ETHESCROW - The first decentralised Dapp for Escrow, Crowdsale and ICOs
ETHESCROW is a new generation Dapp (decentralised app) living on the Ethereum blockchain.
It allows users to participate into a Crowdsale, ICO, Escrow or any other situation where safe storage of funds is needed and high trust of partners is required.
Thanks to the ethereum Dapp features now we can easily set up a Crowdsale and take part into it without any fear of getting scammed anymore.
Why?
ETHESCROW is effectively a program running on the blockchain so that is public (anyone can look at source code of verified contract) and permit investors to send funds in a trustless manner.
No third parties to trust are needed anymore since all the procedures and funds management are performed by the Contract itself (with public and trustable source code).
Once the deadline is passed someone has to wake up the contract (by sending a small gas tx) to have the funds sent to either the beneficiary or back to the funders (if the crowdsale failed cause sales terms are not reached).
This happens because there is no such thing as an active loop or timer on ethereum so any future transactions must be pinged by someone (Not a problem tho)
How ETHESCROW service works?
Here it is a simple example.
Bob wants to launch his own product and needs a crowdsale , then he decided to create a fungible asset with the great ETH functionality of tokens creation, which will represent a "share" on the product after the crowdsale ends.
So he need a method to do this crowdsale without the problem of finding a trusted person or third party which will manage all the funds during the crowdsale process.
Here it comes the Smart Contracts solutions offered by ETHESCROW.
We setup a contract shaped on your needings and then when contract is deployed on ETH blockchain as a Dapp everyone can safely invest in your crowdsale within a safe trustless system.
Maybe you're asking if we can alter the source code for our own profit. The answer is no. Because the source code of each public contract will be verified publicly everyone will be able to check the genuinity of the contract.
So in example, Bob want to sell 50000 Tokens for 1000 ETHEREUM total of crowdsale, with a deadline of 30 days. Each token will cost then 0.02 ETH each.
The contract will be setup exactly to do what Bob needs: it wait for receiving funds. After a tx arrives it checks the amount of the tx and sends back the tokens to the investor address immediately. An investor doesn't need even to instanciate a contract in his wallet to receive the tokens after deposit cause tokens are anyway transferred to his/her account.
Also the contract could be set to send back coins to investors in the event of its goal (i.e. reach the max goal of 1000 ETH) is not reached. This is also a decentralised, transparent and democratic process because anyone can ask the contract about the amount raised. If the deadline is expired and goal is not reached when the contract receive a request about total funds gathered it will send back automatically the funds received to the original investors and it will autodestruct itself.
Thus all the investors participating in Bob's crowdsale are 100% safe against funds stealing and runways scams.
Many informations about our services, prices and demos soon.
