Escrow Payment Network

Overview

Escrow can be defined as the third party which holds money for parties until all conditions of a transaction have been met. The escrow agent is responsible for disbursing the money to the appropriate party once all conditions have been met.

Here are some of the benefits of using an escrow:

  • It protects both the buyer and seller.

  • It ensures that the transaction is completed smoothly and efficiently.

  • It provides peace of mind for both parties.

But the challenge with the current escrow system is they can't be directly connected to payments there is always a person involved which leads to a lack of trust and transparency, and increased costs.

Thanks to smart contracts, because...

The smart contracts-based escrows can enforce the payments according to the conditions and release the payment when they are met without the involvement of any third party and they are decentralized, trustless, and transparent.

Layers Escrow

Layers is offering smart contract-based escrow for freelancing so freelancers can make sure to get paid. The Layers escrows are running on decentralized public blockchains so they provide all the benefits of decentralized escrow services.

The escrow has been designed for all types of freelancing payment which include the following:

  • Flat Payments

  • Milestone Based Payments

  • Recurring Payments

    • Hourly

    • Weekly

    • Monthly

Layers Escrow isn't just for payments, they help users build an on-chain reputation. The on-chain reputation is helpful to build a trustless system which leads to fewer disputes and frictionless work.

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