conditional payment feature?

[yvv]

Yes, escrow service would be very useful. It requires trust to 3rd party only in case of dispute, doesn't it?
 

[Thom]

This is a typical escrow service, which I thought was built into BitShares 2.0 now. Escrow always requires trust in a 3rd party (the escrow agent) which may not be acceptable to some. Companies such as transwiser would be ideal candidates to serve as that trusted 3rd party for those in the east.

I'm fuzzy on the details, but IIRC an escrow type service could be setup by transwiser for each escrow transaction. Once deposit into that account is made in full transwiser changes permission to lock out access until depositor signals the recipient has completed the agreed contract, then transwiser opens permissions to recipient to transfer funds.

It's not ideal, and may in fact not even be feasible due to overhead, time etc.

I don't know if there are other solutions for escrow services or not. I believe the ability to setup "supervisor" accounts or accounts with hierarchical permissions were implemented as a "corporate" feature, not an escrow facility.

This is an area we need documentation to describe, if it hasn't been.

[bitcrab]

in China exchanges, BTC  withdrawl are banned for 1 month until the AML measurements are ready, so now many BTC traders go for outside dealings.

DEX is good as people can deposit CNY  inside and then buy BTC from OpenLedger, which is outside of China goverment's control area. however, now the step of "deposit CNY" highly depend on transwiser, if one day the volume become too big to ignore, it's also possible that the China government to ban the business of transwiser.

maybe we can get help from "P2P gateway", however, to make "P2P gateway" feasible, I feel we need a new feature that can be called "conditional payment".

A want to buy100 bitCNY by paying 100 fiat CNY, so he contact B and they agree to make the deal, then B create a "conditional payment" to A for 100 bitCNY, ATM the 100 bitCNY is locked there, when B get 100 fiat CNY payment from A, then he confirm the "conditional payment" and A get the 100 bitCNY。

a "expiration time" can be set that if B neither confirm nor do anything else then after the expiration time the 100 bitCNY will automatically reach A's account.

if something happen that A and B need to cancel the deal then B can request "refund" and get the 100 bitCNY back if A confirm the refund.

if dispute happen, then an escrow, which is defined when the payment is created, will be introduced to decide how to distribute the locked fund.

this "conditional payment"  is useful not only for BTC outside dealing, but also for scenarios like trading goods, international outsourcing, etc,.

possible to introduce this new feature? any thoughts?