Trustless Escrow — a trusted escrow protocol that facilitates the peer-to-peer exchange of goods, services or digital assets, using cryptocurrencies as a payment.
Contents:
Description of the Trustless Escrow
Buy and sell online with an ethereum smart contract safely. Now you don't have to trust the counterparty. You don't need to rely on third party agents. Transactions can be made reliably and safely, using the blockchain-enabled smart contracts.
How it works:
| Firstly | For instance, Alice (the seller) wants to sell Bob (the buyer) a service. Alice goes to trustlessescrow.com and creates an escrow. |
| Secondly | Escrow includes Ethereum addresses, Alice and Bob's guarantee deposit amounts, and the transaction cost and expiration date. |
| Thirdly | During the creation of the escrow, Alice also makes her deposit. Alice can abort the deposit if Bob has not yet confirmed it. |
Bob sees the escrow, created by Alice, and decides to confirm it. Bob deposits the specified amount. At this stage, neither party can interrupt the escrow. If Alice provides the service, Bob proceeds to pay the funds. Bob gets his deposit back, Alice gets her deposit back along with her wages. Bob won’t release the fund until he receives the service. In the worst case, if Alice is unable to provide the service or Bob is unable to release the funds, after the expiration date, the funds will be transferred to the smart contract. Alice loses her deposit. Bob loses his deposit and salary. Since Alice and Bob have incentives to fulfill the contract, this will never happen. Bob (the customer) can also initiate the process.
What else should you know?
A minimum commission is charged for a transaction - 0.1% of the transaction value, for example, if the transaction value is 1 ETH, the commission will be 0.001 ETH. This commission is deducted when the Seller receives funds.
What deposit amounts should you choose, 20% or 200% of the transaction amount? Try to put yourself in the shoes of a counterparty. How much will make the seller to keep his promise and provide the service / product? What amount can guarantee that the buyer will release funds?
Additional information
Since the site does not have White Paper and RoadMap, you can learn about the features of the project by examining the information, provided on the main page. If you still have any questions, please contact for help via:
- telegram;
- email.
The smart contract has not been audited.