How do you escrow goods which cannot be validated?
That Ethereum address containing UTRUST tokens was a good example.
The seller and buyer cannot trust the escrow with both the private key and the public address. The escrow cannot check whether the private key unlocks the public address.
Do not complicate things Try to read the whitepaper and you will be enlightened.
"Enlighten me then"
But seriously read white paper and you will know everything that you should know
Alice sells the private key of her Ethereum wallet to Bob. Bob pays through UTRUST. Alice is notified that the money is in escrow and sends the private key to Bob. Bob claims the key does not work. Alice opens a dispute.
Tell me how the UTRUST Mediator resolves this transaction.
Good question I haven't thought so much about. But you are right, a situation like this can hardly be solved probably. But maybe if Alice gives the private key to the mediator? Something someone would probably never would like to do...
But there are probably other situations where stuff could happen. If someone claims that a good has not arrived, when you can't track the package. When I sold some stuff on ebay a lot of people wanted to go for the cheapest sending option, which is not trackable. So if something happens you can't check for example.
There's always the option to only send your package with tracking ID. As a seller, this is your extra layer of protection, against possible scammers.
What's wrong with the post office services here in Australia, they wont take the responsibility for damaged or missing parcel. They want you to purchase extra insurance. Why am I paying for the service in the first place then?!
Utrust will have to go through some difficult disputes, it is un avoidable. All they can do is provide the best customer service possible when dealing with them
Yes, that's something I think now too. UTrust has to give a really good customer service, to handle such problems.
Sure, you can send stuff with a trackable parcel, but then you sometimes pay as much as the goods itself or at least too much in relation to the value of the goods. So people don't want to take this option sometimes. Also in Germany for example you need to bring in proof that it's for example the fault of the sending service that something broke etc. It's really a hard thing.
Well, if you ship something cheap, then the risk is small anyway. The main thing is, that it's been proven to work in the real world before, look at ebay and paypal. Obviously it's profitable too.
Yes UTRUST will simplify the way we use our crypto money, not so much people send it into bank account, and UTRUST will allow us to pay on different platform with different crypto currencies. Its really a need for crypto users.
I would not wonder if someday, financial institutions such as banks would have a partnership with UTRUST. It is not impossible.
Note my words, the day will come, when we dont even need to use banks any more! Free from slavery with crypto!
