World, meet the Chainge decentralized escrow protocol

The Performance bond

  • the performance bond acts as additional insurance for one or both parties involved in the escrow contract. When a performance bond is placed by party A, then party B cannot cancel the escrow without party A’s consent and vice-versa. In this case it’s in both parties’ best interest to come to an agreement or the assets (collateral + performance bonds) will stay put in the smart contract until they do.
  • The collateral and performance bond(s) to be placed in the contract can only be spot assets.
  • If BOTH parties use CHNG as a performance bond, then you will benefit from a 40% discount applied on the 0.5% service fee, thus reducing the service fee to 0.3%
  • In this first version of the Escrow module, Chainge n’or any other third party won’t have the power to mediate or release the funds if the parties don’t come to an agreement on their own. We are not in any way liable for the rare cases where users categorically refuse to reach an understanding.

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