Ninjastic
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Re: [ANN][ICO] Natmin Pure Escrow - Escrow Services powered by Blockchain Technology
by
natmin
on 04/10/2018, 21:41:33 UTC
Quote from: Darkoth89 on October 04, 2018, 01:17:31 PM
Quote from: natmin on October 04, 2018, 10:42:22 AM
Quote from: CryptoBeefy on October 04, 2018, 09:17:31 AM
Quote from: ning_aric on October 04, 2018, 07:37:50 AM
On the dispute resolution, I see that there’s a cost for that. An additional 3% transaction cost of there’s a dispute. I think that’s a lot. Especially when the the compliant isn’t at fault. I understand thats to reduce unnecessary compliant. Would this cost be adjusted?

That's a fair point, especially if large sums, 3% is a lot! If I made a claim and I wasn't at fault I'd be annoyed to lose 3% of my money for that, surely the losing party should cough up the 3%?

We have been working on this strategy lately and yes the person at fault will essentially be liable for the 3%. We have also been working on a different strategy where both parties pay an insurance "deposit" amount. This amount will be used to pay the additional 3% and/or any fees. The person not at fault will receive all their money back. This strategy is still a work in progress and has not been confirmed yet.

Oh nice I like the concept of paying an 'insurance' amount that comes from both parties.  However, if the escrow goes well, do both parties get back that amount?

Yes if it's a successful transaction, both will get their money back. Both parties will still get their money back in a dispute transaction, but the party at fault will get their money back less the transaction fees.