Escrow system for r/Marketgrid
For a while, we have been thinking about what would be the better system to guarantee that you do not get scammed.
u/Neuralminer and I have discussed it and we think the best method will be to use escrows. Only approved users will be able to get flaired as escrow.
Users will have to apply before-hand and provide a collateral in GRC as a guarantee that they are not going to scam users. The collateral will be 3x what the maximum approved amount is as they may be doing more than 1 trade at a time.
The collateral will be given back if requested by the user should they choose to stop Escrowing.
Escrows will be authorized to charge a fee. That's up to you and them to negotiate.
You will be able to tell whether they are escrows easily by looking at their user flair which includes what their maximum authorized amount is. example
Requirements
3 months or older reddit account.
Active GRIDCOIN community member
Collateral based on the amount they are willing to escrow. (3x at the moment)
example: If you want to escrow up to 1000 GRC in value, you will need to give 3000 as collateral.
An address will be provided for you to deposit on and keep track of when you are accepted. The wallet is a cold wallet.
You will also be invited to make a short description of your fees and conditions if applicable for the approved escrow page.