TL;DR
Please read if you ever got scammed online, used an escrow, or had issues with peer-to-peer deals.
Zenland team has built a smart contract escrow application that runs simple escrow contracts on Ethereum blockchain (and other EVM-compartible networks). Using it, you create a temporary blockchain account to safely keep funds while the contract conditions are met, then release funds directly to receiver's wallet address. All on your own without an escrow agent or bank. To keep the contract value fair for both participants the payment is done in stablecoins. If interested check the links below ????
Official website: https://zen.land
Escrow app: https://app.zen.land
The application is currently in beta and any feedback or suggestion is appreciated.
Smart contracts are primarily used to build decentralized applications (dApps) and various protocols, but their programmable logic and blockchain integration can also be used to solve real-life problems like trust.
Below is a quick view of how Zenland smart contract escrow is different from traditional ones.
Benefits
| Smart Contract (decentralized) escrow | Traditional (centralized) escrow | Independent Escrow agent | |
|---|---|---|---|
| Escrow type | decentralized (blockchain-based, free of human factor) | centralized (all operations involve a bank and the owner's server) | centralized (all operations involve a bank and/or the owner's server) |
| Security | cryptographic encryption of data on the blockchain; contract funds stored inside a contract; web3 (anonymous) browser access | cryptographic encryption of data on private server; contract funds stored in ecsrow accounts; personally identifiable data required | cryptographic encryption of data on private server, contract funds stored in ecsrow agent account; usually asks for personally identifiable data |
| Fees | Service fee start from $0.02; no fixed minimum fee | Service fee start from $10 (as a fixed minimum fee) | Service fee varies (agent may have a fixed minimum) |
| Payment method | Cryptocurrency (stablecoins), crypto wallet transactions | Wire, Check, Card, PayPal | Individually negotiated |
| Speed | Can be executed real-time (for digital products, for example). Transactions usually take between 2 and 15 seconds to complete. | Takes time to process (mainly for bank operations), takes longer during public holidays. | Depends on the payment method |
| Geography | Accessed anywhere in the world with stable internet connection | Depends on payment method and may be geographically limited | Depends on payment method and escrow agen't geography (some prefer to deal locally). |
Limitations
| Smart Contract (decentralized) escrow | Traditional (centralized) escrow | Independent Escrow agent | |
|---|---|---|---|
| Changes to contract terms | Cannot be changed once approved by both sides | Possible if both sides agree to new conditions | Depending on the agent's terms can be possible |
| Physical goods logistics | Does not have tracking system for out-of-state/international delivery; must be delivered directly to the receipient | Depends on escrow service, but usually have tracking system and approved carriers | Vary according to escrow agent's requirements |
| Internet access | Connectivity fully depends on internet provider(s) for both sides | Connectivity depends on internet provider (while processing and tracking) | Connectivity depends on internet access and the agent's online status |
| Payment | Cryptocurrency-based, requires a basic understanding of crypto wallet transactions | Supports various bank operations (card, PayPal, etc.) | Fully controlled by the escrow agent, negotiable |
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