While digitalization has eliminated all geographical boundaries and connected the world, it has also made the internet space vulnerable to online scams. With online payments and transactions complementing means of doing business across the globe, they are still susceptible to fraudulent impositions. This is one of the critical challenges that the digital sphere deals with today.
To ensure trustworthiness in an online transaction, the escrow system was introduced. The escrow basically comprises of a neutral third-party that secures the fund for two or more parties involved in a business trade/transaction. Once the trade is complete and the concerned parties mutually agree to the same, only then is the fund released by the third party. However, conventional escrow systems are quite expensive, complex, and rigid, which don’t allow users to harness its optimum benefits of this secure transactional domain.
Natmin Pure Escrow is a decentralized platform built via the blockchain technology, that aims at providing reliable and cost-effective escrow services to its users. It leverages smart contracts to remove the middleman, reduce the transaction costs, and strengthen the security of the entire process. By offering escrow services at low transaction costs, Natmin enables small and medium-sized enterprises to provide secure transactions to their users/clients and strengthen their reliability in the marketplace.
A typical escrow transaction without any dispute charges a 1% transaction fee that is payable by buyers and sellers at 0.5% each. This transaction fee is used by the network to cover the cost of blockchain transactions and operational activities. A dispute transaction, on the other hand, costs only an additional 3%, that is payable by the user who has initiated the dispute. Moreover, if the buyer or seller appeals to the dispute decision, an extra 3% will be charged to initiate the second round of voting. There are two rounds and the second-round result is the final decision.
Natmin Escrow platform is reinforced by its proficient team of experts. And now, the team is joined by another specialist, Miikka Saloseutu as a Strategic Marketing Advisor. He is an experienced marketing professional who ranks #9 on the ICO Bench. He possesses an extensive expertise in Search Engine Optimization, Venture Capital Investment, E-Commerce Optimization Sales, Angel Investments, Initial Coin Offering, Cryptocurrency, and Pay Per Click. Miikka is also the founder and CEO of Triplex Trading OU, which is an internet marketing company specializing in highly targeted SEO-based marketing in the finance landscape.
Anyone can register on the Natmin platform and apply to become Natmin Nodes. Natmin Nodes are basically physical users who are eligible to participate in dispute transactions. These users can earn tokens by evaluating the supportive documents and casting their votes. The tokens they earn is proportionate to 14% of the allotted transaction fee, which is directly transferred to the respective accounts once the transaction is finalized. To settle a dispute transaction, there is a total of 5 votes with a success rate of 60% required.
Natmin Pure Escrow is a blockchain-based platform that envisions to eliminate the critical hindrances of the traditional escrow system and offer effective solutions. It enables users to seamlessly create escrow agreements at low costs and ensures maximum security for all transactions. Their reputable voters help raise the trust factor and solve disputes judiciously with mutual accordance from the parties involved.
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