P2P Safety

P2P Safety is a robust feature that can be integrated into existing or new applications. It provides a framework for creating secure, trustless transactions using cryptocurrency, making it ideal for marketplaces where users buy and sell second-hand items.

Key Features: 🌐🔒 Decentralized Escrow: Ensures funds are only released when both parties fulfill the terms of the transaction, reducing fraud and increasing trust.

👩‍⚖️ Dispute Resolution: In case of a dispute, a third-party arbiter (defined by the developer implementing this feature, typically the platform itself) can intervene to resolve the issue fairly and efficiently.

🛠️ Open Source: While not a traditional open source library, Smart Escrow P2P is open for developers to build upon, customize, and integrate into their own applications.

💼 Dynamic Wallets: Simplifies user onboarding by allowing the creation and management of wallets dynamically. This feature is especially beneficial for users who are not very familiar with cryptocurrency, as it provides a seamless and user-friendly experience without the need for complex wallet setups.

🖥️ Example Front-End: Includes a demo front-end to illustrate how the escrow functionality can be integrated and utilized in a real-world scenario.

🕊️ Will firstly be used in Vendeya (https://drive.google.com/file/d/1OEiTsz0uHJf9C-HRckkV-rTP2yN_6qSZ/view?usp=sharing)

Why crypto escrow? • Reduce Scams: Funds held until conditions are met. • Stable Currency: Avoids local currency fluctuations. • Lower Fees: Cheaper than traditional banking. • Crypto Adoption: Secure transactions with growing crypto use.

The smart contract facilitates a secure peer-to-peer (P2P) marketplace by acting as an escrow service between a buyer and a seller. The contract ensures that funds are only released to the seller once the buyer confirms receipt of the goods, or if an arbitrator resolves any disputes. Additionally, the contract allows for cancellation requests and dispute handling to ensure fair transactions.

Features:

• Escrow Funding: The contract must be funded with Ether upon deployment, representing the payment from the buyer to the seller.
• Role-based Access Control:
  1. Buyer: Initiates the purchase and can confirm receipt of the item or request cancellation.
  2. Seller: Receives funds upon buyer confirmation or arbitrator decision.
  3. Arbiter (platform): Resolves disputes between the buyer and seller.
• Platform Fee: A percentage fee is deducted from the transaction and transferred to the platform's wallet.
• Dispute Resolution: Either the buyer or the seller can open a dispute, which is then resolved by the arbiter.
• Cancellation: The buyer can request cancellation, which must be confirmed by the seller to refund the buyer.

Dynamic Wallets simplifies the process of creating and managing cryptocurrency wallets, making it more accessible to users who may not be familiar with crypto. By automating wallet setup and management, users can easily onboard and participate in secure transactions without needing extensive knowledge of blockchain technology. This feature significantly lowers the barrier to entry, fostering greater adoption and usability in P2P marketplaces.

Built using Solidity, NextJS, Dynamic wallet, Wagmi, Viem, Typescript

Based on Scaffold-ETH 2