What is FirstTrust Escrow?
Decentralized
There is no 3rd party involved in the transaction. The involved parties choose to ship and release the funds when they are ready.
Dashboard
The platform is just a gateway to the FirstTrust Escrow smart contract and provides the tools necessary to interact with the Blockchain.
Cost effective
At this moment, there is a 3% transaction fee. The cost can be bore by seller/buyer or both parties upon agreed upon.
Secure
The FirstTrust Escrow provides the immutability and persistance of the transactions.
How it works
Below is a basic escrow transaction flow between a seller and a buyer.
1Buyer/Seller initiates a transaction
The buyer or the seller (preferably) starts a transaction in which they describe the product details that is being traded and the price.
2The other party accepts the transaction
The seller/buyer accepts the escrow contract details and chooses to reject or accept the transaction. Respective payments are made.
3The seller ships the product
The seller executes service or ships the product and provide the shipment details.
4The buyer accepts the product/service
After receiving the product, the buyer has X amount of days to inspect the item and confirm the product/service. Fund is automatically released to the seller.
The funds are being kept secure in the FirstTrust Escrow smart contract. They can't be released or refunded by anyone other
than the parties involved.
When buyer chooses to release the funds, they will automatically be credited within the seller FirstTrust Escrow address.
In case of a disagreement between the parties, they both have an option to dispute the transaction, in which case it will be handled only by the FirstTrust Escrow developer without any additional fee.
What's under development
Below is a list of under development features in order to
facilitate the usefulness of the Escrow smart contract. Hover over each section for more details.
Platform UX improvements
The current FirstTrust Escrow.com platform should iterate between user experience improvements. The same goes for the dashboard.
REST-ful API
We are currently developing a REST web service that should be implemented by developers in order to facilitate trading of any item on other platforms.
Dispute Enrollment
This feature should allow any person to handle a dispute for a small % FirstTrust Escrow fee
Dispute AI
The dispute should be handled by an AI, not by a person, in order for the process to be entirely non dependant of human factor
Contact us
For any platform problems or enquiries, or any dispute arrangements
please use the email address below.
support@firsttrustescrow.com