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Transfer
Transfer action is a blockchain transaction* that sends digital currency, a.k.a. tokens, into the contract. Transfer happens only after the contract has been deployed to the blockchain, and never in reverse order.
Until the transfer is done, the Contractor (seller) does not take any action and should not proceed with the order.
By transferring the agreed amount of tokens into the contract, the Contractee (buyer) activates the contract. This change to the contract state is time-stamped and can be traced through the Contract Chat.
Once the contract becomes active and valid, the Contractor (seller) should start working on fulfilling the contract terms.
Because the contract is on the blockchain, it can only store cryptocurrency tokens and not fiat.
Unlike traditional escrow services, no authority or third party has access to funds kept by the Zenland contract. The blockchain nodes (individual computers) supervise all contract operations and prevent unauthorized access. This ensures the contract remains unbiased and fair for both parties.
Funds that both parties agreed upon remain in the contract until the Contractor fulfills the terms and delivers the order.
Good to know
Transfers have blockchain processing fees, a.i. gas fees.
Last modified 1yr ago