Escrowblock (ESCB)

The Escrow Gateway on Ethereum Blockchain

Review Score
ICO Price
0.1 USD
Pre ICO Price
Soft Cap
Hard Cap
10,000,000 USD
Start Date
2 April 2018
End Date

What is Escrowblock?


The aim of the project is to create an EscrowBlock escrow platform for the Ethereum network blockchain. Such a platform can work as an independent environment, or be integrated into other Smart contracts (see glossary), to provide escrow services as part of any other project. Any token holder will be able to create an escrow contract for a transaction under the ESC9 standard. Such escrow contracts will be able to protect the deposit of one agent and the object of acquiring another agent from unpredictable circumstances. If the terms of the contract are not executed by any party, then such contract is frozen and transferred to one of the arbitration bodies of the EscrowBlock network. The bodies themselves are not elected in the literal sense, appointment to this post can only be made if you own a certain number of tokens and on this basis voting by the owners of the tokens is for that purpose.

Decisions on a disputable issue related to escrow are made through confirmation or cancellation of transactions. If such a decision is made there will be an explanation of the decision, if the counterparties involved in the transaction do not reach consensus, then the arbitrators may decide to transfer the decision to the higher-level for disputed contracts and it can arrange an anonymous vote among the token holders. Anonymous voting or a higher authority may decide in favor of one of the counterparties or in favor of withholding the deposit in full and blocking and canceling the ratings of the counterparties in the system. Anonymous voting is only an extreme measure to resolve disputes between counterparties.

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