Descrownomics

The Decentralized Escrow Protocol represents a groundbreaking solution to the age-old challenge of establishing trust in transactions. In traditional dealings, a fundamental reliance on trust between parties often becomes a stumbling block, particularly when there is no pre-existing relationship or a history of unfavorable interactions. By leveraging the power of smart contracts, the protocol introduces a level of transparency and accountability that was previously unattainable. The essence lies in a brilliantly simple yet effective concept: funds are securely held in escrow by a smart contract until both parties have successfully fulfilled their respective obligations. This transformative approach not only guarantees the completion of the transaction but significantly mitigates the inherent risks associated with fraud and deception. At the core of our protocol is the utilization of blockchain technology, ensuring that every facet of the escrow functionality is not only secure but also immutable. This means that once the terms are set and agreed upon, they are etched into the blockchain, creating an indelible record of the transaction history. This not only safeguards against any tampering or unauthorized changes but also provides an unalterable chronicle that serves as a testament to the integrity of the transaction.

Links

• https://www.canva.com/design/DAF2hiPw3fo/3P0CgPlsSEYwXzvU4Fuqmw/view?utm_content=DAF2hiPw3fo&utm_campaign=designshare&utm_medium=link&utm_source=editor

In the course of three days, we ran through many challenges from coming up with a solid idea to nitty-gritties of the implementation. Listed below are the major three:

• The inherent risk of bias in an Escrow system, especially when unmonitored, led us to acknowledge that trust alone is insufficient for transactions involving third parties. To counteract this, we invested considerable time in developing a method to prevent any party in a transaction from engaging in malicious activities. Our approach involved implementing a game theory-based structure, designed to establish a single equilibrium. Any deviation from this equilibrium would result in significant consequences for the deviator, thereby ensuring an unbiased and secure transaction process.
• The lack of Windows support in Polygon's dApp LaunchPad posed a challenge for our team, as we needed to ensure compatibility across all our local development environments. We dedicated a significant amount of time and effort to devise and implement solutions that would enable smooth functioning on Windows systems, addressing this compatibility issue to maintain a consistent development process across various platforms.
• Using Polygon's dApp Launchpad and Push Protocol to build our app presented significant challenges due to the different versions of ethers they use; Push relies on version 5 while Launchpad uses version 6. This discrepancy necessitated a considerable amount of problem-solving and experimentation to achieve a functional integration. The process was time-intensive and involved a substantial effort in troubleshooting and implementing various solutions to ensure compatibility and seamless operation between the two platforms.