Bitcoin Forum
June 18, 2024, 03:28:57 AM *
News: Latest Bitcoin Core release: 27.0 [Torrent]
 
   Home   Help Search Login Register More  
Pages: [1]
  Print  
Author Topic: Is it possible to create a blockchain with an escrow mechanism?  (Read 130 times)
Adigvcdh (OP)
Newbie
*
Offline Offline

Activity: 111
Merit: 0


View Profile
May 19, 2024, 07:03:57 PM
 #1

Hello!

I'm interested in the possibility of integrating an escrow mechanism into a blockchain. I know that escrow is often used to protect the interests of parties in various transactions, and I would like to know if similar functionality can be implemented using blockchain technology.
Amphenomenon
Sr. Member
****
Offline Offline

Activity: 560
Merit: 377


Hope Jeremiah 17vs7


View Profile WWW
May 19, 2024, 08:25:12 PM
 #2

Smart contract can be use for this, if certain conditions is meant then the transactions will go on.

Another I think is similar is the LN, since both party have to multi-sig address where an agreement must be reached between parties before the transaction can be a success

R


▀▀▀▀▀▀▀██████▄▄
████████████████
▀▀▀▀█████▀▀▀█████
████████▌███▐████
▄▄▄▄█████▄▄▄█████
████████████████
▄▄▄▄▄▄▄██████▀▀
LLBITCRYPTO
FUTURES
[
1,000x
LEVERAGE
][
.
COMPETITIVE
FEES
][
INSTANT
EXECUTION
]██████
██
██
██
██
██
██
██
██
██
██
██
██████
████████████████████████████████████████████████████████
.
TRADE NOW
.
████████████████████████████████████████████████████████
██████
██
██
██
██
██
██
██
██
██
██
██
██████
odolvlobo
Legendary
*
Offline Offline

Activity: 4354
Merit: 3262



View Profile
May 19, 2024, 09:48:41 PM
Last edit: May 19, 2024, 10:01:30 PM by odolvlobo
Merited by pooya87 (4), BlackHatCoiner (4), ABCbits (2)
 #3

I'm interested in the possibility of integrating an escrow mechanism into a blockchain. I know that escrow is often used to protect the interests of parties in various transactions, and I would like to know if similar functionality can be implemented using blockchain technology.

Basic escrow is as easy as sending to a 2-of-3 multisig address, with an arbitrator being the third signer.

A 2-of-2 multisig escrow must generally be done in a layer on top of Bitcoin, but that might change in the future. A Lightning channel is an example a 2-of-2 multisig escrow.

Join an anti-signature campaign: Click ignore on the members of signature campaigns.
PGP Fingerprint: 6B6BC26599EC24EF7E29A405EAF050539D0B2925 Signing address: 13GAVJo8YaAuenj6keiEykwxWUZ7jMoSLt
BitMaxz
Legendary
*
Offline Offline

Activity: 3290
Merit: 3020


BTC price road to $80k


View Profile WWW
May 19, 2024, 11:06:23 PM
 #4

If this is all about the escrow mechanism I think Bitcoin's blockchain already has a similar function Miners and nodes should act as escrow they are the ones who confirm and validate transactions if the transaction didn't follow the consensus rules then it would likely be rejected.

Unless you talking about different functions? You should explain more because Bitcoin already has this function.

█▀▀▀











█▄▄▄
▀▀▀▀▀▀▀▀▀▀▀
e
▄▄▄▄▄▄▄▄▄▄▄
█████████████
████████████▄███
██▐███████▄█████▀
█████████▄████▀
███▐████▄███▀
████▐██████▀
█████▀█████
███████████▄
████████████▄
██▄█████▀█████▄
▄█████████▀█████▀
███████████▀██▀
████▀█████████
▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀
c.h.
▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄
▀▀▀█











▄▄▄█
▄██████▄▄▄
█████████████▄▄
███████████████
███████████████
███████████████
███████████████
███░░█████████
███▌▐█████████
█████████████
███████████▀
██████████▀
████████▀
▀██▀▀
pooya87
Legendary
*
Offline Offline

Activity: 3486
Merit: 10664



View Profile
May 20, 2024, 05:02:54 PM
Merited by vapourminer (2), ABCbits (1)
 #5

Smart contract can be use for this, if certain conditions is meant then the transactions will go on.
What you call "condition" determines whether this is possible or not.

Certain "conditions" are impossible to implement using smart contracts because you can't programmatically check and enforce them.
For example when it is an escrow for purchase of a physical good. There is no way to verify if the merchant sent the physical goods in the code (aka digitally). There needs to be human intervention, and a third party.

Some other "conditions" in some special cases can be implemented.
For examples if it is a coin swap. Like if you wanted to exchange your litecoin for bitcoin. Atomic Swap protocol is categorized as HTLC that act as escrows.

Both of these examples are possible in Bitcoin protocol with its smart contract capabilities.

.
.BLACKJACK ♠ FUN.
█████████
██████████████
████████████
█████████████████
████████████████▄▄
░█████████████▀░▀▀
██████████████████
░██████████████
████████████████
░██████████████
████████████
███████████████░██
██████████
CRYPTO CASINO &
SPORTS BETTING
▄▄███████▄▄
▄███████████████▄
███████████████████
█████████████████████
███████████████████████
█████████████████████████
█████████████████████████
█████████████████████████
███████████████████████
█████████████████████
███████████████████
▀███████████████▀
█████████
.
AB de Royse777
Legendary
*
Offline Offline

Activity: 2520
Merit: 3950


Hire Bitcointalk Camp. Manager @ r7promotions.com


View Profile WWW
May 25, 2024, 06:32:16 AM
 #6

I'm interested in the possibility of integrating an escrow mechanism into a blockchain.
Earlier I saw Zenland. I have not looked at details of their technical aspects but I guess you can have a look if that is closer to your idea.

..Stake.com..   ▄████████████████████████████████████▄
   ██ ▄▄▄▄▄▄▄▄▄▄            ▄▄▄▄▄▄▄▄▄▄ ██  ▄████▄
   ██ ▀▀▀▀▀▀▀▀▀▀ ██████████ ▀▀▀▀▀▀▀▀▀▀ ██  ██████
   ██ ██████████ ██      ██ ██████████ ██   ▀██▀
   ██ ██      ██ ██████  ██ ██      ██ ██    ██
   ██ ██████  ██ █████  ███ ██████  ██ ████▄ ██
   ██ █████  ███ ████  ████ █████  ███ ████████
   ██ ████  ████ ██████████ ████  ████ ████▀
   ██ ██████████ ▄▄▄▄▄▄▄▄▄▄ ██████████ ██
   ██            ▀▀▀▀▀▀▀▀▀▀            ██ 
   ▀█████████▀ ▄████████████▄ ▀█████████▀
  ▄▄▄▄▄▄▄▄▄▄▄▄███  ██  ██  ███▄▄▄▄▄▄▄▄▄▄▄▄
 ██████████████████████████████████████████
▄▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▄
█  ▄▀▄             █▀▀█▀▄▄
█  █▀█             █  ▐  ▐▌
█       ▄██▄       █  ▌  █
█     ▄██████▄     █  ▌ ▐▌
█    ██████████    █ ▐  █
█   ▐██████████▌   █ ▐ ▐▌
█    ▀▀██████▀▀    █ ▌ █
█     ▄▄▄██▄▄▄     █ ▌▐▌
█                  █▐ █
█                  █▐▐▌
█                  █▐█
▀▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▀█
▄▄█████████▄▄
▄██▀▀▀▀█████▀▀▀▀██▄
▄█▀       ▐█▌       ▀█▄
██         ▐█▌         ██
████▄     ▄█████▄     ▄████
████████▄███████████▄████████
███▀    █████████████    ▀███
██       ███████████       ██
▀█▄       █████████       ▄█▀
▀█▄    ▄██▀▀▀▀▀▀▀██▄  ▄▄▄█▀
▀███████         ███████▀
▀█████▄       ▄█████▀
▀▀▀███▄▄▄███▀▀▀
..PLAY NOW..
satscraper
Hero Member
*****
Offline Offline

Activity: 770
Merit: 1426



View Profile
May 25, 2024, 09:13:25 AM
 #7

Hello!

I'm interested in the possibility of integrating an escrow mechanism into a blockchain. I know that escrow is often used to protect the interests of parties in various transactions, and I would like to know if similar functionality can be implemented using blockchain technology.

Yeah, it is possible and the relevant development is already in progress. For instance, BitEscrow project has proposed SDK which "implements a trust-less protocol for locking Bitcoin in escrow, without requiring a custodian for the funds".

You may try their engine to create the draft for such escrow contract and look at its details.



███████████████████████████
███████▄████████████▄██████
████████▄████████▄████████
███▀█████▀▄███▄▀█████▀███
█████▀█▀▄██▀▀▀██▄▀█▀█████
███████▄███████████▄███████
███████████████████████████
███████▀███████████▀███████
████▄██▄▀██▄▄▄██▀▄██▄████
████▄████▄▀███▀▄████▄████
██▄███▀▀█▀██████▀█▀███▄███
██▀█▀████████████████▀█▀███
███████████████████████████
.
.Duelbits.
..........UNLEASH..........
THE ULTIMATE
GAMING EXPERIENCE
DUELBITS
FANTASY
SPORTS
████▄▄█████▄▄
░▄████
███████████▄
▐███
███████████████▄
███
████████████████
███
████████████████▌
███
██████████████████
████████████████▀▀▀
███████████████▌
███████████████▌
████████████████
████████████████
████████████████
████▀▀███████▀▀
.
▬▬
VS
▬▬
████▄▄▄█████▄▄▄
░▄████████████████▄
▐██████████████████▄
████████████████████
████████████████████▌
█████████████████████
███████████████████
███████████████▌
███████████████▌
████████████████
████████████████
████████████████
████▀▀███████▀▀
/// PLAY FOR  FREE  ///
WIN FOR REAL
..PLAY NOW..
Pages: [1]
  Print  
 
Jump to:  

Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!