StandX

Peer-to-peer (P2P) transactions are growing in popularity, but they also have certain drawbacks, such as security and trust issues. The idea of smart escrow contracts—supported by smart contract creation services—was presented as a solution to these problems. Netz smart contracts are self-executing contracts that enforce the terms of an agreement between two or more parties.

A peer-to-peer smart escrow agreement is a reliable and safe business method, guaranteeing that each party carries out their end of the bargain. A third-party escrow agent is employed in a peer-to-peer smart escrow contract to keep the payments until the terms are fulfilled. According to the Netz smart contract terms, the seller will receive the payments only when the buyer gets the products or services and attests to their satisfaction. This promotes a more safe and reliable transaction environment by guaranteeing that the vendor won't get paid unless the buyer is happy with the deal.

Netz Paytocol aimed to develop a trading platform to gain a profit as a percentage of contracts executed through the marketplace. Accordingly, to reduce all the risks of losing confidential information and avoid hidden deals, one of the project's goals was to loop all the necessary actions of negotiations, communication, and contracts signing only on the marketplace. Our smart contract escrow shields buyers and sellers from risks like buyer default or seller non-delivery. Establishing clear conditions fosters smooth trade interactions and ensures a secure transaction process.

NETZ StandX represents a groundbreaking and sophisticated smart contract-enabled digital escrow service, revolutionizing secure and trusted trades in the finance sector. Designed to address prevalent issues such as non-delivery of goods and monetary scams within the commodity space, StandX introduces a robust solution underpinned by smart contracts running on the Ethereum blockchain. By integrating predefined conditions for trade, StandX aims to alleviate trust concerns between buyers and sellers, ensuring seamless and secure transactions.

How StandX Works:

1. Agreement Phase: Buyers and sellers mutually agree upon trade terms and commit to the transaction.

2. Payment Lock: The buyer securely locks the payment in NTZC tokens, the exclusive currency smart contracts accept.

3. Shipment Confirmation: Concurrently, the seller dispatches the commodity and furnishes irrefutable shipment evidence to the smart contract.

4. Verification and Release: Upon verification of the provided evidence, the smart contract releases the locked funds to the seller, facilitating the completion of the transaction.

5. Decentralized Escrow: All payments to purchase goods are held in a decentralized and secure escrow contract until the goods are delivered and verified. This ensures a seamless and trustworthy trade experience for all parties involved.