Cryptegrity: A Decentralized Peer-to-Peer Escrow Platform
The up-and-coming bridge between escrow services and the power of blockchain technology.
Since the inception of blockchain technology and the resulting creation of smart contracts, innovative protocols have aimed to streamline common functions that have traditionally been facilitated by intermediaries. Establishing trustless, permission-less interactions governed by open-source programming has already revolutionized the way modern businesses and everyday users operate, and will continue to drive progress across multiple industries.
Removal of the requirement for a trusted third party, direct peer-to-peer payments between two parties, and irreversible transactions has solved many problems in digital currency. However, while these solutions have made the exchange of data and value increasingly seamless, they've also posed new issues that need to be addressed.
As the cryptocurrency industry continues to expand, anonymous transactions between unacquainted parties are commonplace. In such situations, participants need to be assured that the transaction is genuine and authentic in an environment where traditional trust has not been formed. As a result, fraud and theft have become rampant throughout the evolving world of cryptocurrency.
In the Bitcoin Whitepaper, Satoshi Nakamoto highlights escrow as a potential solution. However, despite exponential growth across a litany of sectors in the cryptocurrency industry, there is still a shortage of direct peer-to-peer escrow solutions in Web3.
It is evident that a transparent and trustless solution is needed to facilitate the exchange of data and value between parties in the rapidly growing crypto economy. Cryptegrity aims to provide this service by means of a simplified protocol that will streamline escrow transactions in the Web 3 world.
Anonymity and privacy is a central pillar of the Web 3 movement. However while most people use these tools to protect themselves, nefarious actors are able to exploit these fundamental values.
The anonymous nature of cryptocurrency allows for scammers to operate under an alias and vanish with goods, funds or data in a peer-to-peer transaction, without contributing their part of an agreement.
While every on-chain transaction is registered and publicly visible on the blockchain, stolen funds can still be laundered and made virtually untraceable, meaning that tracking down scammers can be extremely difficult.
The internet is awash with unreliable escrow platforms that pose as trustworthy intermediaries, commonly coined 'Bogus Escrow Scams.' These sites establish user trust through falsified social proofing, like fake reviews, and proceed to steal escrow funds. Alternatively a seller will send goods, only to never receive the promised funds.
What's more, the few legitimate escrow platforms that do operate can charge extortionate fees and disproportionately monetize the client's exchange. Mishandling, misappropriating, commingling and loss of escrow funds are also frequent due to human error or fraudulent behavior.
Cryptegrity aims to address these outstanding issues and provide a complete, end-to-end escrow solution powered by blockchain technology. The Cryptegrity platform offers secure, transparent escrow vaults supported by open source smart contracts viewable on a public ledger.
All contracts are audited by CerTik, the industry's leading smart contract security firm, to ensure the protection of user's assets throughout Cryptegrity exchanges. What's more, Cryptegrity has zero access to user's funds and data deposited into escrow vaults, completely nullifying the possibility of a Bogus Escrow Scam.
Commingling or misappropriation of deposited funds or data is also impossible, due to the fact that all deposits are locked in individual smart contracts, until the terms of the agreement are met.
Throughout the Cryptegrity User Journey, both parties are assured that their assets are protected by impenetrable, transparent smart contracts. The protocol ensures that both parties fulfill the expectations of the agreement.
The exchange is only actioned after both parties have approved the provided data or funds are genuine. This ensures a secure, trustless exchange, regardless of whether or not associated parties are anonymous and unacquainted.
Cryptegrity will launch a full functional platform to coincide with the launch of the protocol's native token, $ESCROW. The V1 platform will facilitate complete, on-chain escrow exchanges between two parties for any variation of goods and/or services they desire.
As the Cryptegrity ecosystem continues to evolve, the V2 platform will feature a vastly increased range of utility. V2 will incorporate popular cryptocurrencies that already enjoy widespread usage, such as Bitcoin (BTC) and Ethereum (ETH), as well as popular stablecoins like USDT.
The platform will scale its offering of compatible escrow agreements to include NFTs, Source Code, Domain Names and Gambling agreements (where legal under local jurisdiction). Cryptegrity V2 will also host impartial arbitration services provided by the Cryptegrity DAO, in order to resolve outstanding disputes between parties and reward $ESCROW token holders.
The Cryptegrity V2 platform promises to feature a seamless and intuitive user interface. This will allow escrow exchanges to be completed as swiftly and easily as possible using Cryptegrity's simplified platform. Whether a first time cryptocurrency user or an industry veteran, Cryptegrity's user experience is designed to be accessible and streamlined for all users.
Cryptegrity's commitment to a smooth user experience will enable the platform to rapidly onboard users, with the goal of making Cryptegrity the internet's most widely adopted, secure escrow solution.
The most broad category of escrow exchange types, goods refer to tangible items that serve a need or utility. Examples of goods that are commonly exchanged through escrow services online are items like watches, cars and clothing.
While there are many internet marketplaces that facilitate the exchange of goods via escrow, disputes often arise between parties. These disputes are handled by centralized entities, which opens the door to subjective bias.
Cryptegrity solves these pain-points and provides a platform for these goods to be exchanged via our secure and transparent escrow smart contracts to guarantee both parties honor the agreed upon terms.
Freelance work has become widespread and indispensable in the modern global economy. In fact, the number of freelancers in the US alone has increased year on year, from just 57.3 million in 2017 to 70.4 million in 2022. As the number of freelancers worldwide continues to proliferate, solutions to protect their working rights will be integral to the modern workforce.
In most cases, freelancers work remotely and offer their services to clients across the globe. This naturally leads to increased anonymity and reduces the possibility of civil action in the event of non-payment or the rendering of incomplete services on behalf of the freelancer.
By providing an open and safe platform, Cryptegrity will guarantee services and payment for both parties and ensure an honest and fair working relationship between freelancers and clients.
Through Cryptegrity, the quality of work and services provided by the freelancer must reflect the standard agreed upon in the initial terms and the client must deposit escrow funds into the smart contract vault, making an eventual non-payment impossible.
While for most people, the utility of NFTs is confined to digital art and the formation of online communities, this nascent industry is expected to reimagine and disrupt a multitude of established web 2 industries.
For example, it is theorized that titles and land deeds will be represented with NFTs in the near future. Even now, airline tickets can already be bought, sold and traded as NFTs. E-commerce powerhouses like Shopify, and household brands like Starbucks are integrating NFTs into their business models.
Unfortunately, it's no secret that the NFT industry is home to a significant amount of scams and abandoned projects. As the adoption of NFT technology continues to grow and mature, there will be an increased need to guarantee accountability and ensure contractual obligations are met.
Cryptegrity will also facilitate secure and secure OTC NFT trades. Such trades will allow NFT traders to avoid extortionate fees imposed by centralized marketplaces and ensure that fake or counterfeit NFTs are recognised before finalizing the exchange.
Source Code and intellectual property is extremely valuable in the modern economy. With the unprecedented rise of SaaS business models, the protection of software is of paramount importance.
The transmission of software and source code via traditional methods is prone to vulnerabilities and hacks. Through the Cryptegrity platform, software can be securely and transparently exchanged between parties, guaranteeing its protection.
Using the Cryptegrity platform, buyers will be able to verify the authenticity and functionality of the seller's Source Code. Likewise, sellers are guaranteed to receive the agreed upon payment by virtue of Cryptegrity's smart contract escrow vaults.
Gambing Escrow agreements allow users to create and wager an infinite variety of bets with another individual. These agreements, including proposition bets, are not limited to traditional betting avenues like sports and races, but also extend to sectors like politics and global events.
Given that local laws and jurisdiction can vary significantly between certain countries and regions with severe punishments, geoblocking will be essential in ensuring that users are not operating illegally within their area.
The Cryptegrity platform will facilitate peer-to-peer wagers and bets between individuals. As with standard goods and services escrow exchanges, the winner of the bet will be able to claim their earnings following a successful result, with the loser being unable to reclaim their wager.
In the event of the losing party being unco-operative and refusing to approve the exchange, the case will be brought before the Cryptegrity DAO and resolved using the official result of the event.
Vitalik Buterin, the creator of Ethereum, highlights multisignature transaction contracts as a key feature of smart contract utility in the modern industry. Multisignature smart contracts allow heightened transparency and granularity between members of a group when asynchronously contributing funds to an Escrow Vault.
This technology could be leveraged in several ways. For example, a group of investors could collectively pool funds to secure a blue chip NFT they might otherwise be unable to afford in a way that protects each individual's contribution.
Cryptegrity will reimagine the possibilities of multisignature transactions by integrating escrow vaults that can be accessed by nominated parties on either side of the arrangement. This utility will become indispensable as more businesses worldwide look for transparent escrow solutions that can be accessed by entire committees and ensure democratic solutions within companies.
While a fully decentralized platform solves many of the issues currently rife in the landscape of internet escrow solutions, situations may still arise that require an impartial entity to resolve disputes between parties.
Existing online escrow platforms typically host their own dispute resolution services and criteria. Given that these are centralized platforms that have their own business interests to maintain, disputes are subject to bias that can sway the ultimate outcome.
Hence, there is a need to quantify and incentivize arbitration services. In pursuit of this goal, Crytegrity has designed a robust token economy to support the platform, which is driven by $ESCROW, our native utility and governance token.
$ESCROW is a BEP-20 token standard that serves a variety of functions within the Cryptegrity ecosystem. $ESCROW is rewarded to Cryptegrity DAO members who participate in arbitration services that help to resolve disputes between parties using the Cryptegrity Escrow platform.
$ESCROW can also be staked in order to receive passive rewards collected by the Cryptegrity platform through transaction fees and used to vote in matters of protocol governance that shape the future development of the Cryptegrity platform.
At the genesis launch of the Cryptegrity dApp, both the $ESCROW token and our innovative platform will be hosted on the Binance Smart Chain. By initially launching on the BSC, Cryptegrity will be exposed to the enormous network effect and high number of daily active users, while benefiting from the chain's accessible and affordable gas fees.
With time, the Cryptegrity platform will expand and integrate with other popular EVM chains, like Polygon, Arbitrum and Avalanche to rapidly onboard millions of users from their favorite networks and increase exposure to a constantly growing pool of investors.
The Cryptegrity DAO provides a decentralized, impartial and democratic approach to arbitration services. In situations where a dispute between counterparties arises, both parties will be able to submit a case pertaining the details of the dispute.
As a decentralized entity made up of ESCROW holders, the Crypegrity DAO allows for both parties to be assured of an unbiased jury when navigating the complexities of a dispute. To incentivize the Cryptegrity DAO's involvement in disputes, participating members will be rewarded with $ESCROW tokens.
The Cryptegrity DAO is also responsible for the ongoing governance of the protocol. DAO members will have the potential to submit and cast votes in proposals that will guide the future development and growth of the Cryptegrity ecosystem.
In its current climate, the landscape of online escrow solutions is plagued with exploitative centralized platforms, bogus escrow scam operators and biased arbitration services. Fraud and human error are prevalent, these risks are only increased by the anonymity of the Web3 world.
Despite blockchain technology and smart contract functionality providing the industry with all the tools needed to streamline and decentralize these processes, a truly complete platform has yet to come to fruition.
Cryptegrity aims to address these outstanding issues that impede progress within the industry by providing a secure, decentralized solution that allows anonymous users to exchange goods and services safely in an environment where trust has not been established between parties.
In our modern society, the exchange of goods and services online is already the standard operating procedure for millions of businesses and users worldwide. As the world of cryptocurrency continues to expand at an unprecedented pace and global adoption increases every single day, a complete escrow solution is sorely needed. The Cryptegrity platform will be essential to providing these services and will guarantee trustworthy escrow exchanges for years to come.
Licenses and approvals (if required) are not assured in all jurisdictions
Cryptegrity intends to operate in full compliance with applicable laws and regulations and use its best endeavors to obtain any necessary licenses and approvals (if any). It is not possible to guarantee, and no person makes any representations, warranties or assurances, that any such licenses or approvals will be obtained within a particular timeframe or at all. Moreover, laws and regulations evolve so Cryptegrity makes no guarantees, representations, or warranties that it will be able to obtain any necessary licenses or approvals that may be implemented in the future. Accordingly, Cryptegrity may be required to restructure initiatives and activities described in this white paper or such services may be unavailable in all or certain respects in certain jurisdictions or may not be available at all.
No financial or investment advice
This whitepaper does not constitute any investment advice, financial advice, trading advice or recommendation by Cryptegrity, its affiliates, or its respective officers, directors, managers, employees, agents, advisors or consultants on the merits of purchasing any $Escrow tokens nor should it be relied upon in connection with any other contract or purchasing decision.
Not a sale of security
This whitepaper does not constitute a prospectus or financial service offering document and is not an offer to sell or solicitation of an offer to buy any security, investment products, regulated products or financial instruments in any jurisdiction.
No representations or warranties
No representations or warranties have been made to the recipient of this whitepaper or its advisers as to the accuracy or completeness of the information, statements, opinions or matters (express or implied) arising out of, contained in or derived from this whitepaper or any omission from this document or of any other written or oral information or opinions provided now or in the future to any interested party or their advisers. No representation or warranty is given as to the achievement or reasonableness of any plans, future projections or prospects, including with respect to the functioning or development of the Cryptegrity or any applications thereof, and nothing in this document is or should be relied upon as a promise or representation as to the future. To the fullest extent possible, all liability for any loss or damage of whatsoever kind (whether foreseeable or not and whether or not Cryptegrity has been advised of the possibility of such loss or damage) which may arise from any person acting on any information and opinions contained in this whitepaper or any information which is made available in connection with any further enquiries, notwithstanding any negligence, default or lack of care, is disclaimed.
Third party data
This whitepaper may contain data and references obtained from third party sources. Whilst the management believes that these data are accurate and reliable, they have not been subject to independent audit, verification, or analysis by any professional legal, accounting, engineering, or financial advisors. There is no assurance as to the accuracy, reliability or completeness of the data.
This whitepaper and related materials are issued in English. Any translation is for reference purposes only and is not certified by any person. No assurance can be made as to the accuracy and completeness of any translations. If there is any inconsistency between a translation and the English version of this whitepaper, the English version shall prevail.
Views of Cryptegrity
The views and opinions expressed in this whitepaper are those of Cryptegrity and do not reflect the official policy or position of any government, quasi-government, authority or public body (including but not limited to any regulatory body or self-regulatory body) in any jurisdiction. This whitepaper has not been reviewed by any regulatory authority.
Third party references
References in this whitepaper to specific companies, networks, protocols, technologies, and/or potential use cases are for illustrative purposes only. The use of any company and/or platform names and trademarks does not imply any affiliation with, or recommendation or endorsement of/by, any of those parties. All references to 'dollars', USD or '$' are references to the United States Dollars unless otherwise stated.
All graphics included in this whitepaper are for illustrative purposes only. In particular, graphics with price references do not translate into actual pricing information.
Purchasing $Escrow tokens or interacting with the Cryptegrity platform involves substantial risk and may lead to a loss of a substantial or entire amount of the money involved. Prior to purchasing $Escrow tokens or interacting with Cryptegrity applications or protocols, you should carefully assess and take into account the risks, including those listed in any other documentation. A purchaser should not purchase $Escrow tokens for speculative or investment purposes. Purchasers should only purchase $Escrow tokens if they fully understand the nature of the $Escrow token and accept the risks inherent to such tokens, their relevant applications and protocols, and the Cryptegrity platform itself.
tokens may be subject to expropriation and/or theft; hackers or other malicious groups or organizations may attempt to interfere with the $Escrow token or Cryptegrity platform or relevant applications or protocols in various ways, including malware attacks, denial of service attacks, consensus-based attacks, Sybil attacks, smurfing, and spoofing which may result in the loss of your cryptographic tokens or the loss of your ability to access or control your cryptographic tokens. In such event, there may be no remedy, and holders of cryptographic tokens are not guaranteed any remedy, refund, or compensation.
The regulatory status of cryptographic tokens and digital assets is currently unsettled, varies among jurisdictions and is subject to significant uncertainty. It is possible that in the future, certain laws, regulations, policies or rules relating to cryptographic tokens, digital assets, blockchain technology, or blockchain applications may be implemented which may directly or indirectly affect or restrict cryptographic token holders' right to acquire, own, hold, sell, convert, trade, or use cryptographic tokens.
The uncertainty in tax legislation relating to cryptographic tokens and digital assets may expose cryptographic token holders to tax consequences associated with the use or trading of cryptographic token.
Digital assets and related products and services carry significant risks. Potential purchasers should take into account all of the above and assess the nature of, and their own appetite for, relevant risks independently and consult their advisers before making any decisions.
You should consult a lawyer, accountant, tax professional and/or any other professional advisors as necessary prior to determining whether to purchase $Escrow tokens or operate Cryptegrity applications.
Caution Regarding Forward-Looking Statements
This whitepaper contains certain forward-looking statements regarding the business we operate that are based on the belief of Cryptegrity as well as certain assumptions made by and information available to Cryptegrity. We do not purport to make any statements with respect to the conduct or operations of any third parties whose actions (including commercial activity) may affect the Cryptegrity platform and $Escrow token. Forward-looking statements, by their nature, are subject to significant risks and uncertainties. Forward-looking statements may involve estimates and assumptions and are subject to risks, uncertainties and other factors beyond our control and prediction. Accordingly, these factors could cause actual results or outcomes that differ materially from those expressed in the forward-looking statements. Any forward-looking statement speaks only as of the date of which such statement is made, we undertake no obligation to update any forward-looking statements to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events.
Last modified 4mo ago