beescrow - escrow powered by hive

Hivers,

I've just released beescrow.app for Hive (and Splinterlands). It's utilising one of the great features of our blockchain that hasn't really been used so far: escrow.

Trading assets and tokens peer-to-peer has always been an issue. Too many people have already gotten scammed by impersonators. Experienced traders know when to rely on a manual middleman to trade with them, which, however, takes time, connections, and the ability to know who to trust.

I believe we can do better, and that's why I'm excited to finally release beescrow.

be(escrow) - powered by Hive

One of the most underutilised features of Hive is probably the escrow feature. It allows for trading of HIVE and HBD by choosing a 3rd account as agent (middleman). Funds are locked in a temporary blockchain balance, removing the overhead and risk of manual asset keeping. In case of issues, participants can raise a dispute, and the agent is then responsible for dividing the funds.

Coupled with an automatic transaction tracking system, beescrow allows you to trade your items and tokens securely with beescrow acting as a blockchain interface and referee in case of disputes.

How does it work?

1. Create the Trade
   The initiator creates a trade and defines the offer and requirements. Once completed, the trade is posted and ready for a counterparty to join.

2. Invite and Confirm Counterparty
   The trade can be shared via link for the counterparty to join, or the counterparty can be added directly. The counterparty then reviews the trade terms and joins by confirming what they will deliver. Both parties' obligations are now locked in, and the trade moves to escrow.

3. Initiate Escrow Transaction
   One trading side must be exclusively HIVE/HBD to utilise the Hive blockchain escrow feature, since Splinterlands and Hive Engine do not have escrow functionality yet. This side creates the escrow transaction.

4. Approve and Activate Escrow
   The other party and agent approve the escrow transaction. Once approved, the escrow is activated and funds are secured. The trade can now proceed to the delivery stage.

5. Deliver and Confirm Assets
   The other party delivers their promised assets (tokens, cards, etc.). Our monitoring system tracks deliveries automatically on supported blockchains, but receipt must still be confirmed manually to move to the next phase.

6. Release Funds and Complete Trade
   Once all obligations are fulfilled, the escrow funds are released to the appropriate party. The trade is marked as complete, and both parties receive confirmation. In case of disputes, the agent will intervene and release the funds to either party.

Quanto Costa?

Fees are 0% until the end of HiveFest, October 20th, afterwards 1%.

Alpha

The app is quite new, and some things might not work as expected. If you find any issues or have feature requests, please contact me on Discord (#wolfonchain) or via the Discord server: https://discord.com/invite/6BuARR6p2F

With this said, I truly hope that you'll find the app valuable.

Wolf

PS: Make sure you are using the latest version of Hive Keychain, as previous versions had issues with the escrow transaction. Especially if you are getting a "Missing Active Authority" error.