XMRTrades - A Monero non-custodial escrow to secure any P2P Trade. - monero.im
monero.im##### XMRTrade is the first non-custodial escrow as a service based on the
Monero blockchain and the SimpleXChat network to fullfill a complete anonymity
of our service. #### What is “non-custodial” ? - It means this service, is not
possessing or holding your funds. It’s impossible for the service, to exit-scam
or steal funds locked in the escrow. #### How is it possible ? - We use a
multisig monero wallet. #### What is a multisig Monero wallet ? ###### A
multisig wallet is a wallet, on wich you need a specific number of keys to
unlock funds. #### Why this service needs and use this ? ###### In a escrow case
(this service) it’s a 2/3 signature (minimum of 2 keys needed to unlock the
funds): - 🔑 The key of the service. - 🔑 Your key. - 🔑 The key of the user
you’re transacting. #### If the transaction if legit ? (no-scam from yourself or
the user) - The escrow haves nothing to do. ###### You and the user are signing
the “unlock” transaction, one just broadcast the transaction and everything is
done. #### If a dispute appears (scam from you or the user): ###### Both parts
will need to prove to the escrow, their full legitimacy to get the escrow
signature, otherwise funds will remain locked by the mandatory escrow key (as
seen before), or the escrow will unlock funds because one part was a scamming,
while the other were fully legitimate. #### How do I make a Monero
MultiSignature wallet ? - By following this tutorial [/post/3865] #### How all
of this is coordinated ? ###### Once you contacted and paid us the management
fee of the escrow, we will create a private chat group link (signed with the
obitor’s PGP key [/legal]) with us, you and the other user, with who you’re
transacting to setup the multisig. #### What’s the escrow fees pricing ? ######
Fees are priced in Monero, to ensure the easiness of the service, and being
mandatory paid before setting up the monero multisig the minimum amount we can
secure is from 1 XMR: - 5% ≤ 1 XMR trade amount - 2% ≤ 5 XMR trade amount - 1% ≤
10 XMR trade amount ##### Contacts - SimpleXChat Link
[https://simplex.chat/contact#/?v=1-4&smp=smp%3A%2F%2FZKe4uxF4Z_aLJJOEsC-Y6hSkXgQS5-oc442JQGkyP8M%3D%40smp17.simplex.im%2FrH3HWmoGJCiwnoETMwr4jp7WhMVwCzaD%23%2F%3Fv%3D1-2%26dh%3DMCowBQYDK2VuAyEAaGcwrdzTXsrLqbHhCFSVgykIIL31KgUcBKdr2NF3MHQ%253D%26srv%3Dogtwfxyi3h2h5weftjjpjmxclhb5ugufa5rcyrmg7j4xlch7qsr5nuqd.onion]
we’ll try to come with a website in the future. feel free to vouch and test us
This is a great idea for a service, however it needs to establish trust that it’s not colluding with anyone. If it was a well-known member of the community, it would most probably be more convenient than it is now. Anyway, lowest amount you can secure is 1 XMR but your fees up to 1 XMR are 5% but there is 1 XMR min? All in all the fees seem reasonable.
I’m pretty known and i can produce content on how to notice a scam to also prove my escrow legitimacy. For the moment i only can do ~ 1 XMR trades because it’s still manually exectued as a proof of concept but with a friend, we’re planning to do a website for automatizing the escrow process so we might can secure lower amounts because we only will need to deal with disputes (2 of 3 signatures).