Bank is not safe, Exchange is not safe, the only thing I can trust is the Blockchain Network.
So, can we trade goods or services online based on the blockchain network?
For example, if you want to buy a game account from a stranger Mob online with 30 USDT, you can use solidity to create a lock-up smart contract program with a limit of 30 USDT (or more) and a payment of 30 USDT, I call this the Lock.
This Lock requires you and Mob to deposit 30 USDT together, once both of your deposit operations are completed, the Lock will take effect, and the two 30 USDT will be locked in the contract forever unless you and Mob both press the unlock button.
After you have completed the transaction for the game account, both of you press the unlock button and you will pay Mob 30 USDT, and Mob will also get his lock-up, a total of 60 USDT.
If you are Mob, when you send your game account information and unlock, but the other party doesn’t unlock for some reason, and the USDT will be locked in the smart contract until the other party unlocks.
If the other party doesn’t unlock for malicious reasons, although he will also have losses, but we cannot ignore this situation. At this time, as Mob, you should increase the lock-up limit when you create Lock. Originally, both parties each locked up 30 USDT, to increase the cost of maliciousness, you should set the lock-up limit to 100 USDT, this way, after unlocking, Mob can get 100 + 30 = 130 USDT, and the buyer will get 100 – 30 = 70 USDT.
If the buyer protests the original price after Mob sends the account information, Mob has two options:
1. Do not unlock and stick to the original price until the other party unlocks.
2. Mob agrees to the other party’s new price and then he can create a new Lock to balance the price difference.
Anyway, I think this is a trustless transaction scenario can be created with adjustable risk management without any third-party involvement.
I’ve launched a smart contract and created a website to experiment with the idea, so anyone interested is welcome to try it out.
Website:
https://crydeal.comContract:
https://etherscan.io/address/0x3bf5B46b0767b0f0A1ca2D5fFE5916975994DA54
