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Smartlink Partners With The French Atomic Energy Commission (CEA) To Develop Web 3.0 Escrow Solutions

Smartlink has partnered with the French Atomic Energy Commission (CEA) to develop Web 3.0 escrow solutions.

CEA is a French public government-funded research organization in the areas of energy, defense and security, information technologies, and health technologies.

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Smartlink And CEA Start Research Partnership

In recent news you might know Smartlink from their Decentralized Exchange Vortex, which is built on Tezos. Smartlink is also a Tezos corporate baker.

In April this year, we also reported on their decentralized escrow platform, which is being built on Tezos.

The escrow platform is set to become a decentralized middleman for the global marketplace for both physical and digital products and objects.

“Our team is proud to be working with the CEA, ranked by Reuters as The World’s Most Innovative Research Institution. The CEA has worked with some of the most prominent companies such as Alstom, Vinci technologies, Engie, and more recently Tezos’ Tenderbake.

Each escrow mechanism we are developing has its own degree of complexity. The CEA and Smartlink have been working together to identify the ideal framework for the Smartlink escrow module to function with digital and physical products —  the latter being more challenging.”

– Smartlink team

Marketplace 3.0

An escrow service provides a trusted middleman for transactions between two or more parties that involve more than tokens.

An example would be an event where the seller delivers the product or service to the buyer, who, in turn, has a specific inspection period to verify the product and approve the payment.

Other examples are freelance work payments, fundraising, payroll services and rental services of physical objects.

The trusted middleman makes sure the payment is kept until the payment conditions are fulfilled. In case of disagreement, an escrow service often also offers mediator services.

Smartlink’s escrow service intends to decentralize these transactions through enforceable smart contracts on Tezos. These smart contracts will be presented in template form which allows parties to customize the terms of the agreement.

The payment will be held in the escrow smart contract until all the conditions are fulfilled and the buyer confirms receiving the agreed product or service.

After that the payment will be released and automatically transferred to the seller’s wallet.

Using decentralized blockchain technology (in this case the Tezos blockchain), we can cut out the middleman, eliminating the human factor. This increases speed while decreasing risks and costs.

First escrow implementation: token vesting

The first escrow implementation on Smartlink Escrow is a token vesting service and the first company to use this service will be Smartlink itself.

“To indicate our confidence in what we’re building, we’ll use it to create the token vesting schedule for our advisors, backers, and some of the new team members. The fee to use this feature will be charged in SMAK (% TBA)”.

The second implementation will be the digital products escrow service.

An interesting use-case for crypto related trades, would be OTC trades where a number of tokens are sold off the market for a fixed price.

This means that large buyers and sellers do not need to depend on healthy liquidity on decentralized exchanges. The digital product escrow service is set to go live in Q1 2022.

Next, is the physical products escrow service. Think of buying and selling cars, jewelry, collectibles and other physical products of value. Rental services of physical objects can be arranged this way.

Disclaimer

Nature of Content: All content published on https://xtz.news, whether written, auditory, or visual, is for informational purposes only. Opinions expressed therein are solely those of the individual authors and do not reflect the views of XTZNews or its management.

Not Financial Advice: No content on this website constitutes investment, financial, legal, or tax advice. Users should not construe any such information as a recommendation to buy, sell, or hold any investment or security or to pursue any particular investment strategy.

Accuracy and Completeness: While XTZNews makes every effort to ensure the accuracy and reliability of information, we do not warrant or guarantee the timeliness, completeness, or accuracy of the information presented. The website may contain errors, omissions, or inaccuracies. We disclaim all warranties, both express and implied, regarding the information, including but not limited to, any warranty of merchantability or fitness for a particular purpose.

Endorsements: References to specific entities, products, services, processes, or other information does not constitute or imply endorsement, sponsorship, or recommendation by XTZNews. Blockchain technology is in a developmental phase, and the engagement with the technology and its associated entities carries inherent risks.

User’s Responsibility: Users are encouraged to conduct their own research and due diligence and to seek the advice of qualified professionals before making any investment or decisions related to content on this site. Engaging with blockchain technology, cryptocurrencies, and associated applications should be undertaken with caution, understanding the inherent risks involved.

Limitation of Liability: Under no circumstances will XTZNews or its affiliates, partners, officers, directors, employees, shareholders, agents, or licensors be liable for any direct, indirect, incidental, special, consequential, or punitive damages, including without limitation, loss of profits, data, use, goodwill, or other intangible losses, resulting from (i) your access to or use of or inability to access or use the site; (ii) any content obtained from the site; or (iii) unauthorized access, use, or alteration of your transmissions or content, whether based on warranty, contract, tort (including negligence), or any other legal theory, whether or not we have been informed of the possibility of such damage, and even if a remedy set forth herein is found to have failed its essential purpose.

Seek Independent Advice: Before undertaking any financial investments, potential investors are advised to seek guidance from independent financial, legal, and tax professionals.

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