What Is Escrowblock?
The goal of this project is to come up with an EscrowBlock escrow platform that services the Ethereum network. The platform can work independently, or it can be integrated into the Smart contracts as an escrow service for any project. This project will start on the Mainnet Ethereum network but will later fork to offer an independent service.
How Escrowblock Ethereum Blockchain Escrow Will Work
All token holders of this project will have the ability to create an escrow contract under the ESC9 standard. Such contracts will protect the deposit of an agent and the object of getting another agent from various unpredictable variables.
When either party does not execute the terms of a contract, the contract is frozen and taken to an arbitration body on the EscrowBlock network. The bodies that do mediation are elected via a voting process. To take part in the voting, you need to possess tokens. Decisions on the arbitration are made via confirmation or cancellation of the transaction.
If the decision is reached, an explanation for the decision is given. If the parties do not agree on a decision, token holders may take the dispute for an anonymous vote. The voters may decide in favor of the counterparties. They may also decide to withhold the funds and cancel the ratings of the counterparties. Anonymous voting is a measure of last resort to decide a dispute between counterparties.
Escrowblock ESCB Token ICO IITO Details
This is a new type of ICO called the Infinite Initial Token Offering (IITO). It will have a start period but no end period. The end is determined by the funds gathered during every stage of the IITO. This the IITO will only end when the tokens offered at every stage have been collected.
However, it does come with a control time. For this project, the control time has been set for one year. If after one year, the first stage has not yet been funded, all funded will be returned to the owners.
Distribution Of Tokens
- 66% of tokens will be distributed to the users via the IITO
- 30% of tokens will be stored to get dividends for the project
- 4% of the tokens will be reserved to be utilized in the incentive campaign
Why The IITO Is Needed
One of the reasons the founders of this project have given for holding an IITO is ensuring that power is decentralized. The reason is that if they settle for an institutional investor, he or she will come with his or her rules. This will mean that the project will not stay true to the vision that its developers have.
Escrowblock Business Model
EscrowBlock will receive a percentage of each deal, usually 1%. Holders of tokens will then get dividends in proportion to the profit form the EscrowBlock services.