ChainEscrow: An On-chain Escrow dApp Revamping the Exchange of Goods and Services

The ChainEscrow project’s mission is to create a simple yet powerful escrow dApp on Cardano. The dApp’s main focus is to enable the on-chain exchange of goods and services in a trustless manner. The project’s first development is coming up with a non-human escrow that uses an automated basic smart contract that eliminates the human element from the system. With this smart contract, two or more parties can exchange different forms of Cardano assets for which market pairs have not or cannot be established.

Using a smart contract as an automated escrow leverages the reusability and composability nature of smart contracts, giving the entire dApp community a chance to develop more complex use cases on top of it. A use case example would be two individuals who have met online where one has some digital art pieces for sale that are of great interest to the other party. However, since they have never met nor transacted online before, none can trust the other with either the digital art (NFT) or the payment. This is where ChainEscrow comes in. The first individual sends the NFT to the escrow address with the details of the agreed upon price and the second individual sends the payment with matching details on the agreed upon price. When both reach the escrow address, the platform automatically sends the seller their payment and the NFT to the buyer, in a seamless process for just a small fee.

The dApp will have a slick web interface that enables the interested parties to initiate and complete these transactions flawlessly. Within this web interface, there will be other features added onto the smart contract to meet the users’ preferences. A crowdfunding smart contract is one feature that an escrow initiator can use to bring their initiative and target amount plus a deadline to the community. The escrow can then accept contributions from all interested parties and only release the initiative once it attains the target amount or the deadline expires.

If a user wants to involve a trusted third party, the ChainEscrow web interface has another smart contract that can accommodate these requests. There is also a vesting and team distribution smart contract aimed at distributing a user’s assets gradually to predefined addresses. Finally, the project’s PoolTogether style lottery locks participants’ assets in the escrow that then puts them to work in specified DeFi platforms to gain interest or stake them to earn rewards.

ChainEscrow’s Dream-Team

The team consists of IT software engineers with divergent skills spread out amongst themselves. Ottavio Monzione is listed as the main contributor on the proposal. However, the team has more than 10 years of experience in the traditional fintech space, making them a good fit for coming up with a dApp that bridges the gap in the trustless online world.

This team has Cardano enthusiasts and long-term holders as well as Plutus pioneers championing an escrow revolution in the crypto space.

The Funding Request

The team’s modest request totals to $8,000 USD that covers the expenses for implementing and operating the MVP. This is broken down as follows:

o   $600 for licences, tools, and servers

o   $2500 to build the initial smart contract the 4 additional flavours

o   $2500 to build the dApp. This consists of a responsive web application for both mobile and desktop interactions

o   $800 for a proper build pipeline that aids in deployment of the solution

o   $800 to build multiple automated UI tests for the dApp

o   $800 for the solutions manual pre-production QA testing. Non-functional tests are included in this stage.

Easing the use of On-chain Exchange 

The crypto scene consists of both newcomers and experienced individuals with varying demands and intentions. However, since these individuals are working on a trust basis, no one can fully verify another user’s intentions. ChainEscrow is ridding the system of this mistrust by bringing in an automated intermediary that enhances security of digital assets. In this respect, this is a timely solution that enables strangers to transact flawlessly in a trustless environment. It provides an additional layer of trust, security and safety for numerous transactions on the Cardano ecosystem. 

If you’d like to know more information or have questions/comments regarding ChainEscrow proposal, check out the link provided: https://cardano.ideascale.com/a/dtd/ChainEscrow-On-chain-escrow-dApp/350661-48088

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