Socious launched a decentralized escrow service

📣 Socious has launched a decentralized escrow service on Cardano's EVM sidechain, Milkomeda 🙌🏼 With support for cryptocurrencies like WADA, Djed, USDC, USDT, and DAI, we're using blockchain technology to safeguard both freelancers and businesses.

Several Catalyst-funded projects have used, or plan to use, this service because:

- Payments can be processed in Wrapped ADA.

- Payments are milestone-based, meaning that freelancers only get paid when they complete a milestone, ensuring secure payment for freelancers and work-quality assurance for companies

- Fees are low.

How it works:

- The hiring company locks funds in the escrow smart contracts before the freelancer starts working.

- The freelancer submits deliverables. Once the completion is confirmed, the smart contracts release the funds to the freelancer's wallet.

- In case of a dispute, a dispute resolution mechanism is launched.

Share this post