A trustless escrow service built on the Ergo blockchain.
In more liquid (not only) NFT ecosystems, a situation where two people want to trade some assets is quite common. However, these people may not trust each other. In such cases, a trustless escrow service is needed.
There is a smart-contract based TokenJay P2P escrow service. However, it has a few shortcomings:
- A person can only sell one token at a time (such as a single NFT or 100 SigUSD).
- A smart contract is used which means:
- Users either need to trust the developer or understand the code.
- Two transactions are needed to complete the swap.
We let anyone create a private trading session. The session owner can send the link to this session to the other party they want to trade with.
The session owner is then presented with contents of both their and other party's wallet contents. The owner can then select any set of assets they want to trade. For example, they can send 100 SigUSD, 6 NFTs, 200 ErgoPad and 3000 COMET tokens and receive 10 ERG and other 3 NFTs in exchange.
A multisig transaction is built and the session owner is asked to sign their input boxes using the browser wallet. The partially signed transaction is then sent to the other party and they are asked to verify the transaction and sign their input boxes in case they are satisfied.
After both parties sign the transaction, it is submitted to the network.
Both parties were able to see the whole transaction in their wallet before signing it. Also, the swap either happens as a whole (if the transaction passes) or does not happen at all (if the transaction fails of if one of the parties rejects to sign it).
A small service fee is a part of the multisig transaction too. This fee is usually significantly lower than if one of the participants used for example an NFT marketplace to list their NFTs and the other participants bought them. This is because while NFT marketplaces charge a percentage of the sale price, we only charge a small flat fee.
This solution is quite specific to UTxO blockchains. There are at least two implementations of this method on Cardano called Trading Tent and Atomic Swap. We haven't used any of these services in an attempt to make our implementation of the UI uninfluenced..
This is a monorepo consisting of two subfolders containing backend and frontend code respectively.
To setup a backend locally, you need to create a .env file in the backend folder
and fill it according to the .env-example file. You also need to have
a postgres database available. To run the backend locally, go to bacnend
folder and run:
npm install && npm run start-dev
This is a next.js app. To run the frontend locally, go to frontend folder
and run:
yarn && yarn dev