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Owing to rapid digitalization, there has been a significant influx of online transactions over the past few years. While it has certainly simplified modes of payment, there has been an increase in online transaction scams. According to a recent report by Scamwatch, fraud transactions have hit a staggering USD 7 Million mark in merely six months of 2018.
Secure and reliable escrow services can help in eliminating the fraudulence and facilitate safe transactions. However, centralized escrow services are often expensive, inflexible, and entail many transaction complexities, making it a complicated option.
Decentralizing Escrow Services for Users
Natmin Pure Escrow is a platform that leverages blockchain technology to streamline the conventional approach of escrow services. The platform works with an aim to transform the escrow industry by providing users escrow transactions for a fraction of the cost charged by the traditional escrow services. It is a self-regulating system that renders secure transactions between buyers and sellers across the globe. Additionally, the platform integrates smart contract technology to remove the middleman, reduce transaction costs, and eliminate the possibilities of fraud.
The Natmin (NAT) Token
The Natmin (NAT) Token is a digital token that reinforces the escrow platform. It is used to fund transactions between buyers and sellers and ensure security and reliability in the network. The NAT token is an unmineable token that is built on an ERC20/ERC223 standard using Ethereum blockchain. The platform offers the tokens in a limited number. Therefore, users will have to acquire them directly from the Natmin platform or other exchanges post the Token Generation Event.
After the Token Generation Event (TGE), 70% of the unsold tokens will be offered to Pre-Sale and Public Sale contributors as a bonus, 15% of the tokens will be immediately burned, and the remaining 15% will available for purchase from the platform.
The Natmin Node – The Dispute Negotiator
Any individual can register on the platform and apply to become a Natmin Node. It is basically a physical user who is eligible to participate in dispute transactions. Natmin Nodes can earn tokens for evaluating the supporting documents and subsequently casting votes. They will only be able to earn tokens after solving disputes on the platform. The tokens they earn on the platform are equal to 14% of the allotted transaction fee, which is automatically transferred to their respective accounts once the transaction is settled. Basically, a dispute transaction will have 5 votes and requires a 60% success rate.
Minimal Transaction Fees
A standard escrow transaction (without any dispute) will be subjected to a 1% transaction fee, which is payable by buyers and sellers on a basis of 0.5% each. The 1% transaction fee is used by the system to cover blockchain transaction costs and operating costs.
A dispute transaction will entail an additional 3% cost, which is payable by the party who has initiated the dispute. Additionally, users can raise an appeal on the dispute decision, which will carry an extra 3% cost to initiate a round of voting.
A Streamlined Escrow Platform
Natmin Pure Escrow’s platform is a unique decentralized network allowing users to make safe and secure transactions without dealing with any complexities. It also includes reputed voters who can earn tokens in return for settling disputed transactions on the platform.
Natmin Facebook: https://www.facebook.com/natminpureescrow/
Natmin Twitter: https://twitter.com/NatminPE
Natmin Telegram: https://t.me/NatminPureEscrow
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