Topic: How about decentralized community blockchain marketplaces without escrow? - page 2. (Read 233 times)
July 22, 2023, 11:33:13 PM
I just checked your post history, and it seems one of your projects still relies on having somebody help filter out bad actors. I don't think it is that different from how escrow works in a marketplace. If you plan to solve the necessity of an escrow then you need to build a tool that is smart enough, easy to understand for everyone, and not prone to false alarms so that it can solve any issues from both sides. I'm not sure if removing human intervention is the only solution since contexts do matter and a code might not be able to handle it. CMIIW.
July 22, 2023, 10:10:30 PM
You're only talk about your idea, but you still not really understand about proof of reserves. The concern about proof of reserves is the data isn't real time, so your idea will not work. We should also need to think about the collateral, since you're use blockchain, the collateral must be cryptocurrency or fiat since it's liquid. It's impossible if we talk about lending where you receive crypto and give your other crypto as a collateral.
But not possible if you trade for goods or service.
But not possible if you trade for goods or service.
Concerns About Proof of Reserves (PoR)
Although proof of reserves offers assurance that a crypto company has the assets in place to cover its liabilities, it is only a single snapshot in time, not a live accounting of balances over time. It also only shows the on-chain assets of the custodian; it does not track where those assets come from (i.e., whether the assets were borrowed for the purposes of the audit).
What assets can be considered reserves?
Assets that are considered reserves are cryptocurrencies (or other types of assets) that offer strong liquidity. In other words, the company could sell off the assets to cover withdrawals or other liabilities, if needed. These may include cash or other fixed income assets. As for cryptocurrencies, this would include the more popular coins, such as Bitcoin and Ethereum, and stablecoins, like Tether, USDC, or BUSD.
Although proof of reserves offers assurance that a crypto company has the assets in place to cover its liabilities, it is only a single snapshot in time, not a live accounting of balances over time. It also only shows the on-chain assets of the custodian; it does not track where those assets come from (i.e., whether the assets were borrowed for the purposes of the audit).
What assets can be considered reserves?
Assets that are considered reserves are cryptocurrencies (or other types of assets) that offer strong liquidity. In other words, the company could sell off the assets to cover withdrawals or other liabilities, if needed. These may include cash or other fixed income assets. As for cryptocurrencies, this would include the more popular coins, such as Bitcoin and Ethereum, and stablecoins, like Tether, USDC, or BUSD.
July 22, 2023, 08:37:44 PM
What about making a community peer to peer marketplace for goods and services that trades directly on blockchain without the need for an escrow service?
The problem
The currently available peer to peer marketplaces are just a centralized list of items for sale that accept crypto for payment. These need to use an escrow service that make the seller wait for a long period of time before receiving the payment for the item they sold.
I don't think this is an issue at all, escrow guaranteed that the buyer will get correctly the stuff or that the description the buyer posted in the marketplace is correct, it's an assurance that the seller will be satisfied and he can reject the product or service if it fails to his expectation and the seller will try to be as transparent and true to what he is offering because of the possibility of rejection of the seller.The problem
The currently available peer to peer marketplaces are just a centralized list of items for sale that accept crypto for payment. These need to use an escrow service that make the seller wait for a long period of time before receiving the payment for the item they sold.
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The solution
Using a full blockchain proof of reserves to verify the marketplaces reserves as well as obligations in real-time. This will reduce marketplace friction by allowing sellers to receive instant payment for their sold items and also allow both buyers and sellers to be confident that the marketplace is fully solvent at all times.
It only guarantees reserves how about the condition of the product you cannot do that if it only guarantees supply there may be testimonials but we cannot guarantee that those testimonials are not fake, I like the present setup of doing escrow its safe and its a buyer and seller protection Using a full blockchain proof of reserves to verify the marketplaces reserves as well as obligations in real-time. This will reduce marketplace friction by allowing sellers to receive instant payment for their sold items and also allow both buyers and sellers to be confident that the marketplace is fully solvent at all times.
July 22, 2023, 05:19:50 PM
The problem is not one way, though.
Have you thought about sellers who are scammers and sell fake items to buyers? Now if the seller is going to receive instant payment minus the buyer verifying if what they have received is legitimate, and it turns out to be the opposite, how are you going to solve such disputes minus and active escrow service?
Have you thought about sellers who are scammers and sell fake items to buyers? Now if the seller is going to receive instant payment minus the buyer verifying if what they have received is legitimate, and it turns out to be the opposite, how are you going to solve such disputes minus and active escrow service?
July 22, 2023, 05:09:56 PM
What about making a community peer to peer marketplace for goods and services that trades directly on blockchain without the need for an escrow service?
The problem
The currently available peer to peer marketplaces are just a centralized list of items for sale that accept crypto for payment. These need to use an escrow service that make the seller wait for a long period of time before receiving the payment for the item they sold.
The solution
Using a full blockchain proof of reserves to verify the marketplaces reserves as well as obligations in real time. This will reduce marketplace friction by allowing sellers to receive instant payment for their sold items and also allow both buyers and sellers to be confident that the marketplace is fully solvent at all times.
The problem
The currently available peer to peer marketplaces are just a centralized list of items for sale that accept crypto for payment. These need to use an escrow service that make the seller wait for a long period of time before receiving the payment for the item they sold.
The solution
Using a full blockchain proof of reserves to verify the marketplaces reserves as well as obligations in real time. This will reduce marketplace friction by allowing sellers to receive instant payment for their sold items and also allow both buyers and sellers to be confident that the marketplace is fully solvent at all times.
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