Definition of es·crow ˈeskrō LAW noun 1.a bond, deed, or other document kept in the custody of a third party, taking effect only when a specified condition has been fulfilled. verb NORTH AMERICAN 1. place in custody or trust.
Want to send someone steem or bitcoin in exchange for something else that you may not be guaranteed? Now you can send your steem to Steemit Escrow and I will hold the steem, until I get a confirmation that both parties completely free of charge
Take advantage of steem's zero transaction fees and send ME your steem, and I wont give it up to any scammer until YOU get what you want and both parties agree....if there are any disputes, we will take it up to a Tribunal, where both the community will vote, and a council of steemit elders everyone can agree on, will decide what to do in these cases where the two parties are both claiming the steem belongs to them....
Why would you need to use SteemitEscrow?
Lets say someone wants to receive a payment in bitcoin from you here on steemit for a good or service like a hard to find altcoin or a sold out crowdfunding token for example ...
Steemit Escrow allows you to buy steem with bitcoin and send the steem here instead of just sending bitcoin to someone who you may not be able to fully trust, and who may very well take off with your bitcoin...This way we can ensure that before any large payments of crypto currency, you can inure it, by allowing this service to hold onto it, and then until I receive an agreed upon confirmation by both parties that the contract has been fulfilled, I will release the steem to the party who wants it who can either use their steemit account or poloniex or an exchange of their choice to convert the steem back to bitcoin
This can give transactions a level of trust that I will build one transaction at a time. Private or Public Transactions can be made. A new post will be created for the public transactions, and any steem generated from the post or comments will be split between the two parties of the contract. Private transactions will be done over email but it should be noted that any steem sent to me will be visible in my wallet, but the details of the transaction wont be public, those will be kept over email.
Anyway I hope to build a lot of trust here and earn a lot of reviews. My Account is @ackza normally and I just had to make an account for this and plan to upgrade it and would donate it back to steemit if i ever made it a bot but would like to see if giving a free service like this could somehow generate some steem on the side who knows and I would hope to make this fully automated and decentralized maybe but I think I can ensure the most trustworthiness with my good record and i plan to build up a solid record with many confirmations and reviews, and then i will learn from this and try to build something better inside my new venture localaltcoins.co which I bought on 1and1 and will be making a simple website clone of localbitcoins but maybe much better, bbut i need a simple escrow system and a simple craigslist list type system for each city like localbitcoins im sure there is an opensource open classified type system i can use
Decentralized escrows are the future!
Untill then, i think I can offer a decent service
all hail Steem's zero transaction fee! an 2 second transaction time!