Smart Square is about to open a decentralized market - "Security Transaction + Arbitration" smart contract application

After a long period of dormancy, digital currency is finally about to usher in a new and exciting situation. 2015 is destined to be an unusual year. Digital currency has not only achieved great success in the capital field, but also achieved a breakthrough in its technical bottleneck.

As we all know, compared with traditional currencies, Bitcoin has many advantages such as low cost, cross-border, open and transparent, and protection of personal privacy. However, due to the inherent human flaws, high credibility costs and default issues are often generated during its use. This has also become a handle for opponents to slander and attack Bitcoin or other traditional digital currencies.

However, outstanding digital currency developers never fear any slander but only regard it as a challenge and motivation to move forward. While people in the digital community are still worried about such issues, good news has come from developers. The successful development of可编程智能合约系统(P2P application platform) will help us completely bid farewell to the high credibility cost, so as to smoothly realize various trustless transactions, and will bring new vitality and more vigorous vitality to digital currency. In addition, with powerful and convenient programmability, the system will provide developers with unlimited innovation space. Digital currency is no longer a closed "island", and from now on, it will be omnipotent.

Smart Square is a development team dedicated to this field. At the beginning of the year, it took the lead in completing the main structure of the world's first programmable smart contract system. Based on the recent successful launch of two P2P游戏类应用(Guess Your Sister and Grab Red Packet Game), it is about to launch its first decentralized market application - P2P淘宝. This application is simple and practical, similar to "Taobao + Alipay". Its built-in arbitrator function is very similar to Taobao's Xiaoer (Taobao arbitration), but the difference is that it is decentralized, that is, everyone can be an arbitrator. This move will effectively reduce the high cost, institutionalization (arbitration rights need to be returned to the public), and low efficiency of the traditional arbitration system.

With this app, you can quickly realize trustless transactions without geographical restrictions, effectively resolve various breaches of contract and disputes, and effectively protect your privacy. Especially for the virtual currency industry, it will undoubtedly be the preferred tool for offline guaranteed transactions.

Smart Square Decentralized Trading Market

Application scenario No. 1 ——－Digital asset secured transactions

In theory, decentralized markets can buy and sell any commodity (of course, we firmly resist any form of illegal trading activities). For example, a new popular altcoin has been launched on the market, but since there is no trading platform, buyers and sellers can only choose to trade privately.

Option 1 : Find a reputable person to guarantee you, but there are very few people who meet the requirements for immediate guarantee.

Solution 2 : Use the guarantee arbitration function of the Smart Square P2P交易市场to meet your needs anytime and anywhere without having to look for a guarantor around the world.

1. In the guaranteed transaction of Smart Square, the buyer needs to have Smart Coins of corresponding value, and after reaching a price agreement with the seller, the payable amount (paid in Smart Coins) is deposited into the public account of the guaranteed transaction.

2. At this time, the system will prompt the buyer to select the arbitrator and the seller's payment address. After selecting the arbitrator and the seller's payment address agreed by both parties, the money will be deposited into the public account. At this time, the seller can ship the goods to the buyer (it can be any form of goods, including virtual goods. The seller can keep the relevant shipping records as a proof at this time).

3. After the buyer receives the goods, he can click a button on the Smart Coin client to confirm receipt, and the payment will be sent to the seller's account. The whole process is very convenient. You don't need to open any account in the exchange, and you don't need to go through a series of cumbersome procedures such as cash withdrawal and recharge.

4. The seller wants RMB? It is also simple. The seller can use the smart coins in his hand to buy RMB. Another seller transfers RMB to your account through Alipay or online banking, and the smart coins go into the latter's account.

Note: The advantage of a decentralized market is that it avoids submitting personal account opening information and tedious deposit and withdrawal operations at the exchange. It is convenient and efficient. Both parties to the transaction do not need to be forced to trust a third-party institution (centralized exchange), nor do they need to bear high product listing fees and handling fees or have to face unfair and overbearing terms. In addition, you no longer have to worry about your personal information being sold.

Application scenario No. 2 : What to do if the other party refuses to pay

NO:1 scenario is the basic process under normal circumstances. It looks simple and smooth, but we should also imagine the application scenario to be more complicated. For example, when you encounter a buyer who refuses to pay, he receives the goods but deliberately delays confirmation. At this time, you can use arbitration to defend your rights. At this time, the arbitrator will mediate and communicate with the buyer and seller offline. After the seller submits relevant shipping evidence, if the buyer fails to provide evidence of not receiving the goods, the arbitrator can determine that the buyer maliciously refuses to pay and pay the seller the funds previously deposited by the buyer into the public account. Otherwise, the funds will be returned to the buyer.

After the transaction is completed, the arbitrator will receive a small fee as a reward incentive for providing arbitration services.

Application scenario No. 3 — Arbitration collusion

Here, there is an even worse scenario, which is the possibility that the arbitrator may collude with one of the buyers and sellers to commit fraud.

The solution we came up with is an arbitration rating system. Arbitrators earn money by helping others arbitrate, so they will work hard to maintain their rating level. The higher the level, the higher the arbitration income.

In transactions on this platform, both parties are anonymous. The only thing that represents each person's identity is an ID of a wallet address. However, if the seller or arbitrator wants to gain wider trust to obtain more orders, he can of course bind his real identity to this virtual ID through other media.

Continued:

   There are leeks, black bankers, speculators, and idealists in the cryptocurrency circle. Chatting with idealists is my favorite thing to do. When talking about decentralization, they will show you a beautiful picture of the future. Idealists will always promote social progress. I believe that the realization of decentralization is only a matter of time.

We firmly believe that the future of decentralization is bright, but we are also aware that it is still in its infancy. We offer our products to everyone in the hope that it can help this decentralized concept take root more quickly and enter the world of ordinary people.