Escrow dApp: World’s first Non Custodial P2P Fiat to Crypto exchange dApp

Peer to peer payments, or P2P payments, are transactions that can be used for exchanging crypto assets with that of fiat and vice versa. These payments allow the transfer of crypto assets by one party using a non custodial web3 wallet such as metamask, trustwallet etc into another party’s web3 wallet, in exchange of with the receiving party pay for the asset directly into the bank account or payment wallet of the transacting party at price quoted by the sender.

This is a conventional way through which people get into transactions for the same. It is decentralized in the sense that no middleman will be there to intervene unless an ‘Appeal’ is initiated by anyone of the two in case of non performance of the terms agreed upon by the two.

In a formal sense it’s something like an unassisted ecosystem generally available with the platforms, especially central exchanges. Here the platform provides the bare minimum assistance by providing parties the interface and software program for the same and in case of appeal is made by parties the agents of the platform intervene and investigate the cause behind and resolve each and every appeal manually.

This sort of minimal assistance has its own merits and drawbacks. It allows parties to trust on platform’s intervention in case of terms of agreement disobeyed by any or both the parties involved. It ensures privacy as the chat between two parties is encrypted. The payment accounts of all users also get verified by the platform to ensure success of each and every payment. However, being manually investigated this system of intervention sometimes attracts error as the agents associated apply their own instinct to decide the appeals made. As the payments made are into accounts of different banks and payment apps, also, there exists no database of banking for them to cross verify the transaction details made the appeals to be decided only by the platform agents and in all cases their decisions are final with no higher appeals available with the users.

With the Escrow application we have upgraded the P2P payment ecosystem by providing two sorts of payment solutions to users. One is ‘Centralized’ and the other one is ‘Decentralized’.

Decentralized is similar to the conventional P2P payment service except the ecosystem will be accessed by users by connecting their web3 wallet and the locked crypto in smart contract will be automatically transferred to other parties wallet if the crypto asset sender confirm the receipt of fiat with them and by Centralized we meant to propose that the users involved in the transaction send their assets and fiat into the smart contract and bank account of Escrow App respectively. The Escrow application by validating the details of two cross transfer it between the two users. In this type of transaction Escrow app’s ecosystem access the transaction details of parties involved, lock the crypto asset and fiat of users for a particular time period and automate the transfer between the users. This is useful especially for the users who don’t want to avail the decentralized ecosystem of Escrow app and want the smart contract based automation to perform all the work related to a particular transaction. It can also be seen as a payment gateway for crypto assets buyers and a smart contract interaction for crypto asset sellers. The convention is all the same such as to list their requirement over the Escrow app under one of the two heads, i.e. Centralized or Decentralized and then realize the transaction under the ecosystem chosen.

Escrow dApp will mark its debut by providing INR to Cryptos and Cryptos to INR P2P exchange. Users will be able to select the buyer/seller of it’s choice and may get into transaction at the listed price.

Both ecosystems have an in-app end to end encrypted chat interface for discussion on transactions in the Decentralized Ecosystem and in case of the Centralized ecosystem the user may chat with platform agents for queries and complaints if any.

To connect with the team behind decentralized application, readers may visit telegram community t.me/ecwcommunity or may write to info@escrowapp.tech for collaboration, association or for any other reason of interest in project.