The Smart Contract Escrow Account (SCEA)
Onboard has developed a decentralized escrow system to enable value exchange in a trustless, permissionless manner. The core idea behind this system is a Smart Contract Escrow Account (SCEA) created on the blockchain.SCEA Key Functionalities
- Storage of assets: store assets not locked in an ongoing transaction, similar to an externally-owned account.
- Escrow Lock: lock tokens being transacted during an ongoing exchange.
- Deposits & Withdrawals: assets deposited directly into its address, or transferred after a transaction, are stored in the SCEA. The SCEA’s owner can withdraw from this balance, so long as it isn’t locked in an ongoing transaction.