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  • Lev Mikulitski

Doing your first step with Mellifex's escrow? We got your back!

Performing an escrow operation on the Mellifex platform is a fairly simple process, at the same time, as with any technological system, when it is something you are not used to doing, then the first time can raise a lot of questions. You have nothing to worry about. We made sure that the process would be as simple and friendly as possible. And if something still doesn't work as it should, just talk to us.

Step1: If it is your first time using Mellifex or a Polygon DApp more generally, you should change the network. Note: This example is for MetaMask users, but it will look similar for other WalletConnect-compatible wallets like Trust (we recommend browser extensions vs mobile apps). See below.

Step 2: Here you can see the recommended values for Polygon Network. A few advanced users will add their custom RPCs, but what are those? You can think of RPCs as parallel lanes of the blockchain highway, they get you from the same point A to the same point B, but when congested some switch. See below.

Step 3: In order to log in your account you merely have to add an email address for notifications and connect a wallet, the combination of those determine what the account shows, so the same email connected to one wallet or another shows observers parallel realities within this "quantum account". See below.

Step 4: As you can see, the email address alone shows an empty shell with no data, if there are any escrows your wallet is already part of, those will show once you connect such wallet, otherwise now you can proceed to create your first. Remember that for escrows to show both, email and wallet shall match. See below.

Step 5: This is an anonymised example of how your dashboard would look like should you be part of any escrows. "View details" will not only show you the transaction details, but it is the go-to place for interacting with escrows and other ancillary actions (such as sending messages and uploading files). See below.

Step 6: Either the buyer or the seller (or agent) can create escrows and the choice of role will determine the fields to be filled (here we see the connected wallet is the buyer). In summary,the billing info: Buyer's/seller's wallet, buyer's/seller's name, buyer's/seller's email, and last buyer's/seller's location. See below.

Step 7: You can see the reference to some "escrow expiration date". This timelock is for transactions under $10,000, where funds can be claimed by the buyer righ away, provided no progress was made. Unamicable claims of $10,000 or more will be administered by the Blockchain Arbitration Society. See below.

Step 8: The counterparty (in this case the seller) is notified via email to access his/her dashboard and accept the pre-created transaction details, deploying their dedicated smart contract to hold the funds in escrow. Messages and files can be shared at anytime and Mellifex will encrypt all communications. See below.

Step 9: Back to the buyer, now he is expected to fund the escrow by signing the transaction with his wallet in the way the screenshot shows. Polygon Network is virtually gas-free, but there are traffic spikes, so, if it takes too long to process, consider slightly increasing gas fees and, therefore, your priority. See below.

Step 10: Once the escrow is funded, several actions can be taken… Here the buyer opted to release the funds, alternatively, he could have cancelled (with the seller's consent over $10,000). If any of the parties raised a dispute, the arbitrator's wallet could decrypt communications and execute an award. See below.

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