The ability to escrow values is one vital thing which is missing within blockchain projects today. The universal language of blockchains. Without it any coin now is like a Lamborghini on a mud, off-road terrain.
Something like TCP/IP was to Internet, the decentralized Escrow protocol option shipped by default will turn any to a market place in itself — able to swap values between other markets/blockchains. Any type of values. Real estate, services, voting in any form.
It’s a declaration protocol — a protocol of intention to swap values — the one that always comes before the actual deal in any swapping case. Totally compatible with all the , just like TCP/IP is compatible with all the devices now.
We don’t need more smart-contracts. We don’t need more “stable coins”. All we need is to give blockchains one language.
If all the wallets of every coin in existence had one more button in them — an “Escrow” button, which would be as natural to any as the “Send” button now — why would then Alis and Bob need some form of exchange platform to swap values? They could easily agree on their deal by simply writing to each other by email, or over Twitter and exchange their escrow addresses, knowing that their values would fist safely go to an escrow layer in their respective blockchains before the actual swap happens. And the swap only happens if both of them agree to release the escrow based on the conditions they have set up. No third party involved. (After all, if a can safely swap values between addresses in a trustless system, why don’t we use the same mechanism to safely escrow the values in a trustless system to safely meet the conditions of the swap… before the actual swap? )
The escrow address might be in human readable form, just like emails now. So, when a group of businessmen get together they exchange their business cards with Escrow addresses printed on then in a readable form (e.g. YOUR-BUISNESS@YOUR-@YOUR-EMAIL) or simply a QR-code.
You may say that we have decentralized exchanges, but if you look deeper they only partially decentralized. The bidding pool, the agreement process itself is still conducted via one platform and thus centralized in a way. I’m suggesting no-platform decentralization where the escrow mechanism is provided on a protocol level and thus is not dependent on one particular — it’s universal. So to initiate the process of swapping no form of platform is required, which makes the whole process way more decentralized. You might as well post your offer in Facebook, or Reddit, and give out your Escrow address, rather then the public address (which you might want to stay hidden from the public, if you so desire).
And there is another benefit — the node proliferation. Because this way you make a coin really work.
The nodes operators get the fees — not the exchanges. This will insensitive nodes proliferation of any given due to competition for best security & speed with other crypto. And this will weed out the week and bad blockchains from the market die to natural selection process.
Published at Sat, 09 Feb 2019 08:04:51 +0000
