In a decentralized escrow platform, the trusted third party to handle the funds is a smart contract. Here we analyze several options for it, and their fees.
“Escrow” started being, essentially, a word to indicate middlemen in a transaction between parties that don’t trust each other. It’s a financial arrangement where a trusted third party temporarily holds funds or assets on behalf of two parties engaged in a transaction. The funds are released to the seller once the buyer confirms receipt or fulfillment of the agreed-upon goods or services, ensuring a secure and fair exchange.
Using the same wallet, the seller then logs in and begins the delivery process. When the buyer gives their approval for the transaction, the funds are released to the seller from the escrow contract. If the contract does expire, the funds will be released to the seller automatically. In case of disputes, that a community of escrow agents intervene and vote to solve the issue before the contract expires.
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