Trust is an important element in any aspect of life and in negotiation and agreements it's no different because without it we can't move forward as people or even as a society. We therefore need guarantees and final certainty to make decisions that can define a moment or a future that we dream so much about. We can't be so innocent as to believe only in words, but we must follow what is right. With this in mind, in this article I'm going to write about ArbStore, a decentralized application based on the foundations of Obyte, an ecosystem that aims to deliver decentralized and efficient solutions to everyday problems or problems of any interest(Check out Obyte to find out more/Click here).
Another point I can't forget to reflect on in this introduction is how necessary a light and simple environment is for executing agreements. If you think about it, apart from the traditional legal profession, do you know of any other reliable environment for making agreements?Contracts? You can answer me by saying, but don't blockchain or smart contracts do this? The answer is yes and no. To arrive at an environment like ArbStore requires a compilation and modification of interests, in other words, the sum of the developers' vision and practical execution. So it's a long time of experience combined with the desire to deliver the best.
What is ArbStore?
Before describing and reflecting, take a look at the image below which explains the Arbstore project in practical terms:
The idea behind ArbStore is to make it possible to make contracts between two parties of interest, be they companies or individuals, lighter. In practice, the application will be a decentralized tool that will allow funds to be deposited, which will be blocked by the buyer for the duration of the contract (no more, no less). The buyer will then only release the funds to the seller once they have received what they paid for(item or agreement). But if any problems arise?disputes or allegations of fraud in the agreement. If something unforeseen or related arises, the parties can invoke an arbitrator who will study the evidence, act as a judge and after a verdict will release the funds to the winning party.
The operating mechanism between the two parties works in a simple way, both must download the Obyte wallet, pair it and accept the terms of the contract and sign the contract digitally. All of this occurs safely and both parties agree on who will be the arbitrator in the event of a dispute or unforeseen event.
Benefit and Future
The main benefits that are in evidence are: Security, privacy, decentralized custody and low cost where ArbStore will collect 0.75% for each contract that is made on its platform. This is very cheap! The possibility of doing everything using your cell phone is also a benefit that should be considered because every day the cell phone is becoming a more widely used tool compared to notebooks and desktop computers. We must understand that we will have complete freedom and security to wait and act in accordance with the terms established by the agreement and contract. We shouldn't worry about fraud, because the Obyte ecossytem is completely secure to guarantee all possible neutrality.
The future is promising because it could lead to important homes and situations in communities around the world. Therefore, ArbStore can be a tool in contracts for small markets, small merchants, enabling the adhesion and use of medium and possibly large corporations.
As far as adoption is concerned, we should be hopeful because the project meets the expectations that Web3 is looking for, and in this case it's complete decentralization without even the possibility of a centralized resource. So we know that Obyte and its ArbStore application have the resources that this segment is increasingly demanding.
Now I'm thinking about something interesting.... What would it be like to use Arbstore in the Metaverse? In a digital world where there will be a need for security in possible contracts for digital land and the purchase of various products.
What do you think? Would ArbStore be able to meet the demand?
I leave you to reflect.
Below is the quick guide for you to use the ArbStore ecosystem:
You Mediate by being an Arbiter
This option is interesting because you can become a Arbiter and help maintain order if there is a problem. The arbitraters fee must be paid in addition and the fees vary from 2% to 5% of the contract, because it will give a final verdict that both parties want as quickly as possible. Each Arbiters has his fee.
See the list of Arbiters.
This article is just an introduction and a reflection, where my focus is only on showing the aspects that can be strong in everyday use. Now, if you are looking for more advanced technical terms, I recommend that you visit the links below the article to find out more and understand a little if you wish. As far as I'm concerned, it's simply practical and anyone can use it without the need for any great knowledge. With just a little reading or intuition, users will be able to take advantage of the entire ecosystem. We mustn't forget the costs, where you will have access to great technology at a minimally significant price of no more than 5% depending on the Arbiter(This value only becomes evident if a problem occurs). To conclude, it's a great option for the future and in fact not just ArbStore but all Obyte applications that are ahead of their time and sooner or later will be recognized...
ArbStore is part of this!!!