Smartlink Launch The World’s First Web3 Marketplace For Real-world Transactions Utilizing Decentralized Escrow
Smartlink has launched the world’s first web3 marketplace for real-world transactions utilizing decentralized escrow.
The app was made live on October 10th and allows users to buy and sell physical items using escrow smart contracts on Tezos blockchain.
Smartlink – Decentralized Escrow Web3 Marketplace
Smartlink has launched the world’s first web3 marketplace for real-world transactions utilizing decentralized escrow.
The app was made live on October 10th and allows users to buy and sell physical items using escrow smart contracts on the Tezos blockchain.
The app can be found live here.
As Smartlink is built on Tezos and uses Tezos smart contracts, XTZ/tez is needed for gas fees, however the next version will also integrate Ethereum smart contracts.
The whitelisted tokens for selling items are the Smartlink native SMAK token, USDT, XTZ/tez and EURL.
The introduction of two stablecoins is important in escrow as it allows values to remain stable while trades take place.
Some SMAK tokens are needed for users to interact with the platform and users can enjoy a 50% reduction in transaction fees with the native coin.
Some initial categories for decentralized web3 exchange include jewelry, furniture, cars, motorcycles, real estate, tools, boats, electronics, rentals, pets, musical instruments, apparel, fine art and more.
The platform hopes to help protect both sellers and buyers in a way current digital marketplaces (i.e. Facebook Marketplace) don’t by utilizing smart contract technology to safeguard funds during the whole transaction process.
The buyer can ensure the products meet their expectations before funds are released from the escrow smart contract and the seller can avoid fraudulent transactions from the buyer.
How Does Smartlink Decentralized Escrow Work?
Smartlink have taken steps to ensure funds are safeguarded throughout the transaction process:
- Sellers can list their products through a simple web-based interface.
- Interested buyers can contact the seller to get more information and confirm the item is still available.
- The buyer can secure the item using any of the supported cryptocurrencies. The buyer must send sufficient funds to cover the platform fees (1% of the transaction amount or 0.5% using SMAK token, the native token of the Smartlink platform), blockchain fees, and the cost of the product. These funds are deposited in the escrow smart contract.
- The buyer can then go pick up the item, inspect the product, and approve the transaction if the item suits their expectations.
- Once the buyer approves the transaction, the smart contract automatically transfers escrow payment to the seller’s wallet.
A video tutorial on how to buy an item on the marketplace can be found here:
“We are really excited to go live with the first Web3 facebook-like marketplace for people to use their digital assets in the real world. We’re also confident that the product will make the blockchain space more intelligible to regular users and help foster its adoption.”
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