How it works

Buyer pays to Paybox, Seller arranges meetup or ships the order, Buyer then confirms and Paybox releases payment to seller.

In this process, it’s the smart contracts on the blockchain that are the key factors in creating a possible exchange in a trustless environment. Where Tokens of the buyer gets locked up, as soon as the seller accepts the order, and the buyer will only release these as he confirms receiving the items ordered, and the seller receives the payment. Of Course in the real world, many things can go wrong even in the simplest scenarios, and we will work out all these and have ways to handle even the most tricky ones. But let’s keep things simple for now.

In case the seller for some reason cannot fullfile the order, he will cancel it, and the tokens will be refunded to the buyer. The buyer can only cancel the order up until the moment it’s been shipped, after this he could ask for a refund, return the product, without releasing the tokens to the seller. If the seller accepts, the tokens will be refunded to the buyer.

In case of either party failing to respond within a certain time frame, tokens will be moved into a challenge contract, where either party who wants to claim ownership of the tokens, must prove that they fulfilled their part of the deal.