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TLDR: There are multiple guys on the forum offering escrow service.
Most of the transactions are smooth, no need for escrow. But in the rare instance when something goes wrong - it's super useful.
You can rely on a single individual resolving a dispute or do it in a trustless, decentralized, crypto manner.
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I need to apologize if you are in the "toxic maxi" camp - hyperbitcoinisation, world reserve currency, the only blockchain out there.
Sorry not sorry, I think that Ethereum has much better developer experience and there are some useful projects in the space.
Yeah sure, ICO bubble, 99% projects will go to zero, and yet there are a few gems with actual use cases, users, solid production code and actual game theory incentives behind having a token.
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Why token: https://medium.com/kleros/why-kleros-needs-a-native-token-5c6c6e39cdfe
TLDR: Jurors have incentives to vote coherently.
The game-theory and crypto-economics are solid: https://en.wikipedia.org/wiki/Focal_point_(game_theory)
The way how the Escrow works: https://blog.kleros.io/kleros-escrow-secure-your-blockchain-transactions-today/
Alice and Bob communicate off-chain and agree on a transaction.
Alice - seller - selling PNK, the ERC20 token native to Ethereum
Bob - buyer - Bitcoiner - buying PNK for BTC
1. Alice and Bob communicate off-chain and agree on the price, 100k PNK at 87 sat per 1 PNK
2. Alice creates a new payment. She needs the address of Bob:
3. Alice provides her BTC address
All the rest pretty simple, self-explanatory and automatic. The funds (100k PNK) are stored securely in escrow.
- Once Alice receives BTC she can release the payment.
- If Bob pays but Alice does not release, then the jurors step in.
https://escrow.kleros.io/
You can also use Kovan testnet between two accounts that belong to you, to test drive the thing.
To a certain extent yes.
Adoption. Usability. Real-life use cases. Something you can make us of Today!
I hope this message is balanced. Not shilling too much while presenting some useful functions in a trustless manner.
Here is a lot of shilling LOL: http://boards.4channel.org/biz/thread/16771017/kuhkuhkleros
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There were multiple bug bounties, just search for yourself "kleros escrow bounty"
The dispute resolution part has been battle-tested:
- ~150 cases
- ~200 jurors
- ~$0.5m in deposits and fees
3 independent Kleros explorers
1️⃣ Oldest, most established: http://kleroscan.com/
1️⃣ Source: https://github.com/marczeller/Kleros-Monitor-Bot
2️⃣ https://dappalyzer.github.io/kleros-subgraph/
2️⃣ Source: https://github.com/dappalyzer/kleros-subgraph
3️⃣ Kleros explorer: https://kleroscan.netlify.com/
3️⃣ Source: https://github.com/sistemico/kleroscan
Don’t trust verify
If you are reasonably confident it’s not a scam - try with a small amount first... I'm not a doctor, not a lawyer, not your tax advisor, not a dog...
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Bonus feature:
I was trying things out and you can waive or release part of the payment.
I was testing on some minuscule amounts to see how things work but you should get an idea.
