Trust Treaty AMA with CRE8R DAO
Primer: In many industries, service providers complete their work first before receiving payment. In some cases, their clients renege on their deal and do not pay them for their work. Trust Treaty aims to solve this issue with their Web3 escrow service, providing transparency to both parties. Find out more about their project in their AMA with CRE8R DAO.
Team
Chris
Involved in multiple businesses in real life
Part of a large construction company established in London
Heavily involved with establishing strategic partnerships
Nick
Previously worked in finance
Handles Trust Treaty’s finances and negotiations with VCs
Kristifor
CTO and lead developer of Trust Treaty
Has 16 years of experience across many different industries
Team
4 people on their team
The other member is their chief marketing officer
How Did They Meet One Another?
In 2018, they went to a crypto convention in London
Realized that they were all from Bulgaria. They kept the connection open
Brainstormed about how they could transform their passion into an actual project
Resulted in the creation of Trust Treaty 12 months ago
Nick and Kristifor are brothers
Origins Of The Escrow Service Idea
Chris works in construction
In his line of work, it’s common to work in advance for the client
There is no transparency in the construction industry
When the client is unhappy with the work, they may not want to pay for it
Extremely hard to take clients to court and win the money
Similarly, in the crypto space, work is done in advance
There needs to be a way for both the client and the service provider to be protected and not get scammed
The payment is stored on the blockchain publicly
“We want to take care of both sides of the coin, we want to make sure that the people who are using our platform are actually protected in case if there is a breach in the initial agreement.”
- Nikifor Milchev
Financial Backers
Received a grant from the Polygon Ecosystem DAO
Involved in Binance’s MVB incubation program
Have been meeting VCs to raise funds and go public
Selective with who they are working with. Want to have the correct partners that push the project forward
Trust Treaty
What Is Trust Treaty?
An escrow service
The service provider and the client sign a contract with one another
Once the conditions in the contract are fulfilled, the client clicks a button to release payment to the service provider and the funds get transferred to the service provider’s crypto wallet
Process Of Using The Platform
You connect your wallet to the platform
You sign a message to prove that you’re the owner of the account
Once a contract is created, they generate a new wallet that they don’t have access to
The private key is encoded using AES encryption and stored inside the Azure vault
The wallet gets funded by the client
Once both parties agree that the contract has been fulfilled, the funds would be disbursed
In the case of a dispute, their agents would review the contract, see which party is at fault, and transferring the money back to the party who is in the right
A flat tax (maximum $50) will be charged for dispute resolution
Will have a small tax for each successful deal
Users have the freedom to tailor-make their own contracts
Use Cases
Remote work
Connecting service providers with people who are looking for a given service
Anyone who is looking to make and receive payment with cryptocurrencies
Which Blockchains Are Supported?
Polygon, Ethereum, Binance smart chain
Supports USDT, BUSD, and USDC
Will be expanding into other crypto assets and blockchains slowly
Planning to create an OTC market for their escrow service
Is KYC Required?
Does not require KYC
Some people prefer more security and assurances. They are looking for KYC provider partners to provide this functionality to this segment of users
Building their legal team
Wants to make their contracts as binding agreements that could be used as evidence in a real court
Dispute Resolution
Dispute Resolution Process
Disputes are handled using their internal management system
Their agents are authorized to access the system
The agent views the files provided by both parties and the contract itself
The agent provides his/her assessment
The dispute is then forwarded to another agent, where the process is repeated
If both agents’ assessments match, the dispute is closed and their decision is final
If the agents’ assessments do not match, it is transferred to either a manager who decides on the course of action or to their team to review
Agent Selection
Need people who are dedicated to the job
Will be done in-house
What If One Party Is Unhappy After The Contract Has Been Fulfilled?
Have a warning sign shown to clients before they actually release payment
Cannot do much after money is sent out from the escrow wallet
Hope to build a system that could mediate between both parties in the future
Will be adding extensions to the contracts (e.g. additional clauses, additional work on top of what’s initially agreed upon)
Who Pays For The Gas Fees?
Gas fee for contract creation is paid by the client
Gas fees for fund release and disputes are paid by them
The Business Model
There’s a tax for every successful deal. It cannot be lower than $5 or larger than $50
The larger the value of the contract, the smaller the percentage of the tax, and vice versa
The tax is collected in case of a dispute
Token
Do They Have A Token?
Don’t have a token yet
Raising funds so that they can launch their token
Token will either be launched on Ethereum or Polygon
It will be a governance token
Will have a Trust Treaty job marketplace where service providers could use fractions of the tokens to commit to job offerings
Will Fees Accrue To Token Holders?
No. They want to have a pure token with no taxes or fees accrued to it
How Can People Get Some Of Their Tokens?
Will have a few airdrops in the coming months
Will have a public ICO
In negotiations with different launchpads
Join their Telegram to stay updated
Use Trust Treaty — have a higher chance to get the airdrop
Integrations
Have not spoken to anyone. On the look out for new projects
Will only enter into mutually beneficial partnerships
Will They Have A DAO?
Initially, they had plans for public disputes to be resolved by the DAO
Realized that people could create multiple wallets and exploit the voting system
Decided that disputes should be an internal process done by the team
Security
Will have an audit before their ICO
Their entire architecture is built on .NET instead of Solidity
Do not have plans to open source their software at the moment
Roadmap
Launch of their internal marketplace over the next few months
Release of their recurring payments smart contract and over-the-counter (OTC) contracts by the end of the year
Where Can People Go To Get Involved?
Go to trusttreaty.com
Their platform is already live
Follow them on Twitter and Telegram. Telegram is their official community
Reach out to them if you have questions or need support
All information presented above is for educational purposes only and should not be taken as investment advice. Summaries are prepared by The Reading Ape. While reasonable efforts are made to provide accurate content, any errors in interpreting and summarizing the source material are ours alone. We disclaim any liability associated with the use of our content.