EscrowMyEther is an open source Ethereum Dapp built on Smart Contracts.
The buyer initiates an escrow transaction, specifying a seller and escrow agent. The smart contract locks the buyer's funds. Once the buyer receives the item, he can release funds to the seller.
In case of dispute, escrow agent can step in to refund the buyer, or release funds to seller. Seller can also refund the buyer at any time. When the transaction is complete, the seller or buyer (if refunded) can withdraw their funds. Escrow agent can withdraw their escrow fees. At any point in time, the escrow agent never touches your funds. The smart contract holds it safely. The escrow agent only has the ability to release funds to seller, or refund to buyer.
The Dapp dashboard allows the buyer/seller/escrow to view and interact with their escrow transaction history. Don't send me payment, just specify my address as the Escrow Agent in the Dapp. Below are instructions on creating escrow transaction.For Buyers - 6 Steps to Creating an Escrow transaction
Please view the video here or read below: https://www.youtube.com/watch?v=T2_XzSlddWI1) Connect to an Ethereum node. Best way is to use the Metamask's chrome extension. https://metamask.io/Metamask allows you to interact with the Ethereum blockchain with your Ethereum address2) Head to EscrowMyEther.com and click "Buyer" on the main menu3) On the buyer dashboard. Click initialize new transaction4) Enter Seller address and Escrow agent addressEnter my address 0x7991dd3e60e4284000c173115751529cf01e2058 under Escrow agent5) Confirm the transaction in Metamask or your own Ethereum node.
I recommend lowering gas price to 5 Gwei to save a little transaction fee.
Wait for transaction to be mined. Usually takes 5 mins or less. During ICOs, it can take an hour due to network congestion.
Once mined, you will see the transaction in your buyer dashboard. Seller will also see the transaction on his own dashboard. You can click inside to view the details.6) When you receive the product, head into the dashboard and click on the transaction. Inside you'll see details like fees, escrow and seller name.
Click "Release funds" once you receive your product. The smart contract will unlock the funds, and release it to seller. At the same time, 1% fee is transferred to my address.
If there's issues with the product and you are unable to resolve with your Seller, click "Request escrow assistance" and send me a PM.
I will assist you with the order as soon as possible.Please feel free to post below if you have questions.For Sellers - Receiving Escrow transaction1) Connect to an Ethereum node. Best way is to use the Metamask's chrome extension. https://metamask.io/Metamask allows you to interact with the Ethereum blockchain with your Ethereum address2) Head to EscrowMyEther.com and click "Seller" on the main menu3) On the Seller dashboard. Click modify profile. Under "Name", enter your forum username, and under "Info" you may leave it blank, or link to your forum profile
It's highly recommended to update your Seller name, so that it displays as Buyers are entering your address.
Confirm the action in Metamask/your Ethereum node. It will save your Seller name/info on the blockchain.4) You can now accept Escrow transactions.
Let your buyer know your address, the amount to pay, and the name/address of the Escrow agent you both agree to use. My address is 0x7991dd3e60e4284000c173115751529cf01e2058
Once you see the incoming transaction on your Seller dashboard, the buyer's funds are locked in the smart contract. Click inside the transaction to check the Escrow Agent address is correct.
If it's correct, you can ship the order.
If your buyer is not releasing funds after getting his item. Click "Request escrow assistance" and send me a PM. I will assist within 24 hours.5) Withdrawing Funds.
When a transaction is complete, the funds are moved to your ownership, stored inside the smart contract. Click withdraw to move the funds to your address.Note on fees: There is a 0.25% developer fee for using EscrowMyEther. For Sellers, your total fees are 1.25%. (My 1%, plus 0.25% dev fee)
Links for your reference:
Dapp website: https://escrowmyether.com
Open source smart contract: https://etherscan.io/address/0x1c02ce498dc6d0d6ef05a253e021258b07eeba91#code
Open bug bounty: https://www.reddit.com/r/ethdev/comments/6zwb1x/escrowmyether_1_eth_bug_bounty/Disclaimer: I am the developer of EscrowMyEther. As proof I have added my forum username at the bottom of the github page.