that Ether Tokens should be sent to an Ether address, not Tether. Both tokens follow the same ERC20 Blockchain standard and can use one address, a common practice with decentralized wallets like Metamask.
However, the Exchange operates differently, using separate addresses for Ether and Tether, making them incompatible with the User's Exchange Wallet but retrievable by the Exchange from the backend. The User can't access the Ether Tokens in the app, but the Exchange can, though it requires extra work.
After long tense negotiations, the Exchange agreed to refund the User, but they imposed a 50% fee to cover the engineering work. The User argues that the Exchange's flawed wallet design is the Exchange's fault for deviating from the ERC20 standard. The dispute revolves around negotiating between the 2% standard Swap Fee (estimated at $20) and the 50% extra Engineering charge (estimated at $500). The User believes they have legal backing due to financial regulations that prohibit Financial Service Providers from seizing depositor's funds, which may override the Exchange's user agreement regarding lost funds sent to the wrong wallet address.
Participation involves a few short visits to the site at each player's own convenience. The players take turns playing the roles of each party and negotiate against other participants in the opposing role. Each participant negotiates the case several times.
Enroll at the eNegotiation Exhibition
Join the free tournament event
Complete three learning modules
Learn the basics about Smartsettle, mostly how Smartsettle ONE works, but also a general introduction to Infinity*
Learn more in the Fundamentals Event if you need a certificate for Continuing Professional Development ($35)
Choose "Negotiate with the Robot" (on the left side menu) if more practice is desired
Choose "Negotiate with Humans" (on the left side menu)
To start, click to play as one of the parties
If no one else is online, wait for another human or invite a friend to be your opponent
While waiting for your opponent you may start another negotiation
Play in each role at least two times to get on the scoreboard
Remember that collaboration is the best strategy
Come back as often as you like to play against others and improve your score
Learn the difference between Avoidant, Compromising, Competitive, Accommodating and Collaborative and choose the latter. Do not be tempted to be too generous as a way of reaching agreement. Smartsettle can identify and will punish in low points.
The best strategy is to play a few negotiations early to get on the leaderboard and then at least one more on the last day to avoid the no activity penalty.
* Smartsettle ONE is designed for the simplest possible negotiations (one numerical issue between two parties). It's also an excellent introduction to the concepts that are implemented in Smartsettle Infinity for complex problems.