I would love to see escrow expand from the realm of high-value purchases to more modest transactions, because it's a pretty good way to promote good conduct online. (Full disclosure: About 12 years ago I built a startup that would do this, but it never took off.) Imagine signing up for a social-media account that requires a small amount of money -- say $1 to $10 -- be put down as a type of security deposit. If, durin…
Why haven't crypto smart contracts satisfied this yet? They've been talking about it for years, but I have yet to see substance for it...
How to Build an Escrow Product
21–30 of 30 posts
Re: How to Build an Escrow Product
#22fun fact: escrow comes from the french word "escroc" which means crook. words, am I right ? well, TBH both comes from the same word, not directly related. still, fun to see how the same words can end up having exact opposite meanings.
Being french and not knowing the definition of "escrow", I associated it with crook indeed !
Also at the first reading of the title I read "escort product". Thought, "ho woah HN! what is going on?" :)
Re: How to Build an Escrow Product
#23I would love to see escrow expand from the realm of high-value purchases to more modest transactions, because it's a pretty good way to promote good conduct online. (Full disclosure: About 12 years ago I built a startup that would do this, but it never took off.) Imagine signing up for a social-media account that requires a small amount of money -- say $1 to $10 -- be put down as a type of security deposit. If, durin…
Hey!
My name is Elie and I am the CEO of carbon payment ... I used to lead one of the payment team at Uber and I am working something similar... let's chat
Re: How to Build an Escrow Product
#24fun fact: escrow comes from the french word "escroc" which means crook. words, am I right ? well, TBH both comes from the same word, not directly related. still, fun to see how the same words can end up having exact opposite meanings.
"Escroc" in French comes from "Scrocco" in Italian [1]. No relation with escrow.
Re: How to Build an Escrow Product
#25I would love to see escrow expand from the realm of high-value purchases to more modest transactions, because it's a pretty good way to promote good conduct online. (Full disclosure: About 12 years ago I built a startup that would do this, but it never took off.) Imagine signing up for a social-media account that requires a small amount of money -- say $1 to $10 -- be put down as a type of security deposit. If, durin…
I'm not sure I understand the example you gave: 1. What purpose would escrow serve in this example? The user trusts the social media site, and the amount is small (like $1). So there's no need for a third party to hold/control the funds and determine when they are released to one party or another. 2. A spammer can just wait until day X+1 to start spamming.
Metafilter has a $5 signup fee, which works in approximately the same way. If you get kicked off for spam (or any reason, really) you're out the $5.
Re: How to Build an Escrow Product
#26It will be interesting to see when Cardano implements Marlowe for non-coders to implement contracts such as Escrow and Bonds without a trusted third-party.
Re: How to Build an Escrow Product
#27These are being built directly into ethereum and cardamom now.
Re: How to Build an Escrow Product
#28It still remains that the transaction has a trusted 3rd party, this is not revolutionary. Algorand can solve this without a trusted 3rd party. https://community.algorand.org/blog/utilizing-algorands-asc-... https://developer.algorand.org/docs/build-apps/apps/#escrow-... Super easy for developers to get started with too: https://developer.algorand.org/
I think the trusted 3rd party is essential to these transactions. At least in the UK, the conveyancers aren't just providing escrow or legal services, but also a professional, guiding voice through the transaction as a whole.
Re: How to Build an Escrow Product
#29Are there any licenses needed to be an escrow?
Re: How to Build an Escrow Product
#30I would love to see escrow expand from the realm of high-value purchases to more modest transactions, because it's a pretty good way to promote good conduct online. (Full disclosure: About 12 years ago I built a startup that would do this, but it never took off.) Imagine signing up for a social-media account that requires a small amount of money -- say $1 to $10 -- be put down as a type of security deposit. If, durin…
I personally do not have must trust for social-media platforms. I would not trust that they would actually give me my money back.
Also, what is stopping me from spamming the site after I get my money back? like I can queue up accounts, wait for them to age up and just start spamming.