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README.md

Universal EOS escrow contract

This is an escrow service that anyone in EOS network can use. It is accepting deals in any valid tokens in EOS network, and providing easy means for integrating it into e-commerce solutions.

The workflow is as follows:

Alice wants to buy pumpkins from Bob and she pays with FARMER token.

They trust Chris to be the arbiter in case of a conflict.

Chris registers himself as an arbiter with setarbiter transaction, providing his email address, name, and optionally description, website URL and phone number. Optionaly Chris can indicate a 2-letter country code if he wants to operate in specific country only. If Chris needs to modify some fields, he can send setarbiter again.

Anyone can create a deal in escrowescrow, by sending an action newdeal with the following attributes:

  • Text description of a deal
  • Currency contract and token name, and total amount
  • Account name of buyer
  • Account name of seller
  • Account name of arbiter
  • Delivery term, in days

A new deal is created. Its ID is composed from first 32 bits of the transaction ID. If the deal is created by Alice or Bob, it is considered automatically accepted by corresponding party. Alice must have a positive balance of specified tokens on her account.

Both parties need to accept the deal within 3 days.

The buyer needs to transfer the whole amount to escrowescrow with deal ID in memo within 3 days after the deal is accepted.

If the above actions haven't happened within their terms, the deal is automatically deleted from the contract.

Bob delivers the pumpkins within the delivery term and sends delivered transaction. In case the delivery hasn't happened within the term, the tokens are returned to Alice, and the deal is deleted from the contract.

Alice needs to confirm the deal closure by calling goodsrcvd action within 3 days. This will trigger a transfer of tokens to Bob. Alice can also confirm if Bob didn't send the delivered action.

If Bob needs more time, Alice can call extend action and extend the delivery term by specified number of days.

If there's no confirmation within 3 days, the deal is open for arbitration. Alice can still call goodsrcvd and release the funds. At the same time, the arbiter can call one of two actions: arbrefund would send money back to Alice, or arbenforce would send money to Bob.

Alice or Bob can call cancel action under the following conditions:

  • any time before the deposit is transferred, either party can cancel the deal;

  • Only Bob can cancel the deal after the tokens are deposited;

If Chris is no longer willing to be an arbiter, he sends a delarbiter transaction. If there are any ongoing deals, Chris will be removed from the list of arbiters as soon as all those deals close.

Sponsors, Copyright and License

This development is sponsored by EOS Geneva (https://eosgeneva.io/), BP accounut name: switzerlanda.

Copyright 2019 cc32d9@gmail.com

Copyright 2019 EOS Geneva

Licensed under the Apache License, Version 2.0 (the "License"); you may not use this file except in compliance with the License. You may obtain a copy of the License at

http://www.apache.org/licenses/LICENSE-2.0

Unless required by applicable law or agreed to in writing, software distributed under the License is distributed on an "AS IS" BASIS, WITHOUT WARRANTIES OR CONDITIONS OF ANY KIND, either express or implied. See the License for the specific language governing permissions and limitations under the License.

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