1.8 The Seller-Buyer-Deposit Escrow TradeProtocol
The Seller-Buyer-Deposit Escrow Trade Protocol mandates both parties in the transaction, the seller and buyer, to deposit the total value of the product into an escrow account.
The Seller’s deposit is denoted by ES
2. The Buyer’s deposit is denoted by EB
To initiate this kind of transaction and open a smart contract, the seller must make known-
The contract nonce (denoted by ID)
The value of the product (denoted by Pd.)
The hash of the product (denoted by h(d)
If the transaction does not occur after negotiations, both parties will have their deposits refunded. If the seller rescinds on the transaction, the buyer’s deposit is wholly refunded, and the seller is only refunded half the sum. If the buyer rescinds on the transaction, the seller’s deposit is wholly refunded, and the buyer is only refunded half the sum
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