Whitepaper link:
https://www.localtrade.io/whitepaper.pdfOur escrow system was designed and developed by our founder "Lite
Speed". We provide a reliable and high-performance escrow system to all
our users. This ensures our users can start a trade safely and complete
trades without a doubt or worry of being scammed.
When a trade is started, your funds will be held by us in a secure account.
These funds will be taken away from your active balance. This makes it
possible to open multiple trades with the remaining balance with other
traders.
How is this different to centralized exchanges available today (like LocalBitcoins)? AFAIK any time you want to provide escrow functionality for fiat this can't be done on the blockchain, it has to be done through the regular financial system. Therefore this "secure account" will be a centralized place where users need to trust localtrade to keep their funds safe.
Could you explain any new innovations that localtrade provides here?