Implementation of secure transactions in the Crypto.Page ecosystem

One of the first functionalities extending the usefulness of the Crypto.Page ecosystem is the ability to create secure transactions between two parties within an ecosystem. Within the framework of this functionality, two parties agree with each other on the terms of a certain transaction, and a third party acts as a guarantor of this transaction confirming the fulfillment of the conditions of each of the parties. Page.SafeDeal is implemented as a separate smart contract providing the following functionality:

  • Transaction initiation:

    • The first party offers a deal that includes:

      • Description of the subject of the transaction

      • Deadlines for the implementation

      • Cost and currency (coin) of fulfillment of financial obligations under the transaction

      • Public key (wallet) of the second party

      • The public key (wallet) of the guarantor

      • Guarantor's remuneration

    • The second party may put forward its proposals on any of the above points, or accept the conditions of the first party.

      • It should be noted that financial obligations can be provided from both sides of the transaction - for example, if the essence of the transaction is the transfer of a certain NFT token for a certain amount in ETH, the financial obligations of one party will be expressed in the form of an NFT token, the financial obligations of the second party will be expressed in the form of a certain amount of ETH.

    • As soon as both parties agree on all the terms of the transaction, the transaction goes into the "transaction activation" stage. It should be noted that the last party who agreed to the terms of the transaction automatically marks this transaction as "activated" from their side.

  • As part of the "transaction activation" stage, all three parties involved in the transaction must agree to all terms of the transaction and activate it from their side. This consent must be obtained from both parties involved in the transaction, as well as from the guarantor of the transaction. As part of the transaction activation, the party that bears financial obligations under the transaction transfers funds to the account of the Page.SafeDeal smart contract. As soon as all parties confirm the activation of the transaction, the transaction enters the execution stage.

  • As a part of the execution stage, the parties perform the actions agreed at the previous stages, and mark the transaction as completed, transferring it to the "Closing of the transaction" stage.

  • At the closing stage of the transaction:

    • Both parties must agree on the successful closing of the transaction, which leads to the transfer of the reserved funds, payment of the remuneration to the guarantor, and generation of the corresponding Page.SoulBound reputation tokens for all parties to the transaction.

    • Or, both parties must agree to cancel the transaction, which leads to the return of the reserved funds, with the exception of the remuneration paid to the guarantor.

    • Or, any of the parties may request the guarantor to make a decision on the success/failure of the transaction by providing him with the necessary information.

      • The guarantor, after analyzing the information provided, can decide on the success of the transaction (which leads to the transfer of the reserved funds to the parties) or on the cancellation of the transaction (which leads to the return of the reserved funds).

        • Remuneration to the guarantor is paid in any case.

        • Accrual of Page.SoulBound to the parties of the transaction occurs only in case of successful closing of the transaction.

      • A percentage of the guarantor's remuneration is transferred to Page.Treasury for the support and development of the Crypto.Page ecosystem.

Page.SafeDeal, being a fairly standard application of smart contracts, within the Crypto.Page ecosystem acquires additional unique functionality that favorably distinguishes the implementation from Crypto.Page:

  • Each of the parties to the transaction, including the guarantor, are users of the Crypto.Page ecosystem. This provides additional information about the parties involved in the transaction - for example, in a software development transaction, it is very reasonable to have an expert in any field of software development as a guarantor. Thanks to the fact that Page.SafeDeal is an integrated part of the Crypto.Page ecosystem, both sides see each other's social pages and the presence of different Page.SoulBound not only of each other, but also of the proposed guarantor, and they can make sure of his level and involvement in the transaction topic even before the transaction is activated.

  • Parties can use Page.Messenger to discuss both the terms of the transaction and the execution of the transaction, only having the information about the public key of the other party as an address for correspondence.

  • In case of a successful completion of the transaction, all parties (including the guarantor) are rewarded with Page.SoulBound reputation tokens, allowing them to increase the social reputation in case of successful completion of many transactions.

Page.SafeDeal exist independently on each of the blockchains that are supported in Crypto.Page.

Further development of Page.SafeDeal will include opportunities for:

  • Creating transactions with an open "second" party, allowing them to create marketplaces where the "second" parties wanting to participate in the transaction describe the conditions under which they are ready to execute this transaction, and the first party selects the winner (performer of the transaction) among the participants of such an auction. Thanks to such functionality, it is possible to implement both such marketplaces as analogues of Ebay or Upwork, where the seller or customer of the service acts as the first party, and the buyer or contractor of the service acts as the second party; and the analogue of such a marketplace as Fiverr - where the service provider acts as the first party, and the customers of this service act as the second party.

  • The ability to use any smart contract supporting a certain interface as either of the parties to the transaction or as a guarantor of the transaction.

  • Direct connection to Page.NFT where the result of the transaction is the creation of a Page.NFT token of one of the parties or transfer of rights to an existing token (content) from one side to the other.

  • The ability to present the transaction description as Page.NFT, thus automatically posting information about the proposed transaction on the social page of the parties, as well as, if the transaction is carried out within a community, posting information about the transaction on the community page.

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