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Jovells / Deworld

Decentralised escrow marketplace with gasless paymaster transactions
https://deworld.on-fleek.app
MIT License
0 stars 0 forks source link

Title meaning #1

Open Redoudou opened 1 month ago

Redoudou commented 1 month ago

“ transactions with escrow protection and decentralized arbitration for all your online marketplace needs.”

What is escrow protection and does it connect with decentralized arbitration ? What a you protecting from ?

Let's review this title to explain what the demo is actually showing.

Jovells commented 1 month ago

Escrow protection is a mechanism where funds or assets are held by a neutral third party (the escrow) until both the buyer and seller meet the agreed conditions of a transaction. This protects both parties by ensuring that payments are only released once the terms are fulfilled. In the case of Deword the neutral third party happens to be the smart contract.

Decentralized arbitration connects to escrow by providing a way to resolve disputes. If an issue arises, an independent arbitrator steps in to decide the outcome. This system protects users from fraud, ensuring trust and fairness in transactions. It is decentralised because anybody can permissionlessly set up on the platform as an arbitrator. Users choose to use a particular arbitrator based on the reputation they have build over time.