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OP, obviously you don't understand what the role of escrow is here. Their task is more complex than you think and there is no reason to eliminate them especially to ensure the satisfaction of both parties. Some services that automate the escrow system also don't work well and many fail to resolve transaction disputes.
I guess we can agree to disagree then. Like I mentioned earlier I was an international seller on Ebay and Amazon before electronic payment systems like Paypal even existed. I remember the rules in place and how it was made to work primarily based on marketplace user rating and feedback. I think the near instant settlement of crypto is very applicable to how it was before there was a Paypal or other electronic payment systems. |
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They will need to sell something to get positive feedback, so how will they be able to get that feedback if they cannot sell without it?
The marketplace would at first be used within online communities that have had contact with each within the community.
Using escrows protects both parties who can be malicious in their own way. Sellers can try to sell sub standard products and buyers can be too demanding on what they expect.
The way your suggestion can work is if you have all sellers registered and the buyers have a return policy if they do not get the product in the quality that was advertised.
You will be acting as the escrow in that case.
Note that writing consecutive posts as you are doing is against the rules of the forum.
- Jay -
It would be up to the seller to declare the terms of sale for the item, they could offer a return policy if they chose. There would be no escrow involved to use the marketplace.
Sorry, I wanted to respond to several different comments and doing it separately really helped to keep things somewhat organized. I will try to not do it in the future now that I am getting more familiar with posting here. |
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OP wants a marketplace where the seller will be paid immediately, but that can't work. The buyer must confirm that the product or service they purchased is legitimate. That's going to take time, especially for physical goods that need to be shipped across towns and countries. Smart-contract enabled confirmation that the goods are legitimate aren't a problem. That can be built in. The waiting time needed to receive, test, and confirm everything is in perfect working order won't be reduced with automated escrow.
Both Ebay and Amazon never used an escrow service that made sellers wait to receive payment for the items they sold and shipped. Not using an escrow seemed to have worked out well for them. |
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Because in some case, peer to peer only means buyer interact directly with seller. Although there are non-centralized P2P marketplace such as OpenBazaar, which unfortunately never took off.
And how the blockchain handle dispute between buyer and seller?
I have never had a chance to use OpenBazaar, so I can't really give an opinion about why it never took off. A feedback system similar to what worked for Ebay when they first launched their online marketplace would be used. This would allow other marketplace users to be warned of bad actors. |
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Well, after reading your post and other member's reply, i can tell your model lacks only one or two things. Which are liquidation problem like why the amount will be provided by everyone and the data shown to us will not be live. Second is the scammers. So, how one can solve such limitations.
i think ZK-proof mechanism might be used to identify that the seller of any goods or thing has the legitimate thing and on the other side the person has the right and legit amount. This, will decrease the fear of getting scam. As, this Zero knowledge proof mechanism will also secure your personal identity too.
And to get the live reserves information instead of just getting a screenshot information you could use chainlink or Harmony platforms. But i have no experience of any of them. So before selecting one you must ask here.
The blockchain proofs can be live and users could use blockchain explorers to verify the live data for themselves. The blockchain I plan to use could provide real-time blockchain proof of the obligations of the marketplace. The scammers would be solved by using feedback mechanisms I briefly described in my other responses. People should always be very skeptical of marketplace users with low or bad feedback and all marketplace users have an incentive to keep their feedback clean. |
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You're only talk about your idea, but you still not really understand about proof of reserves. The concern about proof of reserves is the data isn't real time, so your idea will not work. We should also need to think about the collateral, since you're use blockchain, the collateral must be cryptocurrency or fiat since it's liquid. It's impossible if we talk about lending where you receive crypto and give your other crypto as a collateral. But not possible if you trade for goods or service. Concerns About Proof of Reserves (PoR)
Although proof of reserves offers assurance that a crypto company has the assets in place to cover its liabilities, it is only a single snapshot in time, not a live accounting of balances over time. It also only shows the on-chain assets of the custodian; it does not track where those assets come from (i.e., whether the assets were borrowed for the purposes of the audit).
What assets can be considered reserves?
Assets that are considered reserves are cryptocurrencies (or other types of assets) that offer strong liquidity. In other words, the company could sell off the assets to cover withdrawals or other liabilities, if needed. These may include cash or other fixed income assets. As for cryptocurrencies, this would include the more popular coins, such as Bitcoin and Ethereum, and stablecoins, like Tether, USDC, or BUSD. In the same article you quoted under KEY TAKEAWAYS it also states that "a real-time track of reserves" is something that could be made available to users. Concerns About Proof of Reserves (PoR)
Crypto companies may publish periodic proof-of-reserves audit results or have a real-time track of reserves available on their website.
The marketplace users could use blockchain explorers verify the real-time balances of both the reserve accounts and all the obligations that have been issued.
I just checked your post history, and it seems one of your projects still relies on having somebody help filter out bad actors. I don't think it is that different from how escrow works in a marketplace. If you plan to solve the necessity of an escrow then you need to build a tool that is smart enough, easy to understand for everyone, and not prone to false alarms so that it can solve any issues from both sides. I'm not sure if removing human intervention is the only solution since contexts do matter and a code might not be able to handle it. CMIIW.
Yes the marketplace operator would help filter out bad actors from even being able to list in the first place and being an arbitrator should disputes arise. A robust feedback system would be used to filter out bad actors. Users of the marketplace are incentivized to keep excellent feedback reports for their account if they want to keep using the marketplace and deal with other highly rated users. |
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It only guarantees reserves how about the condition of the product you cannot do that if it only guarantees supply there may be testimonials but we cannot guarantee that those testimonials are not fake, I like the present setup of doing escrow its safe and its a buyer and seller protection
I Think using escrow would give the buyer unfair privileges over the seller. In my decades of experience buying and selling on the internet it is usually the buyers that tend to be the more problematic users of online marketplaces. |
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The problem is not one way, though.
Have you thought about sellers who are scammers and sell fake items to buyers? Now if the seller is going to receive instant payment minus the buyer verifying if what they have received is legitimate, and it turns out to be the opposite, how are you going to solve such disputes minus and active escrow service?
Yes I have thought about bad sellers. The marketplace operator would have to first allow the marketplace user seller privileges before they would be able to sell. There could be some rules set in place such as the user must have a certain amount of positive feedback before they would be able to sell. The disputes would be over seen by the marketplace operator through a feedback system and bad actors would have their marketplace account cancelled. I was one of the original international sellers on both Ebay and Amazon in the 1990s. This was before electronic internet payment systems such as Paypal even existed and buyers had to snail mail the sellers the payment for the item. I think using similar practices that Ebay had set in place when first launching their online marketplace could successfully be used again to launch community blockchain marketplaces. |
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What about making a community peer to peer marketplace for goods and services that trades directly on blockchain without the need for an escrow service?
The problem
The currently available peer to peer marketplaces are just a centralized list of items for sale that accept crypto for payment. These need to use an escrow service that make the seller wait for a long period of time before receiving the payment for the item they sold.
The solution
Using a full blockchain proof of reserves to verify the marketplaces reserves as well as obligations in real time. This will reduce marketplace friction by allowing sellers to receive instant payment for their sold items and also allow both buyers and sellers to be confident that the marketplace is fully solvent at all times.
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Sounds like you are describing something like a local private blockchain.
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I wonder what the government thinks about privacy coins and if they have any plans to do actions against them.
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The decentralized community-based blockchain marketplace project will allow members of a community to trade goods and services directly amongst themselves using real-world asset tokenization. All trades happen directly on a DeFi blockchain orderbook without the need for any browser plugins in order to place trades or access the assets in the wallet/account. Trades can be signed using secure off-line equipment then later submitted to the blockchain for increased security. Each decentralized community marketplace will be operated by a trusted member of their community that will be compensated by means of listing and/or final value fees. Some of the benefits that will be made available by using DeFi blockchain technology that are not on available with other on-line traditional marketplaces even those that allow the use of crypto are as follows: - Empty shell bids are not allowed this is enforced by the on blockchain orderbook. This will make sure the buyer has all the funds available to immediately complete the transaction before the bid is even accepted.
- Buyers can place bids that are under the sellers ask price to form a "best offer" type bid that the seller will be able to see on the blockchain orderbook and accept if they desire.
- Sellers will be able to dynamically update the ask price of the item for sale at any time to accommodate changes in the value of whatever that is being accepted as payment.
- An asset path finding service that can search for a link between the various items for sale on the blockchain orderbook to make a trade happen.
- Direct barter between two sellers that have items listed for sale on the blockchain orderbook is possible. This direct barter could even be possible across decentralized community-based marketplaces.
- Your DeFi blockchain marketplace wallet/account and all the asset inside will continue to be available even if the decentralized marketplace dissolves for whatever reason.
These decentralized community-based blockchain marketplaces will be hosted on the Cryptops DeFi blockchain where trades close on average in under 6 seconds. The Cryptops DeFi blockchain uses asset tokenization to provide an intuitive, secure and censorship resistant method for the buying and selling of real-world assets using an on-chain orderbook that allows users to fully verify all trades. Cryptops is a open trade platform where the transaction fees are decided by each users decentralized vote. These transaction fees are then equally distributed weekly in the form of (COE) the native blockchain currency to all the stakers of the Cryptops blockchain effectively allowing them to set their rewards rate using blockchain protocols. It is not necessary to run a Cryptops node in order to receive staking rewards, but it is necessary to be running your own decentralized node in order to vote on the transaction fees and other characteristics using the blockchain protocol. This decentralized community-based blockchain marketplace project is in the pre-seed stage of development and there is still much that needs to be done, let me know if you would like to get involved in advancing this project. |
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This sounds shady to me...
Why does a developer looking for projects to work on sound shady? What can I do to prove I am just an honest person looking for legitimate projects to work on? I have just been busy maintaining both the testnet and public Cryptops blockchains while advancing an application that runs on them and have not had much time for social media. I am now pivoting into a new project and looking forward to earning the trust of the bitcoincointalk community. The new project is decentralized community blockchain marketplaces if anyone is interested in using blockchain technology to advance/enhance the capabilities of online social media platforms for the benefit of the members of their communities (not spamming just genuinely looking to build a community that wants to make this project happen). |
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We are working on a new tokenized real world asset exchange, you are welcome to join.. Message me directly..
I tried to send you a message but it said your settings blocked my message. Maybe you can try to message me first. |
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The Services section is the part of the forum to post your skills. In the bottom left of this page you would see the option to move the topic to a different board. Thanks for the advice on moving the topic here to the services section. I am looking forward to conversing and building trust here on the bitcointalk forums. |
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I have over 9 years experience in working with blockchains down to the source code level and also creating functional applications that run on blockchain. I have won several build challenges for at the time top 10 coins. My primary experience is with Real World Asset Tokenization using DeFi blockchain, but I am willing to accept anything that can provide an income. I also have experience creating high performance time series data retrieval systems to be used for predictive analysis and charting indicators. I have created real time data visualization systems that can dynamically construct lightweight low bandwidth customized time series chart graphs natively in SVG format. I am the founder/lead developer of the following sites: https://cryptops.exchangehttps://lumag.solutionsLet me know if your project is in need of a developer. |
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