Fraudulent activities are no longer news to the ears, since human started transacting between themselves there has always been cases where one dupes the other due to greed or other reasons. Various methods have been put forth to curb this act but no 100% solution have been provided.
Centralized escrow service looked to be the solution but this also has proven not be very effective due to delays in transaction, high transaction fees and even cases where escrows have made away with people's money.
Blockchain…
Blockchain is a fast, secure, tamper-proof, digitized and decentralized public ledger in which transactions are recorded in a chronological order. Being tamper-proof, blockchain have proven that transactions recorded on it can not be manipulated as every new transaction created on it forms a new block which is added to the chain of transactions, promoting transparency.
Natmin and Blockchain
Natmin Pure Escrow is a decentralized application built on the blockchain technology to provide decentralized escrow services. Being built on the blockchain, Natmin aims to solve the current problems that plagues the industry by providing a faster, cheaper and more secure escrow transactions.
Natmin specializes only on escrow services and aims to promote security and transparency which is why they will be implementing a Node voting process.This process allows for Nodes (any Natmin platform user that applies to be able to participate in resolving disputes that arises during transactions) to be able to cast their votes during disputes so as to resolve the issue as well as earn Natmin Tokens (NAT) which is a ERC20 / ERC223 token built on the widely accepted Ethereum blockchain.
Natmin charges a minimal 1% transaction fee for a successful transaction with no disputes and this fee will be paid by both parties (buyer and seller) involved in the transaction (0.5% each). Whereas, for transactions with dispute, Natmin charges an additional 3% payable by the party initiating the complain. Also, if the result is not satisfying, an appeal can be raised for an additional 3%. Natmin allows for disputes to be subjected to voting only twice, no dispute goes more than two rounds of voting.
Any Node that qualifies to receive payment for voting in a dispute transaction receives reputation points as well. These points shows the reputation of the Nodes on the platform. A Node gets 2 points if he qualifies to receive payment for his vote and 1 point is deducted if he doesn’t qualify. Qualification for payment is based on the majority of vote cast during a dispute. Only 5 Nodes are allowed to cast votes on a dispute and a success rate of 60% (3/5) is needed for a successful transaction.
This short video perfectly explains the idea behind Natmin
For more on Natmin, visit these links:
Website : https://www.natmin.io
Email : support@natmin.io
Telegram : https://t.me/NatminPureEscrow
Facebook : https://www.facebook.com/NatminPureEscrow/
Twitter : https://twitter.com/NatminPE
Github : https://github.com/NatminPureEscrow
Medium : https://medium.com/natmin-pure-escrow
BitcoinTalk : https://bitcointalk.org/index.php?topic=5030305
Reddit : https://www.reddit.com/user/natmin
Bitcoin Forum : https://forum.bitcoin.com/post214197.html