With the development of block chain technology, software development is attracting more and more attention in the ubiquitous world. It is already clear that this approach will change many areas of normal life. Block chain technology can be used in many areas of the economic ecosystem to reduce the cost of goods and services and increase the speed of transmission. The process of competitor interaction is the basis of any kind of business. Usually, even paper contracts are not free from the issue, because litigation costs sometimes exceed the subject of the dispute. In order to protect yourself from this, you can use the conditions to deposit in a third-party account, which will act as a guarantor of all transactions. This is EscrowBlock that will serve its customers. The service platform will allow the use of the new standard for interaction between this counterparty, simply because it occurs with the appearance token of ERC20 standard. This will enable the EscrowBlock platform to be integrated into smart contracts based on revenge support hosting services.
Infinite Initial Sale of Tokens (IITO)
When a technology company, encrypted currency such as Escrow Block, works to attract investment (ICO) through initial issuance of coins, it creates a basic plan of action and outlines its prospectus, which establishes the entity of the project, describes the project needs and what projects are proposed, and how much minimum funds are needed, how many virtual signs will the project founder insure? For yourself, what type of investment cryptocurrencies or legal currencies will receive and how long will ICO activities last? Because of the specific circumstances of the EscrowBlock project, the start-up period to ICO will be referred to, but the deadline will depend on the funds collected at each stage. Therefore, IITO EscrowBlock will collect all provided tokens and then terminate any period of time. In IITO, the company and individual support EscrowBlock initiative will pay distributed tokens through payment cryptocurrencies. These markers are different companies that sell shares in initial public offerings (IPOs) to investors.
To start the work of the project, the threshold of the minimum amount of funds must be raised, if the minimum amount collected within one year is not returned to participants and IITO confirms that it is unsuccessful. If mandatory funds are collected within a specified period of time, they will be used to start new projects and IITO will not stop until all available tokens are sold. Early investors actively purchased tokens in the hope that the whole plan would be launched, which would lead to the successful implementation of tokens after price increases, which would enable them to make profits compared with the purchase price.
Project content:
The aim of this project is to create an EscrowBlock intermediary platform for revenge network blockchain. Such a platform can be used as a stand-alone environment or integrated into other smart contracts (see terminology) as part of any other project that provides intermediary services to customers. Any token holder will be able to create a trusteeship contract for transactions under ESC9 standards. Such an intermediary contract would protect the deposits of one agent and, in unforeseen circumstances, acquire the object of another agent. If the terms of the contract are not enforced by either party, such contracts are frozen and transferred to one of the arbitration bodies of the EscrowBlock network. I am not a literally elected institution. I am appointed to this position only if you have a certain number of tokens. The owner of the token votes on this basis for this purpose.
The controversial decision to go to the trusteeship is made through confirmation or cancellation of the transaction. If such a decision is dictated by a decision, the arbitrator may decide to transfer the decision to a higher level of disputed contract, and may arrange for an anonymous token holder to vote between them, if there is no consensus on the counterparty involved in the transaction. Anonymous voting or higher authorities can be beneficial to one of the competitors or to the full withholding of margin, and prevent and cancel the evaluation decision of the counterparty in the system. Anonymous voting is only an extreme measure to resolve disputes between counterparties.
Technical and organizational aspects of the project
The technical scheme of the project hosting platform will include several parts:
· Multi-signature arbitration Wallet
· Examples of ESC9 contracts
· Automatic Distribution of Dividends to Token Holders
· Platform to vote anonymously to determine absolute consistency
The graph of the interaction between competitors, arbitration bodies and absolute authority can be shown in the following figure. Arbitrators of arbitration bodies - persons who sign multiple wallets. Such a multi-signature wallet ESC9 standard general contract receives deposits from one side and waits for the recipient to be confirmed by the other side. As long as the recipient confirms the transaction, the deposit is released to the sender. The arbitration agency's multi-signature wallet has some special tasks:
They can postpone the automatic execution of transactions.
After a certain waiting period, confirming that the transaction can be performed by any network user. Therefore, time is limited from the beginning of the party struggle by the recipient of the object. This protectant is used when the owner of the object is illegally detained from the sediment transfer.
The escrow contract between agents is stipulated during the maintenance of the affair.
Absolute authority may limit the number of people who sign wallets on the basis of affirmative right priority. In addition, the Supreme Authority can delete and explain in exceptional circumstances, and explain the reasons for such a decision that all holders marked on the official website of the project will join the new owner of the arbitration wallet.
Examples of use
- Use EscrowBlock as a rental market, like Airbnb
Announcement of the available date, fee and any other additional information published by the owner of the leased premises (lessee). The Lessee agrees with the price of the deposit and the terms of the contract. The tenant transfers the deposit to the multi-signature arbitration wallet. Then for rental intelligent property contract automatically created. An example in the field of smart contracts:
· Coordination of rented accommodation
· Brief description
· Cost in local currency
· Hide passwords
· Link fields to extended descriptions to hide fields on the network
· Hidden fields have extended descriptions
· Hash price ETH
Labelling
The lessor believes that the money is a deposit and gives the tenant the opportunity to acquire the leased property. After the tenant's term of office expires, the lessee confirms the deposit transfer transaction or opens disputes. If the tenant does not perform any operation, the lessor receives the deposit after 7 days (the retention period can be changed according to the application). If the lessee opens a dispute and the deposit is frozen automatically, the arbitration body begins to make a decision. For more information, see Systematic Dispute Settlement. The ratings of the parties to the transaction on the other side of the open transaction. If in manual mode, this is 11 months, it will automatically be 10. If the lessor requests damages and no compensation from the receiving lessee is set, the arbitration body will make a decision, if this is a case. If the lessee fails to meet the demand for compensation, it is blocked and the rating is abolished. The arbitration institution itself compensates the cost of the lessor from the risk guarantee fund.
- Use EscrowBlock to serve the market for freelancers, similar to Upwork
The contractor of the software product publishes the required services to find an applicant announcement. The contractor negotiates with the applicant to determine the deposit price (or, if the project is in progress, the deposit price). Contractor transfers deposits (multiple) to multi-signature arbitration wallets.
Then intelligent contracts are automatically created in the free market. Example fields for such intelligent contracts:
· Brief description
· Cost in local currency
· Password Hidden Fields
· Start hiding fields with links to extended descriptions
· Hash Hidden Fields with Extended Description
· ETH Price
The applicant believes that the money is deposited and worked. After acceptance of the completed work, the contractor confirms the deposit transfer transaction or opens disputes. If the Contractor does not perform any operations after 7 days (retention time can be changed according to different applications), the applicant receives deposits. If the contractor opens a dispute and the deposit is frozen automatically, the arbitration body begins to make a decision. For more information, see Systematic Dispute Settlement. The two sides of the transaction disclose each other's ratings for trading. If this is not executed in manual mode, it will be set automatically after 101 months.
- Use EscrowBlock for Cross-border Goods Distribution Market
Customers publish advertising related intentions to buy products and find suppliers. The supplier provides customer negotiation on the deposit price. Customer transfers money to multi-signature arbitration wallet. At this point, cross-border distribution of goods under Smart contracts will be automatically created. Examples of such smart contracts:
· Brief description
· Cost in local currency
· Password is a hidden field
· Describe hidden fields with links to extensions
· Hidden fields have extended description hashes
· The amount of hidden fields
Labelling
· Price at ETH
The supplier sees the money as deposits and deliveries. If the supplier needs a deposit for the goods and he/she has a good supply grade, the arbitration agency can release the advance deposit, assuming all the risks of the additional premium (commodity leverage, deposit guarantor). After the customer receives the goods, the customer confirms the deposit transfer transaction (if the deposit has been transferred, then confirms the receipt) or opens a dispute. If the customer does nothing, the supplier receives a deposit after another 7 days (retention period can be changed according to different applications). If the customer opens a dispute, the deposit will be frozen automatically and the arbitration institution will make a decision. For more information, see Systematic Dispute Settlement. The two sides of the transaction disclose each other's ratings for trading. If this is not executed in manual mode, it will be set automatically after 101 months.
- Use EscrowBlock to introduce third-party hosting to any type of enterprise
After a certain stage of project financing is completed, the organization EscrowBlock will publish open libraries for various programming languages and frameworks, enabling developers to quickly and easily integrate EscrowBlock hosting solutions into their business. Therefore, enterprises will no longer need to resort to the services of intermediaries to transfer funds. Businesses connected to EscrowBlock will automatically have guarantees of fraud plans.
- Use EscrowBlock to withdraw deposits in any cryptocurrent or Fiat transaction
Each block chain network has a list of checkable transactions. Provide access to the list of transactions in the same way in the legal currency payment system. After a certain stage of project financing is completed, the EscrowBlock organization will be integrated into accepting various options hosted on its platform. Therefore, for example, the owner of an object can receive the BTC from the buyer. The buyer receives instructions from a transaction arbitrator with a certain amount of BTC (the sum of the transaction amount added to the sum of four minimum decimal points) from its address in the network block. For example, the transaction value is 0.000012, the balance is 7845, and the acquisition is 0.000012000007845. If the maximum cryptocurrent decimal point is 18. The lessee is assigned to the smart contract, the transaction will be in BTC and Indicates from which address the transaction will take place. The owner of the object indicates which address he will accept confirmation and deposit. Therefore, only the multiple arbitration wallet and the lessee will know the amount of the transaction. In addition, if the sender's address, departure volume and addressee's address are confirmed, then the deposit and confirmation transaction are sent to another block of the network to the owner of the object. Verification automation systems will be protected from forgery of deposit transactions and recosting of deposits.
In the same way, any system capable of achieving and accepting flat payments, such as the Stripe Deposit Scheme, can be implemented.
Advantages for Sellers
· Guarantee after all conditions have been reached for the transfer of funds to the recipient
· Without additional solutions and services, EscrowBlock will create the most common types of transaction services and open source hosting after the fourth phase of fundraising.
· There is no need to find customers, many customers are afraid to carry out, because with the quality of objects and production capacity brought about by the risk of trading. Once you are hosted by EscrowBlock, many customers who use services in other areas can find you.
· Global rating. If you rent a room, you will get all services and private ratings, general ratings for each sector, for software and goods across borders.
· It is integrated into the basis of its own business open protocol ESC9.
· There is no need for a call center, a support team, to resolve transaction disputes. Escrowblock handles all situations.
· Receive money from deposits before good ratings transactions are completed.
· Fraud prevention plan.
· There are several ways to settle disputes.
· In the community, it guarantees the transparency of procedures and the resolution of disputes on decision-making level.
· A small commission deposit service.
Advantages for the buyer
· No object of concern, if it is not a description of quality or any condition, infringes upon you will be returned in full.
· Confirmation transactions only check deposits sent after the description of the object.
· Multi-level fraud tracking system will not let you have unreliable seller cooperation.
· If you forget to confirm the transaction to deposit, it will automatically execute at the appointed time. Alternatively, you can extend the execution time with the seller's agreement.
Business model of the project
Service Commission will be charged for all deposits in escrow. The size of the committee can be reviewed on a case-by-case basis, but generally this will be 1% of the deposit. All commissions are sent to absolutely authoritative multi-signature wallets, from which they are converted into intelligent contracts for payment of proceeds on socially determined dates, according to the proportion of ECB tokens in Tibet. The EscrowBlock will receive a general dividend.
Examples of calculating profits from project EscrowBlock investments:
If the owner has 10,000 tokens, this is about 0.0001% of all the tokens scheduled to be issued and the anual service of Escrowblock, reaching $500 million (13,500 transactions $100 per day), then the profit from the service is $5 million. Therefore, the token holder will receive a dividend of $500 a year, which does not take into account the price increase of the token in the open market.
Intermediaries are needed in all aspects of life, so the introduction of EscrowBlock services will reduce the cost of services between counterparties and provide excellent security.
The EscrowBlock Fund will exist during IITO to collect funds and dividends from service benefits, which will be in IITO participants.
Structure IITO
EscrowBlock will carry out IITO (unlimited initial issuance of tokens), which will protect the interests of investors. Typical infection control directors depend on the timing of the investment, regardless of the overall interests of investors to provide bonuses. EscrowBlock will provide a bonus based on its risk and importance during the participation phase. Investors can monitor the process and contribute additional funds after the confirmation phase. The stage itself only determines the amount of funds raised.
ESC9, Technical Specifications and Basic Model Test Development for Specific Markets ($40,000).
Multi-signature arbitration wallet, in revenge Mainnet, in preparation for launching its own revenge-like network block independent trading environment, the deployment level of the entire operating system has developed (up to $100,000).
Development of the programming part of the main software platform for the EscrowBlock system and interface (up to $200,000). At the beginning of cryptocurrent exchange token issuance.
The development of libraries to various programming languages and frameworks (up to $500,000).
Development of deposit system with different block chain network and payment gateway (up to $1,000,000).
The development of systems in the rental market (similar to the production of Airbnb) (up to $4 million).
For the development of free market systems (similar to Upwork) (up to $6,000,000).
Development of the market system for cross-border goods distribution (up to $8,000,000).
Risk Guarantee Fund ($400,000).
The balance at any stage of project development will be transferred to a new level and eventually settled in the Risk Guarantee Fund.
On the basis of the fund, EscrowBlock will issue the ECB token, which is a smart contract based on the revenge block chain network (see explanation). EscrowBlock will ensure that the funds collected will be used for established purposes. After the registration of EscrowBlock, the fund will be audited by a certified public accountant who can ensure transparency of operations and the safety of funds stored.
The name of the token - the European Central Bank for Intelligent Contracts.
The initial number of tokens is set to 100,000,000. The final number of tokens is uncertain, since additional launches may be required in the form of bonus tokens, depending on the IITO phase and ETH process. For bonus phased tokens, the number is 106,368,000. (See the section on token allocation). The number of tokens for the proportion distribution of recommended plans and shares should not exceed 110,368,000. In each transaction, the token is used to purchase tokens, and the release of the token for the EscrowBlock dividend will be calculated without considering the token distribution instruction ratio in the recommendation scheme bonus.
The initial price of a token is set at 0.1 $(US dollars).
There will only be one start date during the IITO. The IITO is only funded after completion (excluding the original ETH rate and growth forecast)$10,000,000 (US dollars). After all the planning phases of the total amount collected have been implemented, another problem is impossible.
Keep in mind that for EscrowBlock Fund tokens and Cliff/Vested Interest conditions, this means that all tokens issued by EscrowBlock cannot be transferred to another address within the first 12 months (cliff period). The vested interest period lasts for 18 months, during which only a portion of equidistributed is transferred to another address. After the acquired period, the total number of tokens can be transferred or sold.
This will mean that the EscrowBlock team can manage tokens only after one year of project work. In this case, dividends received during this period are possible. This scheme is needed to guarantee the price of dumping tokens from the market.
conclusion
The world is changing rapidly and the new challenges of modern life are making them correspond to modern trends. It is necessary to adjust the established processes. With Escrow Block, anyone can participate in creating a new economic history. Conditional deposits and counterparties in the transaction link, it determines the need to improve service competitiveness, quality and convenience of the new method of assumptions. EscrowBlock provides not only the development of interception technology on a new platform for deposit, but also the "shared economy" of competitors in the market, which indicates the formation of rapid growth. Therefore, the implementation of each phase of our project will increase the cost of tokens and the number of investment multiples. We hope to implement EscrowBlock in each phase of the project. In the future, such projects can grow into independent business categories, which will increase the capital of the entire platform. Within the scope of the token, its availability conditions, and the completion of all transactions in the system will ensure the growth of its price.