Abstract

Fulfilling the terms of agreement (contract) between a buyer and a seller becomes problematic when the seller does not guarantee the quality of a product or service. This problem which persists to this day, has always led to disputes between both parties.

The escrow system would present itself as the solution to this problem. ADEed is the technological evolution of the traditional escrow services that would incorporate blockchain technology, providing the users with a robust protocol that will be viable to apply to the business and consumer sectors.

ADEed will utilize smart contracts using the Cardano blockchain to manage a new generation of escrow services that will eclipse the traditional methods for guaranteeing the quality of products and services.

Ideal Environment For Escrow

Smart contracts interact directly with the associated blockchain and require neither outside institutions nor intermediaries to guarantee the rights of both parties executing the smart contract. Although in some instances, human arbitration is necessary, such as in the case of disputes. 

The use of smart contracts up until today has facilitated the execution of countless financial trades involving different types of digital assets. The integration between physical trades and smart contracts has been hard to implement, and physical goods sales continue to rely on traditional methods to get concluded.

Smart contracts and blockchain technology will streamline escrow services and provide additional security and transparency. Blockchain technology will also further enhance transaction times and costs for all parties involved. 

The Product

This platform is intended for: 

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Business-to-Business Sector (B2B)

Companies that intend to purchase goods/services from other companies.

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Business-to-Customer Sector (B2C)

Companies that intend to sell their goods/services to direct customers.

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Customer-to-Customer Sector (C2C)

Customers intent on buying and selling goods/services with other customers.

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Business-to-Business Sector (B2B)

Companies that intend to purchase goods/services from other companies.

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Business-to-Customer Sector (B2C)

Companies that intend to sell their goods/services to direct customers.

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Customer-to-Customer Sector (C2C)

Customers intent on buying and selling goods/services with other customers.

The platform offers its users a quick and safe way of conducting cryptocurrency transactions that involve physical goods.

Fees applying to any contract will be based on a calculated percentage determined by the protocol, taking into account the complexities of the smart contract to maintain the optimal and most efficient processing of all contracts. Fees will be available to both parties before the initiation of any smart contract. More information about fees will be available in the ADEed whitepaper.

The product itself consists of 3 main components:

The main blockchain in which will form the smart contracts.

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An API that will allow businesses to create their own ADE.

A mobile app for customers to easily access digitized contractual services.

How It Works

Person A desires to purchase (x) goods from Person B

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Person A sends ADA coins to an ADEed contract directly from their Cardano Wallet (eg. Yoroi, Deadalus). The transaction cost is calculated in real-time by data obtained from the most recent Cardano blockchain explorer.

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The ADEed contract sends the ADA coins to another user willing to arbitrate, simultaneously locking the transaction amount and the transaction cost in the contract.

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Person B ships (x) goods to Person A to initiate the conditions set by the smart contract.

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Once they are confident that (x) goods were accurately sent by Person B, the arbitrator will approve the transaction and send the locked ADA coins to Person B, completing the transaction.

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If anything goes wrong or there is a dispute between Person A or B, ADEed will reimburse Person A or B accordingly. The refunding is done by returning the ADA coins to the party that initiated the ADEed contract. The person who submitted their tokens for this contract will be reimbursed post-transaction if both parties agree that they no longer wish to continue with this trade and want to return the funds they used to initiate this transaction.

Contract Lifestyle

There are six possible states for a contract:

  • ‘New’ (initial state), 
  • ‘Started’
  • ‘Expired’ 
  • ‘Paid’
  • ‘Release’ 
  • ‘Arbitration’

Contracts start in the initial state and will update to a different state as further actions are taken to advance this contract. 

Starting from its initial state, when a set of conditions are met within the contract, it activates the release of funds. Should a dispute arise between the seller and the buyer, such as the elapsed time required to complete the contract, an arbitrator would then be assigned to the contract. The contract would then enter an arbitration state where it will not be concluded until both parties are satisfied with the decision of the appointed arbitrator. If no such conditions are met, contracts remain in this state indefinitely. 

Once both sender and receiver reach an agreement, the contract enters a release state where it can only be executed by sending signed transactions that distribute funds according to the pre-defined terms set out in the contract; the final state.

Contracts start their life cycle anew when they expire. Expired contracts enter the initial state and go through the entire lifecycle, from setting up conditions for becoming valid to reaching an arbitration state.

Goals

  • Provide individuals with a smart contract that allows them to quickly and securely sell their goods and services.
  • Build a decentralized community of trustless individuals who trade goods and services using smart contracts.
  • Allow service providers to automatically deliver their service when the buyer decides the payment is complete.
  • Enable sellers to receive payment fully without waiting for approval from a trusted 3rd party.

Token Destribution

  • ADEed tokens will be issued as ADE. 
  • ADEed tokens will govern between buyer and seller, allowing transactions such as payments, premiums (insurer), token distribution for insured parties.​ 
  • ADE are the only tokens that all stakeholders can use on peer-to-peer transactions. 
  • The ecosystem will consist of 3 agents:​​ 
    Buyer
    Seller
    Insurance Provider (OPP)
  • Tokens are distributed directly through smart contracts.

ADE Wallet

ADE Wallet will allow users to safely store their assets, taking advantage of the benefits offered by blockchain technology such as decentralization, security, and transparency. ADEed users will utilize the platform by depositing tokens into escrow accounts. The ADE Wallet will provide its users with an easy interface for dispatching transactions.

 The ADE Wallet also has multi-signature capabilities, meaning multiple parties can use it or control different wallets. Any blockchain project can integrate our API to incorporate ADEed and offer their ADEed a unique wallet address. 

 In this case, stakeholders from the ecosystem will choose which wallet/project they want to use without changing any of our procedures or rules for issuing or resolving disputes. 

Token Metrics

$ADE

Token Name

50,000,000

Token Supply

1,542,500$

Initial Market Cap

Disclaimer

We hope you find this helpful information, and we urge you to provide us feedback on what you’ve read. If you have any concerns or difficulties with our proposal, please inform us to address them before launching the service. We are confident in our ability to create a solution that will transform the blockchain escrow business, and we invite everyone to join in the discussion about its future.

This document is for educational purposes only and is not an offer or solicitation to sell shares, nor shall there be any sale of such shares or securities in any jurisdiction in which such offer, solicitation, purchase, or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

All funds earned from this platform will be used for development purposes only to make sure we can maintain a high standard for our users. We will always use funds responsibly and economically because we value transparency and want investors/users to know where their money goes when they invest in this project.

Token Metrics

Supply

Price

Tokens

Vesting

Seed Round

3%

$0,30

1,500,000

15% on TGE, after 3 months – 5%, then 10% each month

Private Round

26%

$0,50

13,000,000

15% on TGE, after 3 months – 5%, then 10% each month

Public Round

1%

$1,0

500,000

100% on TGE

Liquidity

25%

12,500,000

5% on TGE

Team

15%

7,500,000

10% on TGE

Development

15%

7,500,000

10% on TGE

Advisors

15%

7,500,000

10% on TGE

$ADE

Token Name

50,000,000

Token Supply

1,542,500$

Initial Market Cap

Disclaimer

We hope you find this helpful information, and we urge you to provide us feedback on what you’ve read. If you have any concerns or difficulties with our proposal, please inform us to address them before launching the service. We are confident in our ability to create a solution that will transform the blockchain escrow business, and we invite everyone to join in the discussion about its future.

All funds earned from this platform will be used for development purposes only to make sure we can maintain a high standard for our users. We will always use funds responsibly and economically because we value transparency and want investors/users to know where their money goes when they invest in this project.