To be solely relying on a smart contract to meet the transacting party agreement could become tricky. It also limitate only on what specific conditions could be designed within the smart contract as for the escrow.
I don't know if there are exists in-development or trustable decentralized escrow, at least it never get mainstream attention within the crypto space. I think the reason it never gets discussed is that it is only limited to a very specific condition, thus I believe it won't scale broadly.
Thank you for your answer, but could you please elaborate on it? What conditions do you think a decentralized escrow could not potentially have that would keep it from being used broadly? Your detailed answer is very appreciated.
There are various type of transaction under many conditions that the party want/agreed on. If you want to truly implement a smart contract in order to decentralize an escrow, how viable does the smart contract handle the specific conditions? I doubt it will be viable to handle across many types of transactions as per "conditions" the parties met.
I just recently knew, that there is some escrow niche project that his signature campaign here, Escrow Protocol. I barely scratch the surface, but it is exactly what my concern is, which is about it only solving a specific niche which makes, as of now, I think it will be hard to scale broadly. If you take a look at that project, it only handles investment funding.
To begin with, we want to create a basic one for transactions between individuals: freelancers, or someone who just wants to sell his old laptop. They would need to enter only the title of the product/service being traded, and the TAT. The platform would create a smart contract and deploy it after the "buyer" sends money to it. The "buyer" would have the right to release the funds until the TAT is over.
Very simple transactions without any terms and conditions. Locking your money in a smart contract and releasing it to a seller after your receive what you wanted to buy. I think this would work best for freelancers who sell their services/products to individual clients.
Over time we would make more specific smart contract layouts as per different conditions, like ICOs, traditional crowdfundings, stocks, NFTs, real estate, etc.
So, what do you think about the "basic" one I wrote about above? Would you use it for daily transactions if you were, saying, a freelancer?