Escrow services have grown to become more vital than ever in the cryptocurrency industry.
Before the introduction of great services like EscrowMyEther, the use of escrow only meant trusting a third party service with a physical agent. Adding an intermediary to such an equation does not really help in the world of decentralized cryptocurrencies.
EscrowMyEther is one of the fascinating escrow-related projects that provide a glimpse of the appearance of future escrow services.
What Is Escrow My Ether?
One of the major selling points of Ethereum is the decentralized application (DApp). The ecosystem is improving entirely with lots of such projects in any kind of development. In the past, there had never been a perfect Decentralized App that is directly related to the services of escrow in the world of cryptocurrencies.
The developers of EscrowMyEther rose to the occasion and changed this whole narrative that has been around for some time. The primary aim of this DApp is to offer secure and safe escrow solutions to all the parties that are concerned.
How Escrow My Ether Works
Although at the moment this Decentralized App is only deployed on the Ropsten test network, it has been able to exhibit a lot of potentials as it moves forward.
EscrowMyEther gives two transaction parties an opportunity to choose an escrow agent. There is a section provided by the Bitcointalk where traders can easily get reputable Escrow agents since most users have just been conducting this trade in good faith. Buyers will then send funds directly to the escrow, but when they get the commodities, the funds are passed on to the sellers. Although a number of traders on this platform operate on a zero percent fee structure, EscrowMyEther has a way of taking a cut for the services it offers.
Escrow My Ether Security
Trading funds used on this DApp are held on a secure blockchain. Buyers can choose to release the funds after receiving the commodities and services they had ordered. In case of any problem encountered in the course of the transaction, the seller can refund the buyer. With EscrowMyEther, there is always a clear proof of anything that transpires on the blockchain.
This approach prohibits the escrow agents from having any kind of direct access to the money sent by the customers. The buyer and seller can still conclude the transaction in a safe surrounding even if the agent goes missing or offline for some time. Using blockchain for purposes of escrow-based transactions is considered secure as opposed to trusting a third party with money.
Escrow My Ether Agents
The agents that transact the escrow have the responsibility of charging fees for this wonderful Decentralized Application. It shouldn’t be forgotten that there is also a developer fee of 0.25 percent of the transaction. This is another way of how the developers of this DApp get their share.
Escrow My Ether Availability
EscrowMyEther is freely available for all the escrow buyers as well as their agents. This implies that sellers will bear total responsibility for all the fees that are transacted.
EscrowMyEther has started on a good note, and it is just a matter of time to see how it will attract a lot of people.