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Escrow system rework

nobswebdev Donor - Supporter Verified
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May 5 11:47
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#1213
Hello, I would like to suggest rework of current escrow system. In my opinion current one is inefficient, not user friendly and slow. In my experience it is bottleneck for trades, because it depends on mediator availability and it require learning it. It could be done with simple "buy with escrow" button.

My suggestion is to copy escrow model from OpenMonero. It is fully automated and should be applicable to all trades, not only cash->xmr and xmr->cash as it is on OpenMonero. Flow could be as following: User A initiate trade with user B -> XMR spender put money into escrow -> XMR receiver fulfills his part of agreement e.g. sends bike to XMR spender-> XMR spender confirms his goods are received and release XMR. If something goes wrong dispute can be started and admin comes and solve problem. I bet in 99% of cases there is no need of mediator action and trade will complete with no dispute.

It could be applied to all trades and direct mode could be removed completely. You should charge 1% of all trades.

On top of that I would implement "review counting threshold" (also copied from OpenMonero). It works in way that for the review to count there must be certain volume between parties e.g. for cash to crypto 100 Euro. Every category should have it's own threshold. This with conjunction with trade fee should limit fake reviews as it will increase cost of faking.
Edited: May 5 13:29
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Camylopez Verified Bond Donor - Liberator
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May 7 14:05
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#1225
I agree with the review counting threshold, but I find the bond system is fine. if people put up a bond then no need to screw around with escrow.

the bond needs fine tuning, cause it doesn't show for every trade, but you can't get simpler than that.

I haven't used the escrow system here, I just can't be assed dealing with non custodial escrows. is there not enough mediators?
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nobswebdev Donor - Supporter Verified
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May 7 19:35
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#1230
Reply to post #1225
You don't always find mediators fast. Even if someone join in 15 minutes it is still 15 minutes of waiting. This could be automated, so trade can proceed with buyer and seller only and mediator would join only if there is dispute which I bet is less than 1% of all trades.
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Camylopez Verified Bond Donor - Liberator
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May 8 02:30
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#1231
yep agree, I thought it was automated since you pick your mediator. I didn't realise they had to accept.

that should be automated
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