With growing online frauds and scams, it has become imperative for companies to establish a secure transactional process. An escrow is a system that helps organizations avail the much-needed reliable payment process. It is basically a trustful third-party platform that holds and regulates the funds required for a business transaction between two or more parties. The secured payment is only released when the concerned escrow company validates all the terms of the agreement set between the transacting parties. Escrow is evidently a resourceful mode of transaction for businesses, however, setbacks such as high fees, complexities in the transaction process, extreme rigidity, etc. make centralized escrow services somewhat ineffective.
Natmin Pure Escrow is a blockchain-based technology that aims to revolutionize the escrow industry by facilitating secure transactions at lower costs. Furthermore, this self-regulating platform integrates smart contracts that eliminate the middleman, ascertains security, and minimizes the transactional costs. It adheres to AML/CTF (Anti-Money Laundering and Combating the Financing of Terrorism) Regulations, which allows users to be assured of the security of their transactions.
The Natmin Token
The Natmin token or NAT token, is a digital currency that empowers this escrow platform. It is utilized to fund transactions between the buyers and sellers. It is an unmineable token that is built on ERC20/ERC223 standards using the Ethereum blockchain. Moreover, the Natmin platform only issues tokens in a limited number. Hence, the users can either acquire the token directly from the platform, or from other selected exchanges after the Token Generation Event.
After the Token Generation Event (TGE): 70% of the unsold tokens will be offered to pre-sale and public sale contributors as a bonus; 15% will be immediately burned; and the remaining 15% will be made available for purchase on the Natmin platform.
Natmin Nodes - Reputed Voters Negotiating Disputes on the Platform
A Natmin Node is essentially a physical user eligible to participate in dispute transactions. Anyone can register on the platform to become a Natmin Node. They assess the supporting documents presented for dispute, cast their votes, and in return, earn tokens for the service provided. The tokens they receive are proportionate to 14% of the allotted transaction fee, that is directly transferred to their respective accounts once the transaction is settled. A dispute transaction requires five votes and a success rate of 60%.
Fee Structure of the Platform
One of the primary objectives of Natmin Pure Escrow is to offer safe transactional escrow services to users at low costs. Users can perform a standard escrow transaction with no dispute at a 1% transaction fee. This fee is payable by buyers and sellers at 0.5% each.
In cases of conflict, an additional 3% transaction fee is charged to the party that initiates a dispute. Moreover, if any of the parties raise an appeal on the dispute decision, an extra 3% is charged to initiate a second round of voting. There is a maximum of two rounds of voting during a dispute and if a second round is initiated, the vote made by the reputable Natmin Nodes is the final decision.
A Cost-Effective and Reliable Escrow Platform
Natmin Pure Escrow is a decentralized platform based on blockchain technology that allows users to trade without fretting about any payment security issues. By providing cost-effective escrow services, the platform has enabled even small and medium-sized firms to leverage the benefits of the escrow system and strengthen their base of online trading.