Escrowblock (ESCB) ICO Review

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Escrowblock is a decentralized social networking platform that is putting users privacy and satisfaction as its first priority. It is an innovative approach towards transparent and independent means of user data ownership, reward on ads and free of speech. It is the first get paid to content creation and sharing ecosystem that leveraged OCR token payments for its reward system.

Essential Information

Ico Time02 Apr 2018 – Unknown
Token NameEscrowblock
Token SymbolESCB
WhitepaperView Whitepaper
Website LinkHome
Price1 ESCB = 0.1 USD
PlatformEthereum
AcceptingETH
Hard Cap10,000,000 USD

More about Escrowblock (ESCB) ICO:

The aim of the project is to create an EscrowBlock platform for the Ethereum network blockchain. Such a platform can work as an independent environment, or be integrated into other Smart contracts, to provide escrow services as part of any other projects. The team will start the project on Mainnet Ethereum blockchain and then make a fork for providing an independent service.

The aim of the project is to create an EscrowBlock escrow platform for the Ethereum network blockchain. Such a platform can work as an independent environment, or be integrated into other Smart contracts (see glossary), to provide escrow services as part of any other project. Any token holder will be able to create an escrow contract for a transaction under the ESC9 standard. Such escrow contracts will be able to protect the deposit of one agent and the object of acquiring another agent from unpredictable circumstances. If the terms of the contract are not executed by any party, then such contract is frozen and transferred to one of the arbitration bodies of the EscrowBlock network. The bodies themselves are not elected in the literal sense, appointment to this post can only be made if you own a certain number of tokens and on this basis voting by the owners of the tokens is for that purpose.

Decisions on a disputable issue related to escrow are made through confirmation or cancellation of transactions. If such a decision is made there will be an explanation of the decision, if the counterparties involved in the transaction do not reach consensus, then the arbitrators may decide to transfer the decision to the higher-level for disputed contracts and it can arrange an anonymous vote among the token holders. Anonymous voting or a higher authority may decide in favor of one of the counterparties or in favor of withholding the deposit in full and blocking and canceling the ratings of the counterparties in the system. Anonymous voting is only an extreme measure to resolve disputes between counterparties.

Introduction

The development of blockchain technologies attracts more and more attention ofsoftware developers all over the world. It is already clear that this approach willchange many areas of normal life. Many areas of the economic ecosystem can useblockchain technology to reduce the cost of goods and services and increase thespeed of delivery of the same. The process of interaction of counterparties isfundamental in any kind of business. Often, even paper contracts are not free fromproblems, since the costs of litigation sometimes exceeds the subject of the dispute.To protect yourself from such a situation you can use a conditional deposit to theaccount of a third party, which will act as a guarantor for any transactions. This is theservice that EscrowBlock will offer its customers. The service platform will allow thisusing a new standard of interaction between counterparties, just as it happened withthe appearance of the ERC20 standard for tokens. This will enable the EscrowBlockplatform to be integrated into other smart contracts based on Ethereum to supportthe Escrow service.

Infinite Initial Offer of Tokens (IITO)

When a technology company working with crypto-currencies, such as EscrowBlock,want to attract investments through the initial offering of coins (ICO), it creates abasic plan of action and outlines it in the prospectus, this establishes the project’sentities, describes what the project needs and what the project proposes uponcompletion, how much minimum funds are needed, how many virtual tokens theproject founders will keep to themselves, what types of cryptocurrencies or fiatmoney are accepted for investing and how long the ICO campaign will continue. Dueto the specifics of the EscrowBlock project, the ICO start period will be known, butthe end period will depend on the funds collected at each stage. Thus, the IITOEscrowBlock will be terminated after the acquisition of all offered tokens for any period of time. During the IITO, companies and individuals supporting theEscrowBlock initiative will pay for distributed tokens through payments incryptocurrencies. These tokens are not the same as the shares of the company,which are sold to investors on an initial public offering (IPO).To start work on the project, the funding raised must reach the minimum requiredthreshold, if the minimum amount is not collected within a year the funding isreturned back to the participants and the IITO is recognized as unsuccessful. Ifmandatory funding is collected within the established timeframe then it is used tostart the new project and the IITO does not stop until all available tokens are sold.Early investors are motivated to buy tokens in the hope that the entire plan will besuccessfully implemented after the launch, which will cause the price of tokens toincrease, compared to the purchase price, which will make it possible to profit.

Description of the project

The aim of the project is to create an EscrowBlock escrow platform for the Ethereumnetwork blockchain. Such a platform can work as an independent environment, or beintegrated into other Smart contracts (see glossary), to provide escrow services aspart of any other project. Any token holder will be able to create an escrow contractfor a transaction under the ESC9 standard. Such escrow contracts will be able toprotect the deposit of one agent and the object of acquiring another agent fromunpredictable circumstances. If the terms of the contract are not executed by anyparty, then such contract is frozen and transferred to one of the arbitration bodies ofthe EscrowBlock network. The bodies themselves are not elected in the literal sense,appointment to this post can only be made if you own a certain number of tokensand on this basis voting by the owners of the tokens is for that purpose.Decisions on a disputable issue related to escrow are made through confirmation orcancellation of transactions. If such a decision is made there will be an explanationof the decision, if the counterparties involved in the transaction do not reachconsensus, then the arbitrators may decide to transfer the decision to thehigher-level for disputed contracts and it can arrange an anonymous vote among thetoken holders. Anonymous voting or a higher authority may decide in favor of one of the counterparties or in favor of withholding the deposit in full and blocking andcanceling the ratings of the counterparties in the system. Anonymous voting is onlyan extreme measure to resolve disputes between counterparties.

Using EscrowBlock for escrow in any cryptocurrencyor fiat transactions

Each blockchain network has a list of transactions that can be checked. In the sameway payment systems of fiat money provide access to the list of transactions. Afterthe completion of a certain phase of project financing, the EscrowBlock organizationwill integrate various options for accepting escrow into its platform. So for example,the owner of an object can receive BTC from the buyer. The buyer receivesinstructions from the arbitration authority on which address in the network block,then must send a transaction with a certain amount of BTC (the transaction amountis added with the sum of 4 minimum decimal points, for example, the transaction value is 0.000012, the balance 7845 is added and 0.000012000000007845 isobtained if the maximum cryptocurrency decimal points is 18. The tenant assigns tothe Smart contract that the transaction will be in BTC and indicates from whichaddress it will conduct the transaction. The owner of the object indicates whichaddress he will accept the deposit after confirmation. Thus, only the multisignaturearbitration wallet and the lessee will know the amount of the transaction.Furthermore, the automatic system checks the compliance of the three transactionparameters in another block system within a period of 24 hours, if the sender’saddress, the amount of departure, the address of the recipient are confirmed, thenthe deposit is credited and after confirmation of the transaction it is sent to anotherblockchain of the network to the owner of the object. The automatic system ofverification will be protected from forgery of the depository transaction andre-crediting of the deposit.In the same way, it is possible to implement a deposit scheme with any system ofacceptance of fiat payments, for example, Stripe.

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