 |
October 20, 2014, 11:46:57 PM |
|
This is designed to mimic the consumer protections offered by credit cards, without giving up the benefits of Bitcoin. This should improve mass adoption.
1) All transactions are sent to a multisig address shared with 3 parties: wallet owner (sender), escrow agent, and target of transaction
2) All transactions are subject to an approval period. If sender approves, or if approval period of 30 days times out, funds are released to target immediately.
3) If sender disputes a transaction within approval period, escrow agent gets involved and sends funds to correct location (sender or target). Escrow agent gets a small sum to resolve disputes, and nothing for non-disputes.
4) Selection and management of escrow agents should be decentralized.
5) App must support NFC to allow a user-friendly experience. Just get your phone near the register and payment is complete. You can review your transactions for approval/dispute any time in the next 30 days much like you do for credit cards.
|
