Tuesday, September 5, 2017

0x Services Objective & Requirements


Below are the objective and requirements of 0x platform

Objective:
Provide a decentralized platform where a client can post a service request and a provider or contractor perform the service in a trustless environment and with escrow payment system.

Requirements:
Client
  • Register and create an account with 0x. 0x creates an user account in Ethereum chain
  • Post a service request in 0x and set its price in Ether or 0x tokens. 0x creates a smart contract on Ethereum chain
  • 0x charges a small amount of fee for creating the contract, this is in addition to the gas required by Ethereum chain. This fee will be paid through 0x tokens
  • Negotiate the price of the service with the provider (out of scope for POC)
  • The contract acts as the escrow account. Fund the contract with the agreed service amount. This funding can be done through Ether or 0x tokens.
  • Once the work is complete authorize payment to the contractor.
  • Settle disputes with help of arbiter

Contractor
  • Register and create an account with 0x. 0x creates an user account in Ethereum chain
  • Apply for a service
  • Perform the requested service (outside of 0x)
  • Request payment for the service
  • Receive payment to the account
  • Raise arbitration if the payment is not received

Arbiter
  • Settle the dispute and authorize the payment from escrow account.
  • 0x acts as the default arbiter. The client can choose his own arbiter.


The below are the out of scope requirements for the current implementation and these can be taken up at a later time.
  • Terms and Conditions of the work which will be checked before the payment is made
  • Termination procedure
  • Intermediate payment or payment schedule where the contractor gets payments based on the payment terms

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1 comment:

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