SCRO is a DeFi application providing professional Escrow services to businesses around the globe. Think of the Letter-of-credit (LC's) service provided by banks to facilitate international business transactions where the parties involved do not trust each other. The middle banks bring in the element of trust by issuing letter of credits. SCRO is a similar service which facilitates trustless digital crypto payments between 2 parties. SCRO brings in the layer of trust by the means of secure and reliable blockchain based escrow services for crypto based payments.
The client wanted us to build an ESCROW system. Escrow is a legal arrangement in which a third party temporarily holds money until a particular condition has been met. 'SCRO' is a platform built for a world in need of a safe and efficient space for everyone to buy, sell, and swap without the risk of losing money to online scams and fraud. We were supposed to build a multi chain platform that works on Binance Smart chain, Tron and Solana.
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We built an Escrow system where there are three parties in total, Buyer, Seller and the escrow system which brings in the element of trust when it comes to making transactions. A buyer can come onto the platform and create a deal, which is then signed by the seller and is locked. Once the seller takes care of his part of the deal, the buyer can confirm it by coming back to the platform and releasing the money he had initially locked into the escrow, to the seller, and the deal is closed. All the corner cases are handled.
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Founder : Lexeon
Founder : Chimpare
Project : NFT Marketplace