Instant escrow for sellers


  • Admin

    URL: https://paper.dropbox.com/doc/Feature-request-Instant-escrow-for-sellers--AvsxcvzqvFl2r2Lt1WHHIHGwAg-l8yEwwaHmnxEwmTeK8erG

    Summary

    At the moment we have an extra step in the buy-flow where a buyer wants to buy something but gets stuck to wait for the seller to accept the bid. It is crucial for customers to have a click and success experience.

    Notes

    Comments and changes can be put directly into the document.

    Any discussion for this feature-request belongs into this thread.



  • This feature would be incredible.



  • This feature would be fantastic, but as far as I understood there are some technical reasons for having it that way (soft lock, etc.).

    If it would be possible to become notified on my mobile when a seller is accepting my bid, this would already be helpful. If I then also could lock my escrow by just one click on my mobile, I maybe could also live with this “extra step” in the process flow.


  • Admin

    @Pancake The question to me is: What has to be changed, to make this work and what are the implications.

    The opposite of “this doesn’t work because of the status quo”.


    If it would be possible to become notified on my mobile when a seller is accepting my bid, this would already be helpful. If I then also could lock my escrow by just one click on my mobile, I maybe could also live with this “extra step” in the process flow.

    This is a new feature request 🙂



  • @dros said in Instant escrow for sellers:

    @Pancake The question to me is: What has to be changed, to make this work and what are the implications

    I’m not very much into the tech, but the implications I could imagine as follows:
    Locking into escrow is like a multsignature contract which has to be signed by both parties. With the bid of a buyer, so far there happens nothing anyhow related to the blockchain. “Solely” the amount of coins (in the buyer wallet) do become “reserved” for later spending in the mulitple signature escrow contract. (This can become critical when you have multiple wallets with the same seed, because the second or third wallet won’t be aware of this kind of “reservation”, which only appear to happen on the individual marketplace installation where the bid has been placed).

    If you now want to sign the escrow contract right with the bid of the buyer, then the seller should have to have it’s “reserved” coins already availabe in soft lock, which would require each seller to reserve for each listing the corresponding amount of parts for the listing’s price, alread at time of its listing on the marketplace (not knowing whether any buyer later on will make any bid on it). This is barely possible for sellers with many listings.

    Another possible way to solve this, might be to keep the buyers wallet unlocked and running until the seller put the bid into escrow. Here I can imagine, that this might be a kind of security issue.

    The easiest way to sign the multisignature contract would be, to have both parties simultaniously interacting with each other and having their wallets unlocked for signing. (That’s how it’s done in bisq I guess), but this is also not very practicable.

    Maybe someone with more profound technical knowledge can comment on that, but that’s the kind of implications I could imagine.


  • Admin

    Your answer is already covered in the document “contra” section.



  • @dros said in Instant escrow for sellers:

    Your answer is already covered in the document “contra” section.

    Oops, … good point. I guess I missed that ☺

    So basically could this approach also be done together for multiple items?

    Let’s say I sell product A for 3 PART, product B for 10 PART, product C for 25 PART. By filling up my “virtual escrow” (as soft lock, or on a second wallet, or on a kind of smart contract???) with 100 PART, four buyers could instantly buy product C or ten buyers could instantly buy product B.
    So, once the seller knows that he e.g. has sold 1xC and 4xB and 3xA, he also knows that 74 PART of the “virtual escrow” has been used up, and that he has to refill it with additional coins to provide further the buying-convinience to bid and lock escrow at the same time.

    This would be great! 👍


  • Admin

    @Pancake sounds good. May you add this to the attention points in the document?



  • @dros said in Instant escrow for sellers:

    May you add this to the attention points in the document?

    Done 🙂


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