Smart Crypto Escrow

TECs are built to guarantee payment upon work delivery. This is done via our Smart Crypto Escrow.

This is one of the most important feature of any TEC as it is the talent-protection feature that allows work to be done trustlessly. Talents no longer have to worry whether they will get paid for work done. Upon the deployment of a TEC, the agreed value of payment is escrowed directly onto the contract. This means that the funds involved in the contract are transferred from the hirer’s digital wallet directly onto the TEC.

Once the terms and conditions of the contract have been fulfilled, both parties sign an on-chain transaction to trigger the fund release to the intended recipient. If there is a dispute or disagreement between the parties involved, the delegated dispute feature can be used to resolve the issue.

Fixed payment: This is the current available TEC payment option that allows a single escrow & single release based on the pre-agreed job scope. Payment is released upon dual signature approval from the participating hirer & freelancer.

Milestone-based payment (coming soon): multi-stage escrow that allows hirers and freelancers to opt for a milestone-based payment where each release of payment is based on completing specific milestones for the job scope.

Recurring / contract payment (coming soon): contract style payment that allows a pre-determined recurring payment based on the length of the contract hire. A more flexible option to hire and guarantee no late payments for the entirety of the contract.