Escrow centralization and lack of user privacy are the 2 major escrow issues that Zenland solves. Our idea is simple – instead of a human escrow service that is:
- a) overpriced,
- b) influenced by the human factor,
- c) geographically limited,
- d) centralized,
we use smart contract technology. Smart contracts are simple blockchain programs that can receive and release escrow payments following the contract terms written in code. Anonymous and transparent, a smart contract offers a guarantee of a formal agreement without any third party involved.
Unlike traditional escrow services that require your personal information like email and/or billing details to sign up and use the escrow, Zenland users stay fully anonymous. A Metamask address is the only input required to log in and use an escrow contract.
All contract transactions get recorded in the blockchain along with the timestamp and can be easily verified via a blockchain explorer like Etherscan, or others.