Security
The concept of escrow had been in existence for many years. Its role, though, was limited to being merely an aggregator or a middle-man that stored funds in a single pooled wallet and facilitates transactions between two parties.
However, holding large funds in a single pooled wallet poses a huge threat. How?
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It could easily become a potential target for scammers and hackers. We are aware of multiple instances from the past where such malicious attacks have occurred.
On the contrary, in Vault-X, transactions are governed by an individually created non-pooled smart contract that is keyless and immutable. Once the payment is made by a buyer, the funds will be locked in a unique smart contract that only holds the designated funds for that transaction with absolutely no connection to other transactions.
Once submitted into the blockchain, only the parties involved in the transaction have the authority to determine how funds are dispersed, eliminating the need for any third party interference, thereby creating a true P2P escrow service.
Post completion of the transaction and dispersion of funds, the smart contract auto-terminates, discontinuing any additional interaction.
Uphold the safety and security of your transactions via Vault-X Dapp!
Last modified 10mo ago