With Vault-X’s decentralized smart escrow vault contract, sellers and buyers can now transact anonymously without fear of getting scammed on either side. Vault-X’s protection protocol allows both buyer and seller to transact securely while maintaining their anonymity. Vault-X is also launching a 3333 NFT collection on April 10 to ensure the backup of its Vault-X protocol.
Michigan, April 06, 2022 (GLOBE NEWSWIRE) — The X-Vault introduces its revolutionary escrow payment service for crypto transactions in an effort to solve an ever-persistent problem of providing protective shields to service providers and customers who rely on crypto transactions (including Web 3.0) to provide and obtain services.
What is Vault-X?
the Chest-X is essentially a secure and reliable protocol providing safe escrow solutions that allow buyers and sellers to transact without fear of getting scammed on either side. With the Vault-X platform, the buyer/seller can create contracts for trades in less than a minute. Vault-X provides the best possible transactional experience so buyers get the service or product they paid for and sellers are guaranteed to get paid for the work they’ve done without worrying about getting ripped off /deceive.
The relevance and importance of The X-Vault is paramount since its services aim to provide an innovative solution to the difficult problem that a buyer and a seller usually face while transacting in crypto.
For example, let’s say a freelancer intends to extend his web design services to a client and decides to transact in cryptocurrency. The problem starts from the perspective of the freelancer when they agree to be paid after the work is completed. Precisely, the point of concern is that the freelancer may not get paid even after delivering the work if the client fails to make the payment by dishonouring his original agreement. There is simply nothing to do from a freelancer’s point of view in such a case.
Again, similarly, if the Buyer and the Seller decide to work in prepaid mode, that is to say that the Seller undertakes to pay for the desired works before the start of the works, from the point of view of the seller, it is also a matter of concern that in the end, they may not receive the work they were supposed to receive and they are also helpless in this case, just like in the previous case.
There are many escrow options available for the traditional payment method which involves common currencies i.e. USD, EURO etc. But for cryptocurrencies there are hardly any reliable options. This is exactly where the Vault-X comes in. With its revolutionary escrow system designed specifically for Web 3.0 and crypto, buyers and sellers can securely
How does Vault-X work?
Vault-X’s decentralized escrow service is totally reliable and secure as the financed amount (from the buyer) in stage form remains safe with The Vault-X for the duration of the contract until the delivery is made and the request for payment has been made. was made by the seller. With its smart vault contract, sellers and buyers can sign a contract while maintaining their respective anonymity. As part of this process, there is no registration requirement, which means that neither party needs to share personal information with others.
The following points summarize how the Vault-X escrow protocol works:
Buyer and Seller Agree to Terms – A contract is initiated by either the buyer (customer) or the seller (service provider). Once this is done, the other party must agree to the terms of the contract, and as such a contract is created between the two parties.
Buyer submits payment to Vault-X Escrow – Buyer must fund a multi-signature wallet and the relevant payment details remain available to the other party as assurance pledge.
Seller delivers goods or services to buyer – When the seller delivers goods or services to the buyer, they must inform the buyer of the current transaction.
Buyer Approves Goods or Services Delivered – At this point, the buyer approves the goods or services they have received from the seller and notifies Counos Escrow of the delivery.
Fund is released to Seller – Vault-X Escrow releases payment to Seller, then contract is concluded, after which both parties can submit feedback on each other.
If at any time a point of disagreement arises between the buyer and the seller, the process turns into a dispute. Vault-X’s Dispute Protocol will decide on the merits of the case to whom (Buyer or Seller) the funds should be released.
Vault-X too published an explanatory video to simplify things further.
Why is this important for the Crypto/Solana ecosystem?
Although crypto payments are being adapted by many companies and countries, they still haven’t become a common form of payment. Because there is no trust in anonymous transactions. Buyers/sellers are constantly being scammed and there was no clear solution for the same.
Vault-X’s smart contract provides an elegant solution to this perennial problem and helps create a trustworthy, reliable, and secure crypto environment. Vault-X’s contract signing workflow is extremely simple and hassle-free. The buyer and seller connect through a Solana-supported wallet to set up the agreed milestones.
This way, both buyer and seller can rest assured that they will get what they pay for and will be paid for the work/service they render respectively.
The launch of NFT
Besides, Chest-X launches its 3333 nft collection on April 10, to back up its Vault-X protocol and aims to share its revenue with its holders. NFT holders also have the opportunity to decide the way forward via DAO voting.
CONTACT: The Vault-X DAO Jack Reacher [email protected] https://thevault-x.com