/biz/ - Business & Finance

>>4446405
NEO testicular cancer confirmed

My first thought was: "well what either party commits fraud?" Confido has a really clever solution to this built into the smart contract. If you receive a box of coal instead of a plushy, you as the buyer can just freeze the funds in escrow. That way they don't get released to the seller. This creates a huge disincetive for fraud from the seller's perspective because they won't get paid, and they waste money on shipping. Once a contract has been held up by the buyer, only the buyer can release the funds to the seller.

But what if the buyer commits fraud - can I just claim I got coal instead of a plushy to get my money back? No you can't - your funds are in escrow, and you don't actually get your money back unless the seller authorizes the refund. Thus, there is no incentive for either side to commit fraud short of pure spite (there is just no tangible/monetary benefit you can receive by trying to defraud eachother). For the .00000001% of buyers or sellers that truly are spiteful despite zero benefit to themselves, eventually Confido will implement Kleros.io, which is a dispute resolution blockchain, as an intermediary.

YC business tactics are EXTREMELY aggressive. YC doesnt fuck around with their startups. They will push Request down the throats of the normies in Silicon Valley and they will use it like addicts. They made Airbnb, Dropbox, Twitch etc mainstream and they will make Request into Venmo/PayPal 2.0

Why tokens?
I know what you're thinking - why the hell do we need tokens for this? This part is really cool. First I need to explain that the cost for using this service is 0.7% of the transaction cost, which is so SO much lower than centralized escrow payments that charge 5%+, and the cool thing here is that you don't actually need to pay using Confido tokens! I believe you will be able to pay in most major blockchains, but certainly Ethereum at the very least. Now, that 0.7% fee goes to the token holders! The tokens entitle you to a divident payment from all the people around the world using Confido. The second use for the tokens is the ability to use the service without the 0.7% fee!

Overall, its a really cool concept that doesn't have much downside given how low the market cap. They are only raising $400,000 in their ICO. If you read their whitepaper, they talk about how they think the ICO space is messed up and abused, and they are only asking for what they need. The devs aren't rockstar, YCombinator-backed, venture capital millionares getting even richer - they're just dudes our age living the dream by trying to solve a real problem for real people, and I think they found a good one to solve.

>>3888888

ALL IN BABY