Frequently Asked Questions

An escrow is a financial arrangement where a third party regulates payment of the funds required for two parties involved in a given transaction.
It helps make transactions more secure by keeping the payment in a secure escrow which is only released when all the terms of an agreement are met as overseen by the escrow company.
Escrows are very useful in the case of a transaction where a large amount money is involved, in case where there are a certain number of obligations that need to be fulfilled before a payment is released, and especially in case of making a payment using cryptocurrencies which is usually irrevocable.
While traditional escrow service is quite difficult and must be obtained through banks and lawyers, ESCRYPTO provides online escrow services.
While the payment is 'in escrow,' the transaction can be safely carried out without risk of losing money or merchandise due to fraud.
This eliminates all legal jargon and allows for secure transactions and confident buyers and sellers.

Blockchain Escrow
When you make a transaction using ESCRYPTO, your funds are held on the secured blockchain until the transaction is completed.
This ensures that your transaction is protected against chargebacks, fraud or wrongly described goods.

Multisignature (multisig) refers to requiring more than one key to authorize a Bitcoin transaction.
The meaning is it requires the signatures of multiple people before the funds can be transferred.
The company generates smart contracts combined with the technological solution called Multisig 2/3, through which each transaction is protected by three keys:
a buyer holds one private key, the seller the second, and ESCRYPTO, the mediator, holds the third key.
While using it, ESCRYPTO protects the two parties of the transaction:
The seller sends the goods only after the buyer has paid the full amount, and he does not receive payment until the buyer receives the goods and has the opportunity to inspect them in full, according to the period of the transaction.

TThe ESCRYPTO payment system allows to make reversible e-commerce transactions using multi-signature smart contracts.
The buyer performs check out from a seller's e-commerce website and chooses ESCRYPTO as a payment method.
The payment process consists the following steps:
The buyer is requested to make the payment into a 2-of-3 multi-signature address.
The seller can verify that the payment is secured in the multi-signature address and provides the goods/service to the buyer.
The payment is now locked for the duration of the trade,
until two of the three parties – buyer, seller and trust agent – agree to release it.
This can go in two ways:
When everything goes well, the buyer and the seller agree and release the payment to the control of the seller.
No intervention by the trust agent is required in this case.
When a dispute arises, the trust agent can intervene, review the case and decide which party to side with — either refund the payment to the buyer, or release it to the seller.

No. ESCRYPTO acts as arbiters for the transactions, but do not operate an escrow account.
ESCRYPTO has a voting power that allows tipping the outcome in favor of either the buyer or the seller,
but does not allow taking funds to themselves or using them in any other way without the permission of either the buyer or the seller.
This eliminates the risk that exists in regular escrows of a mediator stealing the escrow's funds.

While ESCRYPTO cannot control funds on their own, they could collude with the other party of the transaction to defraud users.
Basically, instead of having complete trust in one person (as in the case of escrow,
where the escrow provider is trusted not to "run away" with the funds, or in the case of standard payments, where the seller is trusted to provide the product/service after the payment is made),
the ESCRYPTO payment system ensures that you're protected as long as one of the parties is honest and does not conspire with the other party to defraud you.

ESCRYPTO is currently offered free of charge to buyers. For sellers there is a standard transaction fee of 0.89% per transaction.

At the moment, only Bitcoin (BTC) is supported.
We do, however, plan to integrate additional cryptocurrencies in the near future.
If you would like to see support added for a specific cryptocurrency,
do let us know about that! We’ll use your feedback to determine which cryptocurrencies we should start with.