Post
Topic
Board Announcements (Altcoins)
Re: [SavAct][2019] A decentralized form of buyer protection and content financing
by
SavAct
on 20/08/2019, 16:19:52 UTC
That is, SavAct will become an intermediary between all online stores and customers?

You want to make online shopping safe and that’s a great idea

SavAct works without the involvement of a third party. So you still keep all the benefits of cryptocurrencies while making e.q. fake shops not worthwhile.
Your project is interesting, but I do not understand how SavAct will feature the real Internet - shops from fake when I  onlin-shopping.
SavAct is a cryptocurrency that enables bought services, goods, voting results etc. to be delivered within an optional time limit. A transaction, recorded in the blockchain, may also contain, besides from the recipient’s address, details like product names or a time limit for delivery. If the product does not arrive within the time limit, the payment may be withdrawn before the time limit runs out. Therefore, the vendor is forced to satisfy the customer. Withdrawn payments are not returned to the buyer but instead they are distributed among token owners and miners and additionally support the development of the system. This ensures that customers do not abuse this function for their own benefits, but only make use of it if they feel betrayed by the vendor. Chapter 2 of the White Paper offers a more detailed explanation and gives a few examples.
For independent and decentralized systems, it is natural that one party, either seller or buyer, has to bear a higher risk. The buyer bears it when using current cryptocurrencies as he must hope for the paid product or service to be delivered. SavAct balances this risk among both parties and the Proof of Concept describes that it saves real vendors more money that the established trustee systems.
So if you see an online shop that only accepts cryptocurrencies but refuses to offer SavAct as a payment method, then you can immediately tell that the chance of a scam is much higher.