Hi all
We made some changes to our escrow/payment system. The biggest change is that Outlaw now features multi-sig payments. There are now the following options on how to pay/be paid for an order:
- Normal, classic escrow. For vendors, this can be paid out to an Outlaw-BTC address or an Outlaw hedged currency-account.
- 2/2 multi-sig. The payment for the vendor goes directly from Outlaw-escrow to the multisig-address (once the order is accepted) and stays there safe until the vendor receives the KEY2-data from Outlaw OR the buyer.
- Vendors can request FE, which is clearly stated in the product listings for customers to see. After FE, vendors can withdraw the BTC within 10 minutes. Note that all trusted vendors are now automatically set as FE-only until they change their settings.
We tried to make the multi-sig as simple as possible, and as secure as possible. Vendors requesting a multi-sig payment need to 'activate' addresses they would like to use for the transactions by providing at least one public key of an address that they have private key of (KEY1). Multi-sig addresss will then be created by the Outlaw mixer and will generate a KEY2. This way, the multi-sig address is out of Outlaws control. KEY2 and all necessary data will be shown to the customer so (s)he can copy it for their own personal records and/or for later use. It will also be stored on a server outside of the Outlaw shop-server for emergency actions.
When the buyer marks the order as received, Outlaw will pass the KEY2 to the vendor. It could also be manually done by the customer, in case Outlaw should be ofline or if Outlaw decided to not make any payouts anymore (which won't happen :) ). The vendor will then be in possession of all necessary information to get the funds. The vendor can then withdraw the multi-sig address to another address, or keep it on that address as he pleases.
Thus, the buyer and Outlaw will form 1 party. The market can never steal this money nor is there any incentive for the vendor (and market) to exit scam. The main advantage for using the multi-sig is to protect vendors from any unplanned closure of the market and thus losing their coins in escrow. For buyers, there is not much change due to the multi-sig feature except that (s)he should store the KEY1 data safely.
As usual, we are open for (friendly) criticism, suggestions, remarks, ...
Kind regards
Outlaw
Edit
To clarify, all payments of the customer will still be paid to our mixer. They will then stay in our escrow until the vendor accepts the order. Once the vendor accepts it, the multisig transaction will be constructed.
much respect to outlaw. one of only a couple markets that were around since SR1 days (under a different name). still up and still improving