Our Reputation and trust are based on three main components which are: Online Presence: Escrowpal allows users to take advantage of their existing online reputation through the extraction and analysis of several statistics of their online accounts, such as their Twitter followers, Stackoverflow positioning, and Karma on Reddit, Web of Trust: The relationships between escrowpal and the web of trust which has eventually result in trust.Reviews: Historical Archives of Transactions In which the user was involved.
We have a scoring algorithm that assigns an Escrowpal score to each user, a numerical measure of their reliability. This score increases over time as the user builds more reputation, similar to how Karma works on other platforms like Reddit. In addition to the numerical Escrowpal score, we also divide users into different classifications to facilitate the assignment to the gross score. Grades are identified by color coding and are displayed next to the Escrowpal score.
Our Web-of-Trust is designed to model the social graph of trust relationships between our users. The aim of this is to enhance the transition of trust between previously untrusted users. The basic concept of our web of trust system is as follow: if I trust A, and A trusts B, then I know to some extent that I can also trust B. By expanding this concept by analyzing how well two users are connected in the trust chart, we can extract statistics that are less susceptible to manipulation and help you determine how reliable other users are. To indicate that you trust a user, you must answer for him, giving him his personal stamp of approval and assuring him that he can be trusted. But you should be careful, this puts your reputation at risk– any negative rating received by the users for whom you are responsible for will also affect your own ratings.
You are not required to disclose your identity to anyone. In addition, users can either choose to be known as a pseudonym or with a specified name. If you also wish, you may connect your Escrowpal account to your social media accounts. This could help to verify your own identity, or as a means of connecting other pseudonymous accounts that gained you more reputation.
We don't give reputation to bitcoin addresses. This is because Cryptocurrency addresses are intended to be used once and discarded, so they are not suitable for maintaining reputation. Instead, we offer users a digital identity based on public-key cryptography, to which we assign a reputation. All user actions are digitally signed to prove their authenticity and prevent unauthorized changes by third parties.
How does the Escrowpal payment system work? Our payment system uses multi-signature smart contracts which makes e-commerce transactions to be reversible. Both the seller and buyer must agree and nominate, a trusted agent that will act as an arbiter for the transaction between them. The buyer will pay to the 2-of-3 multi-signature address, and this will be locked until both the seller and buyer reach an agreement to release it.
The buyer will create a new trade immediately both parties reach agreement on a contract and a trusted agent. It is necessary for both parties to authorize and review their participation in the trade. The buyer will make payment into the multi-signature address. The seller is required to verify that the buyer has securely paid into the multi-signature before he provides the service or goods to the buyer. This payment will be locked for the period of time agreed to complete the trade, this is when two out of the three parties (seller, buyer and trust agent) agree to release it. If all goes well, the seller and the buyer agree and release the payment to the seller. In this case, the intervention of the trusted agent is not required. If a dispute arises, then it is required of the trusted agent to intervene, evaluate the case and decide with which of the parties he chooses, either to reimburse the payment to the buyer or to deliver it to the seller.
Although a trusted agent cannot manage the funds by himself, he can conspire with the other party of the transaction to defraud users. In summary, instead of fully trusting a person as escrow service operates, the Escrowpal payment system guarantees that it is protected as long as one of the parties is fair and does not conspire with the other to deceive another. In addition, our reputation management system can help you determine who is reliable. We recommend that you use only trusted agents who have a well-known Internet staff, a positive evaluation history, and a high Escrowpal score. It is also worth noting that trusted agents can build their reputation more easily compared to sellers, because there are fewer and they participate in more transactions. In other words, it should be easier to find reliable trust agents than to find reliable vendors.
Currently, We only support Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH) and fiat. However, we plan to integrate additional cryptocurrencies in the near future.
There is no hidden fee or cost for using Escrowpal services, except for the costs that the trusted agent may charge you. However, we may consider charging for future costs, as a way to support the platform. By associating the costs with the evaluations and the creation of verified identity, this will make it costly to obtain false evaluations and also difficult to manipulate the reputation engine, which makes it a more reliable general platform.