Edge196 Challenge

Inspiration

I recently got cheated by a scammer in the context of freelancing. The scammer did not pay the promised amount and stole my work. This made me realize the need for a trust-less payment system facilitating escrow for freelancing in the web3.0.

What it does

'Descrow' is a web application which uses the power of blockchain technology for creating an escrow based trust-less payments system. With Distributed Ledger Technology and a number of web3 utilities like USDAO SDK, Stellar SDK and IPFS, we make sure that scammers don't find a chance to rip off money in the context of freelancing.

The following is the flow of our platform :

Seller connects his wallet and fills a form to create a payment link for their product/ service and sends it to the buyer.
The buyer visits the payment link and verifies the information about the product/ service. The information include a title, description, price, promises (example, no returns and no liability).
The buyer connects his wallet and completes the payment. The payment does not reach the seller directly but gets deposited in an escrow wallet.
The buyer is provided access to the product/ service. Upon successful verification, the buyer releases the funds from the escrow wallet.
The released funds reach the seller within a few moments. In the case of a dispute, both the buyer and seller are connected to a support agent from Descrow over chat where the issue is clarified and the correct decision is taken. In the future, I am planning to make a DAO to solve disputes and make the whole application truly decentralized.