Michigan, United States – April 6, 2022 – The Vault-X introduces its groundbreaking escrow payment service for crypto transactions with the aim to solve an ever-persisting problem of providing protective shields to service providers and clients who rely on crypto transactions (including Web 3.0) for rendering and procuring services.
What is Vault-X?
The Vault-X is basically a secured and reliable protocol providing safe escrow solutions that allow Buyers and Sellers to transact without the fear of getting scammed from either side. With the Vault-X platform, the Buyer/Seller can create contracts for deals in less than a minute. Vault-X offers the best possible transactional experience so that buyers get the service or product that they paid for and sellers are guaranteed payment for the works they have done without worrying about getting scammed/cheated.
The relevance and importance of The Vault-X is paramount since its services are aimed to provide an innovative solution of the difficult problem that a Buyer and a Seller typically face while transacting in crypto.
For example, let’s say a freelancer intends to extend his/her web designing services to a client and they decide to transact in Cryptocurrency. The problem begins from the freelancer’s perspective when they agree to get paid after the work is done. Precisely, the point of concern is that the freelancer may not get paid even after delivering the work if the client does not make the payment dishonoring their initial agreement. There is simply nothing that can be done from the freelancer’s perspective in such a case.
Again, in a similar way, if the Buyer and the seller decide to work on a prepaid mode, i.e. the seller agrees to pay for the desired work before the commencement of the work, from the seller’s perspective, it is also a point of concern that at the end of the day they may not receive the work that they were supposed to and they are equally helpless in that case just like the previous instance.
There are many escrow options available for traditional mode of payments which involves mainstream currencies i.e. USD, EURO etc. But for cryptocurrencies, there are hardly any reliable options. This is exactly where the Vault-X steps in. With its revolutionary escrow system designed specifically for Web 3.0 and crypto, the Buyers and Sellers can safely
How Does Vault-X Work?
The decentralized escrow service of Vault-X is completely reliable and secured as the funded amount (from the buyer) in form of milestone remains safe with The Vault-X during the entire length of contract until the delivery is made and the payment disbursal request has been made by the seller. With its smart escrow vault contract, sellers and buyers can sign a contract while retaining their respective anonymity. Under this process, there is no sign up requirement, which means no party needs to share personal information with others.
To following points summarize how The Vault-X escrow protocol works:
Buyer and Seller agree to terms – A contract is initiated by either the buyer (customer) or the seller (service provider). Once it is done, the other party needs to agree to the contract terms, and as such a contract is created between the two parties.
Buyer submits payment to Vault-X Escrow – The buyer needs to fund a multi-sig wallet and the concerned payment details remain available for the other party as a token of assurance.
The seller delivers goods or services to the buyer – As the seller delivers goods or services to the buyer, they need to notify the buyer of the transaction taking place.
Buyer approves the delivered goods or services – At this stage the buyer approves the goods or services that he received from the seller and notifies Counos Escrow of the delivery.
The fund is released to the seller – Vault-X Escrow releases payment to the seller and then the contract will be completed, after which the two parties can submit feedback about each other.
If at any point, a point of disagreement arises between the buyer and the seller, the process moves along to a dispute. The dispute protocol of Vault-X will decide on the basis of the merit of the case that whom (out of the buyer or the seller) the fund should be remitted to.
Vault-X also has released an explainer video in order to make things simplified further.
Why is it Important for the Crypto/Solana Ecosystem?
While crypto payments are adapted by many companies & countries, it still has not become a mainstream payment method. Because there is no trust in anonymous transactions. Both the buyers/sellers are abused by scam all the time & there was no clear solution for the same.
The Vault-X’s smart contract provides an elegant solution to this perennial issue and helps to create a trustworthy, reliable and safe crypto environment. The Vault-X’s contract signing workflow is extremely simple and hasslefree. The buyer and seller connect with each other through a Solana supported wallet in order to set up the agreed upon milestones.
In this way, both the Buyer and the Seller can remain assured that they will get what they are paying for and they will get paid for the work/service they are rendering respectively.
The NFT Launch
Additionally, Vault-X is launching its 3333 nft collection on 10th April, in order to safeguard its protocol Vault-X and is aimed to share its revenue with its holders. The NFT holders also get a chance to decide the way forward of the future via DAO voting.