Waves Smart Contracts: Escrow Example
In this tutorial, we consider the problem of buying physical goods with cryptocurrencies.
Should the buyer trust the seller and pay before receiving the goods or should the seller trust the buyer and ship the goods before receiving payment?
This issue can be solved by using a third party escrow service. A well-known improvement uses Waves multisig feature. In this scheme, the money is not sent directly to the escrow service’s address, but instead, it is sent to a 2-of-3 multisig address with one key controlled by each of the transacting parties and one controlled by the mediator. When there is no dispute, the two transacting parties can together create the transfer transaction. Only when there is a dispute will the mediator get involved, collaborating with either the buyer or seller (as appropriate) to redeem the funds.
Escrow Example using Waves Platform non turing complete smart contracts links:
1.Waves documentation: https://docs.wavesplatform.com
2. Waves IDE: https://ide.wavesplatform.com
3. WavesJ Library: https://github.com/wavesplatform/WavesJ
4. Source code: https://github.com/Nazeim/Waves-Smart...
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