Themis Network, A Decentralized Escrow Service
When buying goods online, buyers prefer to pay the seller when the goods are received, while sellers prefer to receive their payment before shipping the good to the buyer. Centralized payment solutions hold funds in escrow to achieve "fairness" in these kinds of transactions.
Most decentralized payment solutions use 2-of-3 multi-signature wallets. The buyer, seller, and a third party each get a signature and only two out of the three signatures are needed unlock the funds. However, this solution is subject to collusion between any two of the three parties.
Hash time-locked contracts where accepting a payment reveals a cryptographic proof of payment is also subject to denial-of-service attacks where one party can remain idle and lock the funds.
Themis provides a decentralized digital currency escrow service to provide fair exchange services among digital currencies, digital assets, and physical goods.
Erick Pinos is currently President of the MIT Bitcoin Club & Technologist in Residence at Game Theory Group. In addition to this, Erick is part of the MIT Digital Currency Initiative and Director of Operations for the Blockchain Education Network.
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