Natmin Pure Escrow – A Decentralized Escrow Platform
With rapidly growing internet speed and advancements in technologies, there has been a complete transformation in the way people avail various services. Digitalization has evidently provided individuals with the power to connect, do business, and transact with the world in a matter of a few swipes and clicks. However, with this revolution emerged a serious challenge of security. The online realm is always vulnerable to security abuse; hence people can never completely rely or trust the digital medium.
Escrow is a technology that aims to optimize security in online transactions. It is basically an agreement where a third party regulates the payment of funds required for two or multiple parties involved in a transaction. However, a centralized escrow system often deals with challenges such as transaction complexities, expensiveness, and rigidity, making it somewhat ineffective.
A Decentralized Escrow System
Natmin Pure Escrow is a decentralized application that offers escrow services built on blockchain technology. The platform envisions to transform the escrow domain by leveraging blockchain technology to provide superior and trustworthy services at minimal costs. Additionally, the Natmin Token (NAT) is built on the popular ERC20 ERC223 standard using the Ethereum Blockchain. This means that buyers and sellers can be assured of their security.
What Makes Natmin Different?
Natmin Pure Escrow works with an objective to offer users quality escrow services. They don’t believe in tying down their users with irrelevant offers. What truly makes this platform stand out is how the team has identified the key challenges of centralized escrow services and seamlessly integrated their solutions to counter the same on the platform. Some of the key aspects that set them apart from other escrow services:
- Lower transaction fees
- Easy and straightforward navigation
- Adherence to Anti-Money Laundering and Combating the Financing of Terrorism (AML/CTF) Regulations
- Reputed voters to strengthen the dispute system
Efficient Functioning of Natmin Escrow
Natmin has a very simple process where users can create an escrow agreement in six simple steps.
- Both buyers and sellers can generate the transaction.
- Terms of the transaction are presented to both parties, which they need to agree to before proceeding.
- Once the terms are mutually agreed upon, buyers fund the escrow transaction account.
- As the payment is confirmed by the system, the sellers will be notified to deliver the items agreed upon.
- The buyers can either confirm the item’s receipt or open a dispute in case of any issue.
- Once the transaction is settled, the fund is released to the seller.
In Case of Dispute:
- Either buyers or sellers can open a dispute.
- The dispute must be initiated with relevant supportive documents.
- NAT nodes vote on the adequacies of the documents provided.
- Either party can appeal the decision.
- An appeal is subjected to a second round of voting, which will result in the final decision.
- Lastly, the fund is either released to the seller or refunded to the buyer.
The Natmin Token
The NAT token is a digital token that empowers this escrow network. It is used to fund transactions between buyers and sellers. The platform offers the token in a limited number, and users need to acquire these tokens directly from the platform or from leading exchanges after the Token Generation Event.
Rendering a Flexible and Uncomplicated Escrow System
Natmin Pure Escrow is a decentralized platform that aims to eliminate the key challenges of the escrow system. It allows users to seamlessly generate escrow agreements at reasonable rates and ensures optimal security for all transactions on the platform.
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