This service allows the TBIS user to use any supported cryptocurrency to purchase items, auction items, etc. and leverage an Ethereum-based escrow service based on the Smart Contract. This would enable buyers and sellers to conduct transactions free of the worries typically associated with online purchases.
The Titanium CryptoEscrow™ would make it possible to:
- Buy and sell online for any amount in any approved cryptocurrency without fear of non-delivery. This system is designed to use a very simple smartphone interface that will require no experience or coding background. It is so easy, your grandmother could do it.
How this might work in the real world is that Alice might hire a courier firm to deliver to Bob a guitar he purchased from Alice – under instructions to only hand over the guitar once Bob has given them the pre-image which fulfils SHA256(key) = HASH. Once they have this key they may send a transaction to the blockchain themselves (or have Alice do it), to release the cryptocurrency. The end result is that Bob has his prized guitar, and Alice has received her payment in the cryptocurrency of her choice. However, if Alice does not receive the correct random number from Bob during an allotted time period, the contract is voided, and the cryptocurrency is returned to Bob. An example of such an escrow contract coded in the Solidity coding language can be found in the appendix at the end of this White Paper. With that said, TBIS is actively working on strategic partnerships with other companies (also delineated below), one of which provides an intuitive UI that anyone with basic computer experience can use to create smart contracts. No Solidity, etc. coding experience is necessary. Your Grandmother could do it.
- Generate Titanium Smart Contracts using the TBIS Blockchain and the Titanium DEX (below) to manage payment and logistics. This contract will consist of a two-part SHA256 hash which will be given to both buyer and seller, and only once these two pieces are united and delivery takes place will the funds be released from the escrow.