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Author Topic: Thoughts on smart contract escrow implementation  (Read 233 times)
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azmojo
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August 14, 2017, 12:49:57 AM
 #1

I am planning a new online peer to peer trading platform where I was thinking of using or having a smart contract escrow.

Initial thoughts are to have in ICO to raise funding and that those coins would/could be used to conduct trade on the platform. Prices would be displayed in terms of tokens but also with market equivalents in fiat.

The smart contract escrow would work like this:
   Buyer wins items, sends coin to contract
   Seller sends item, approves item
   Payment released to seller

However, the thing I'm struggling with is that the time from purchse to receipt of the item could be a week and in that time the value of the token may change substantially in either direction.

So the question posed here is this:

Would you and would mainstream population use this escrow feature given that the value of the tokens may change during the time?

If this has been discussed please post links, I have a hard time searching these forums. Also, please do not get bogged down into ancillary concerns, like what happens if the item is rejected or never arrives. That's a different discussion.

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August 14, 2017, 11:27:45 AM
 #2

No,i won`t.Nobody would buy and sell goods, if the token value isn`t stable.
The most obvious way to stabilize the token price is to burn all the remaining ICO tokens that haven`t been bought after the crowdsale ends.
Anyway,there has to be some other mechanism to reduce inflation and keep a stable token price after the ICO.
I like your idea,good luck with this project.



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