Alright is a peer-to-peer agreements app to safely exchange goods & services with anyone through decentralized escrow.
It enables two people to lock in an agreement to buy or sell something, secure the deal with collateral as a security deposit, and release the payment when they are both ready. Alright is for any transaction that comes with some counterparty risk of non-performance, and it is faster, easier, and cheaper than using traditional middleman escrow services.
Both parties would have a security deposit locked in the contract, so if Person A doesn’t hold up their end of the deal, the Person B won’t approve the release of the security deposits until the deal is fulfilled.
The security deposits being locked (and being a meaningful amount) is what keeps both sides honest.
Let me know if that makes sense! Happy to elaborate further.
So just to bring that back around, if someone is planning to be dishonest, they are not going to lock in a security deposit in the first place. Alright is for honest people, and will have a much higher deal completion success rate than other channels because dishonest people would self-select away from locking in deals they have no intention of completing.
I really like this proposal. It’s actually a practical use of Web3, which is refreshing to see. My only question is, what happens if an “act-of-God” prevents a deal from being completed. Let’s say both members of the transaction make good-faith deposits with every intention to complete a deal, and (not to get extreme) one of the members dies. What happens to the deposits and transaction?
One of the things I have learned about explaining this concept to people is that everyone tries to “break it” somehow So far, though, the model is holding up well.
The short answer is that the same thing would happen as happens today in traditional dealings, which is that you would have probably a claim against the estate of the deceased. One of the reasons this project needs funding is to work with a lawyer to provide the right framework, guidance, and resources for Alright and its users to navigate such edge cases.
Thanks for the explanation! I might actually have a lawyer who can help you with that when the time comes. He’s an estate attorney (or that is my understanding, he is the husband of a former co-worker of mine) that has a particular interest in digital assets. Feel free to PM me about it! I have no affiliation with them, but I enjoy connecting people and helping out!