Escrow Smart Contract for dApps 🔥

[IMPACT]

Create an Plutus escrow smart contract which will involve a variety of predefined constraints to allow two parties exchange value on an agreement-bases, in a "trust-less" manner which can prevent potential scams when interacting with an unknown person.

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The created smart contract will cover a variety of use-cases, for example:

• locking funds after a predefined "release window" in which case one of the parties cannot withdraw their funds that would incur losses by the commitment made by the other party to deliver on an agreed time & value.
• an explicit and implicit funds release by an indication of one of the engaged parties or by the Smart Contract Service provider in case of a dispute. Examples :

1. Bob (service provider) and Alice (service consumer) agree & sign together an agreement which states what needs to be fulfilled in order for the full transaction to happen. Both parties receive their NFTs indicating their engagement in an agreement which is then stored on Smart Contract address. After Bob delivers his promised service, Alice is then obligated to indicate that (either by an dApp User Interface or any wallet solution) so that the locked funds can be released to Bob
2. In case where Bob hasn't delivered on his promise or the agreement outlines hasn't been fully met, Alice can raise a case in which case the Smart Contract service provider is obligated to resolve that dispute.

• this project will serve a role for our Plutus Project Based Learning project that's ongoing at Gimbalabs. We will use this example to teach people how to tweak it, create their own versions of Escrow Contract which than can be used in their own projects. This will result in more people being capable of building good software on Cardano.

We will be willing to integrate this smart contract solution into our ongoing project at Gimbalabs, called Bonfire - scheduling dApp. The implementation of it will be also a good real-world example for our Plutus students at PPBL.

There is a small transaction fee being considered for supporting the Gimbalabs work and support of our other internal projects. The exact amount is yet to be defined.

This project will help in building viable and high standard dApps on Cardano which will then in turn manage to attract more users and help with adoption of Cardano blockchain.

Unable to deliver on a project within a given time frame due to unforeseeable circumstances.

[FEASIBILITY]

Within 1st month

• create a detailed plan for the structure of this project.
• take into account considerations of a smart contract vulnerabilities, by looking at those that already live on mainnet.

Within 2nd month

• run tests on testnet to ensure that contract is working as expected.
• integrate it into a real world dApp, which will serve as a great use-case example for other people.

$3000 to develop an Escrow Smart Contract and a well documented instructions for its integration in an easy, digestible way.

Piotr Napierala - Full-Stack Software Engineer

Randall Harmon - Smart Contract Expert & Project Manager

We're part of the Gimbalabs core team. Working on decentralized solutions to empower people with blockchain technologies.

[AUDITABILITY]

By reaching each milestone in our well defined road-map.

Successfully run tests on testnet which will give us a "green-light" for giving it a go on mainnet.

The end result should be a well documented example of an Escrow Smart Contract which other people can use it in their own projects. Our goal is for it to be an open source project published under Apache 2.0 License, and hosted on websites like Github or Gitlab.

If this project can reach a real-world application by empowering their users or to give other people an example to learn upon, we can call this project a successful one.

This proposal is an entirely new proposal.