Checks Whitepaper
  • Cover
    • Checks Whitepaper
  • Overview
    • Introduction
  • Abstract
  • The Problem & Solution
  • MVP Features
    • Introduction to MVP
  • Standard Payment
  • Vesting Schedule
  • Platform Yield
  • Examples
  • Check Minting
  • Portfolio Management
  • NFT CHECKS
    • Design Overview
  • Check Types
  • Platform Structure
    • Tier System
  • Multi-Chain Support
  • Post-MVP Features
    • Introduction to Post-MVP
  • Escrow
  • Auto-Investment
  • Checks DAO
  • Checks Launchpad
  • P2P Lending
  • Paymart Integration
  • Token Economics
    • Check Token Utility
  • Check Token Tokenomics
  • Technical Documentation
    • Smart Contract Design & Security
  • Technical Deep Dive
  • Revenue Model
  • Appendix
    • Conclusion
  • References
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On this page
  • Key Features
  • Benefits
  • Advantages Over Existing Solutions
  • Primary Use Cases

Escrow

The Checks Platform will introduce an Escrow feature for minting Escrow Checks that securely hold funds until predefined conditions are met. These checks act as neutral escrow agents for transactions between parties, ensuring trustless and transparent fund management.

Key Features

The Escrow feature delivers a comprehensive set of capabilities designed to revolutionize how parties conduct conditional transactions on the blockchain. By combining smart contract automation with flexible verification methods, Escrow Checks eliminate traditional intermediaries while providing enhanced security, transparency, and customization options for all parties involved.

  • Condition-Based Release: Funds are only released when predefined conditions are met

    • Time-based releases that unlock at specific dates/times

    • Performance-based payments upon completion of defined milestones

    • Data-dependent transfers triggered by oracle-verified events

  • Oracle Integration: Connect with decentralized oracles like Chainlink or UMA

    • Verify physical goods delivery status

    • Confirm achievement of business KPIs and metrics

    • Validate outcomes of votes or governance decisions

  • Trustless Verification: Automated payment execution without intermediaries

    • Instant release to beneficiaries when conditions are satisfied

    • Automatic refunds to payers if conditions aren't met by deadlines

    • Complete elimination of counterparty risk

  • Dispute Resolution: Built-in mechanisms for conflict management

    • Oracle-driven arbitration for contested transactions

    • Evidence submission through decentralized verification

    • Fair resolution process with transparent outcomes

Benefits

This trustless escrow solution eliminates the need for traditional third-party services in transactions. All parties involved can monitor the NFT on-chain to verify:

  • Funds are securely locked

  • Only valid predefined triggers can release the funds

  • Terms of the agreement are immutable and transparent

Advantages Over Existing Solutions

While prior solutions like P2P swap protocols and specific escrow dApps have addressed similar needs, the Checks Platform takes this concept further by offering a unified and customizable escrow system via NFTs.

TrustSwap's "SmartSwap" introduced P2P escrow swaps without intermediaries; however, NFT Checks generalizes this functionality, enabling any escrow scenario with NFT-bound logic for greater flexibility and utility.

Primary Use Cases

  1. Business Contracts: Secure payments for services between businesses

  2. Supply Chains: Hold payments for goods in transit, releasing funds only when delivery is confirmed

  3. Real Estate: Hold deposits and payments during property transactions

  4. Remote Work: Guarantee payment for freelance work upon completion

  5. Crowdfunding: Release funds to projects as they hit development milestones

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Last updated 22 days ago