What is an Escrow System?

Welcome back my beloved dear readers of the Journey to the Unknown! I'm sure you all had a busy start of the week yesterday. Monday madness it was but before you get busy again today, please spare 2 minutes of your time by reading yet another episode of our exciting discoveries here. Let's go ahead and start the day right.

Yesterday, we've discovered further details about an exchange network and that Virternity, and Virie for that matter, has their own Distributed Exchange Network that allows exchanges of goods, services and currencies without the need for a third party brokerage thus eliminating the fees and making it cost effective, easy and simple to process transactions but did you know that they also have their own Escrow System? I've already mentioned that in one of posts here but let's take a closer look to it in our episode today.

Escrow technically means a bond of trust between two parties making a service deal with each other by involving a mediator in-between. Traditionally, escrows are conducted by the involvement of a third-party which is responsible of making sure neither of the parties involved in the service deal is defaulting. The buyer deposits a negotiated amount of money in the escrow and demands the service to be done in a negotiated time. The seller is notified of the deal and and the time period in which the service needs to be complete. Thus, the serviceman is responsible for completing the service within the negotiated time for the negotiated charge at an acceptable quality.

During the entire service period, it is the responsibility of the third-party to ensure the security of the money. If the service done is approved by the buyer, the escrow will pay out the deposited money to the seller keeping a pre-decided percentage of the money as an escrow fee charge.

How is the Escrow System of Virternity differs from that? Because it's decentralized which means that it's not controlled by anyone albeit unregulated markets are known for fraud and lack of guaranty, Virie's Escrow System adds another layer of security which guarantees that virtual transactions are fraud resistant. There is no potential of falling under a fraudulent third party organization because again, the transactions are direct and not managed by anyone else but yourself.

Another great discovery about Virternity and Virie, right? This project seems to be really huge and whoever will invest in Virie seems to be guaranteed of safety and security. They will start the crowd funding by January and I plan to sign up for it. After all, I can already use it for buying and selling in the current time even if the project is yet to complete. I will keep you posted about it when I do.

There you have it for today's episode folks. Join me again tomorrow for another awesome trip to the unknown. Please hit the heart button and talk to me in the comment section. Te hablare' mañana!