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Hey /r/darknetmarkets,
We're happy to announce the alpha launch of Ethrow: the first browser-based decentralized escrow. The Tralfamadore team lost our investor so about a week and a half ago we decided to take one part of our decentralized market--the escrow--and create a third-party escrow site for direct deals.
Ethrow is located at: http://ix23hemext4acf5s.onion.
Ethrow runs on the Ethereum network using smart contracts so no human is ever in control of your money. We provide mediators for your transactions who can only ever complete the escrow, refund the escrow, or complete half and refund half. The money in escrow can never go to anyone but the seller and/or buyer. On the Ethrow website vendors can check if buyers have sent in payments, ship orders, refund orders, or auto-finalize orders. Buyers can complete orders and easily check where their order stands: what step of the process it's on, how much was paid, and exactly how long until auto-finalize.
The aim of Ethrow is to provide the best security possible for buyers and sellers while maintaining the simplicity of centralized escrows. You don't have to know anything about Ethereum contracts to interact with Ethrow. You don't have to log in to any sort of account. You enter in your buyer address and the seller's escrow address, click ship, then approve the ship request by sending a transaction to the vendor escrow. Your Ethereum wallet is effectively your account.
In addition to this, we want to provide the cheapest escrow around. The fee for using our escrow service is just 1%. If we have to provide mediation services (in the case of a dispute), another 1% fee is taken. I must add, however, that Ethereum gas prices have recently begun to shoot up in price. This will hopefully be quelled soon, but with current prices it may cost up to $12 to launch a vendor escrow (useable as many times as you want) and up to $1.20 to launch a single use buyer escrow. 0.0001 (a bit more than $0.30 at the moment) of an Ether is also taken to reimburse us for transaction fees we pay. Make sure you take these transaction fee prices into account before using this service.
Please take a look at Ethrow and leave some feedback. In addition to the main site, there's a demo set up on a test network where you can use all functions on the site just as you would on the main network to learn how the system works. If a lot of people are using the demo system at once, there may be times when your orders are shipped/completed by someone else (because everyone has control of all the accounts), so keep in mind that those aren't bugs and it will most likely happen.
There will be more posts in the coming days regarding crowdfunding for Tralfamadore and more.
Thanks, Billy Pilgrim -----BEGIN PGP SIGNATURE-----
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Forgot to post my 4096 key (to be used from now on) when I posted this:
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Check it against the signature.
Yay