super easy escrow payments on ethereum with escaroo
When I'm not making these educational videos on YouTube, I work as a blockchain developer doing work for clients as well as building my own projects. In a previous video, I showed you how to create a simple escrow smart contract using Ethereum and Solidity. Now I'm proud to show you a project I've been working on with a partner of mine. It's a decentralized smart contract escrow dapp built on Ethereum called Escaroo!
In this video I'll show you how to go through a simple transaction from start to finish. Let's get started.
First you can access the dapp by navigating to https://app.escaroo.com. Next you need to connect an Ethereum wallet. In this case I have the Metamask extension installed in my browser. Once connected you'll be greeted with home screen. Click CREATE AN ESCROW and then fill out the details of the transaction. In this case, I'm buyer a cool tech gadget from my friend for 20 DAI. DAI is an Ethereum stablecoin pegged to 1 US dollar.
Once it is created I can navigate to it from my dashboard. If for any reason you are unsure of what to do next, you can just click on WHAT NOW? and it will give you more information on what to do next. In this case I want to share the escrow details with my friend so he can participate. This can be done by clicking SHARE THIS OFFER and then COPY AND CLOSE . With the link copied you can send it to the other person using your messenger of choice or via email.
My friend has received the link and has decided to visit the dapp using Coinbase Wallet on his phone. Pretty much any Ethereum wallet with a dapp browser will work. My friend can log in using BROWSER WALLET and then inspect the details. Once he's satisfied he can click ACCEPT OFFER TERMS to participate in the escrow.
Once I see that my friend has accepted, I can click DEPLOY ESCROW . This will create a unique escrow smart contract on Ethereum. Once it is deployed both my friend and I can inspect the contract including its source code.
My friend can now go back to the dapp and view his dashboard. He should see the escrow he accepted. If he clicks on it and scrolls down, he will see a contract address and the current status of the escrow. If he clicks the link next to the contract address he can inspect the contract and source code on Etherscan.
Back in my browser I can now initiate payment. Because I'm paying with DAI and it is an ERC20 token, I need to give approval for the smart contract to spend 10 DAI plus fee which is 0.15 DAI in this case. I do this by clicking UNLOCK TOKENS . After my tokens are unlocked, I can click PAY . Once complete the status should read PAID .
Back on his phone, my friend can see that the escrow has been paid and he can even inspect the transaction for payment on Etherscan is he likes. Once he's satisfied he can deliver the cool tech gadget I requested from him.
When I receive the gadget, I can click RELEASE FUNDS and the transaction will be marked COMPLETE.
My friend can check the status on the dapp, view the transaction on Etherscan and also verify that he received the DAI in his wallet.
That's it. That's how you can perform a simple escrow transaction from start to finish using Escaroo. Feel free to check it out for yourself.