Posted By : Jyoti
P2P Smart Escrow Contract: -
A Secure and Trustworthy Way to Make Transactions Peer-to-peer (P2P) transactions are becoming more popular than ever, but they come with their own set of challenges, such as lack of trust and security. To address these challenges, the concept of smart escrow contracts was introduced. A smart escrow contract is a self-executing contract that enforces the terms of an agreement between two or more parties.
A P2P smart escrow contract is a smart contract designed specifically for P2P transactions. It is a secure and trustworthy way to make transactions, ensuring that both parties fulfill their obligations. In a P2P smart escrow contract, a third-party escrow agent is used to hold the funds until the terms of the agreement are met. The smart contract is programmed to release the funds to the seller only when the buyer receives the goods or services and confirms their satisfaction. This ensures that the seller doesn't receive payment until the buyer is satisfied with the transaction, thereby creating a more secure and trustworthy transaction environment.
To create a P2P smart escrow contract, you'll need to have some understanding of smart contracts and programming. Smart contracts are self-executing contracts that contain the terms of the agreement between the parties. They are stored on a blockchain network, making them immutable and transparent. Programming skills are necessary because smart contracts are written in code.
Example: P2P smart escrow contract
It is written in Solidity, a popular smart contract programming language:
// SPDX-License-Identifier: MIT
pragma solidity ^0.8.0;
contract P2PEscrow {
// Address of the payer
address payable public payerAddress;
// Address of the payee
address payable public payeeAddress;
// Address of the escrow agent
address payable public escrowAgent;
// Amount of the contract
uint public contractAmount;
// Flag indicating if the payer approved the payment
bool public payerApproved;
// Flag indicating if the payee approved the payment
bool public payeeApproved;
// Flag indicating if the contract was canceled
bool public contractCanceled;
// Constructor function
constructor(address payable _payerAddress, address payable _payeeAddress, address payable _escrowAgent, uint _contractAmount) payable {
// Require the contract amount to be greater than zero
require(_contractAmount > 0, "Contract amount must be greater than zero");
// Require that the contract amount be sent with the creation of the contract
require(msg.value == _contractAmount, "The contract amount must be sent with the creation of the contract");
// Set the addresses and contract amount
payerAddress = _payerAddress;
payeeAddress = _payeeAddress;
escrowAgent = _escrowAgent;
contractAmount = _contractAmount;
}
// Approve payment function
function approvePayment() public {
if (msg.sender == payerAddress) {
// Set the payer approval flag to true
payerApproved = true;
}
else if (msg.sender == payeeAddress) {
// Set the payee approval flag to true
payeeApproved = true;
}
// If both parties have approved and the contract was not canceled, transfer the funds to the escrow agent
if (payerApproved && payeeApproved && !contractCanceled) {
escrowAgent.transfer(contractAmount);
}
}
// Cancel payment function
function cancelPayment() public {
// Require that only the escrow agent can cancel the payment
require(msg.sender == escrowAgent, "Only the escrow agent can cancel the payment");
// Require that the payment has not been approved by either party
require(!payerApproved && !payeeApproved, "Payment has already been approved by one of the parties");
// Refund the contract amount to the payer
payerAddress.transfer(contractAmount);
// Set the contract canceled flag to true
contractCanceled = true;
}
// Get contract status function
function getContractStatus() public view returns (bool, bool, bool) {
// Return the payer approval, payee approval, and contract canceled flags
return (payerApproved, payeeApproved, contractCanceled);
}
// Get payer address function
function getPayerAddress() public view returns (address payable) {
return payerAddress;
}
// Get payee address function
function getPayeeAddress() public view returns (address payable) {
return payeeAddress;
}
// Get escrow agent function
function getEscrowAgent() public view returns (address payable) {
return escrowAgent;
}
// Get contract amount function
function getContractAmount() public view returns (uint) {
return contractAmount;
}
}
The contract has four state variables:
The constructor of the contract takes in four parameters: '_payerAddress', '_payeeAddress', '_escrowAgent', and '_contractAmount'. It requires that '_contractAmount' is greater than zero and that the exact amount of ether is sent with the creation of the contract. It sets the state variables accordingly.
The contract has three functions:
In addition, there are four getter functions that return the values of the state variables: getPayerAddress(), getPayeeAddress(), getEscrowAgent(), and getContractAmount().
September 8, 2024 at 02:33 am
Your comment is awaiting moderation.