Trustless Escrow

A premissionless, scalable escrow system for the CryptScrow Codeathon.

Usage

Contracts

TrustlessRouter TrustlessEscrow

📝 You need a key.ts file in the following format to deploy the contracts to the Horizen testnet:

export default ["PRIVATE_KEY", "ETHERSCAN_KEY"]

Frontend

View the frontend here. Usage is pretty straight-forward.

Creating an Escrow

ERC20 <> ERC20

Call create20 on a TrustlessRouter with the following parameters:

• user1: The first user in the trade
• user2: The second user in the trade
• token1: The token user1 is going to provide
• token2: The token user2 is going to provide
• time: The time either user must wait before the escrow can be cancelled

ERC721 <> ERC721

Call create721 on a TrustlessRouter with the following parameters:

• user1: The first user in the trade
• user2: The second user in the trade
• token1: The token user1 is going to provide
• token2: The token user2 is going to provide
• tokenId1: The tokenId user1 is going to provide
• tokenId2: The tokenId user2 is going to provide
• time: The time either user must wait before the escrow can be cancelled

ERC20 <> ERC721

Call createHybrid on a TrustlessRouter with the following parameters:

• user1: The first user in the trade
• user2: The second user in the trade
• token1: The ERC20 token user1 is going to provide
• token2: The ERC721 token user2 is going to provide
• tokenId: The tokenId user2 is going to provide
• time: The time either user must wait before the escrow can be cancelled

Interacting with an Escrow

Payment

When a user wants to pay their side of the escrow, they can send the token(s) directly to the escrow contract. If the wrong asset is sent, it cannot be recovered. If the wrong amount of asset is sent, the user should refrain from confirming the escrow, and wait until the waiting period is over to cancel the escrow.

Confirming

To execute an escrow trade, both users must confirm the escrow. This is done with the confirm() function. Once you have confirmed, you cannot un-confirm, which is why we recommend users wait until both sides of the trade are securely in the escrow contract to confirm.

Executing

To execute an escrow trade, anyone can call the execute() function and send both users their token(s).

Cancelling

After a predetermined waiting period, either user can cancel the trade and all assets in the trade will be returned to their depositors.

Solutions

Building a Scalable Escrow Platform

Trustless can scale to n amount of escrows at a time, provided that there is only one escrow at a time with the same user1 and user2. Trustless achieves this by distributing the responsibility of each seperate escrow to a new contract each time. This ensures that escrows cannot collide, as they all have seperate balances. The TrustlessEscrow contracts also are not locked to a certain amount of ERC20 token, so the terms of the escrow are fluid. This however is not possible with ERC721 tokens as we cannot assume that the token employs ERC721Enumerable, so it is limited to a single tokenId. The only limitation is that the router uses the user1 and user2 values to store the contract addresses for each escrow, so unless you know the contract address for your escrow, users should refrain from creating multiple escrows between the same addresses.

Decentralized Escrow Arbitration

Trustless' escrow arbitration is just that - trustless. Users have to treat their funds very carefully, as there is no override to the escrow. Trustless escrows must be 'confirmed' by both users before execution. This means that both users are happy to execute the escrow in the current state. Only once both parties have confirmed the escrow, it can be executed. If it is not executed by the escrows 'expiry time' it can be reversed by either user and everyone gets their tokens back.