Buy this dapp?
Escrows on dApp Builder are executed using an open source Ethereum smart contract, typically an Escrow dApp creation process goes like this:
- A Buyer and a Seller confirm and agree on the terms of a sale of a Seller's product. The Buyer places Ethereum currency into the smart contract - this provides buyer's proof-offunds to the seller.
- The Seller see that the buyer has enough funds and ships the product to the Buyer producing an evidence of shipment to an independent third party called Escrow Agent.
- Escrow Agent sees the evidence of shipment and initiates the transfer of the funds stored in the escrow to the Seller. The transaction is now complete.
- In case if the seller does not produce an evidence of shipment to the Escrow Agent then Escrow Agent returns the funds from escrow to the Buyer. Buyer receives his/her money back.
- Escrow Agent can get a small fee of the transaction amount for his/her impartial arbitration.