Altpay
All Payments Done Through Altverse's Escrow Smart Contract
Last updated
All Payments Done Through Altverse's Escrow Smart Contract
Last updated
Good to know: An escrow service is an arrangement in which a trusted third party handles the exchange of goods or assets between the transacting parties, ensuring safety and fair trading. Altverse is a Metaverse where Web3 Gig Freelancers and DAOs can safely work together and be rewarded in crypto.
Altverse escrow service safeguards every transaction, giving Altverse users peace of mind. Once Parties arrange for a service, the GIG freelancer places an order, and the DAO payment will automatically be transferred from the DAOs wallet to the temporary deposit with Altverse's escrow service. The escrow will hold the cryptocurrencies in the deposit guarantee until both parties complete the service.
After the parties arrange the deal and create the smart contract, the Altverse contract will temporarily hold the payment until the operation is completed. Altverse takes a small commission from it. 0.3~5% scaling based on the deposit amount - the higher the deposit, the lower the fees.
Altverse escrow service safeguards every transaction, giving Altverse users peace of mind. Once Parties arrange for a service, the GIG freelancer places an order, and the DAO payment will automatically be transferred from the DAOs wallet to the temporary deposit with Altverse's escrow service. The escrow will hold the cryptocurrencies in the deposit guarantee until both parties complete the service.
After the parties arrange the deal and create the smart contract, the Altverse contract will temporarily hold the payment until the operation is completed. Altverse takes a small commission from it. 0.3~5% scaling based on the deposit amount - the higher the deposit, the lower the fees.
Once the service is complete, the DAO or funder can release the crypto payment from the escrow by approving the contract. If you are a freelancer, you will automatically receive your money/assets from the escrow after the DAO or Funder's "service complete" confirmation.
In most cases, when everything goes smoothly, the GIG freelancer completes their Job, and the DAO releases the crypto in the escrow, but what happens if the counterpart is not fair?
In this case, you need to open an arbitration Clause and click on the "Arbitration Clause" button. Now is when the escrow service comes into play, which is why the crypto was temporarily held.
