At the moment, issue a token known as ESCX which stands for Escrow X in the Crypto*Trade 2.0 Community, to be launched on 31 July 2016. The objective is to allow both traders on each side i.e. BUY and SELL to trade safely in the marketplace. This is where the insurance of each transaction kicks in, ESCX is a token circulate in the community to help protect a deal from financial losses as a result of fraud from a trusted member only.
Victims are able to get reimbursement by filing in a report provided claimer is well insure before the event OR a protected deal that goes thru escrow, it is a community driven insurance protection scheme whereby the reimbursement rate is largely depends on perception of escrow members, which are candidate elected from community before approval to create additional ESCX token in the community and that losses value of BTC is recovered by auction hence the outcome of each case can vary significantly.
ESCX - Risk of exchange with Peace of Mind
More announcement at https://bitcointalk.org/index.php?topic=1542073.msg15502682#msg15502682
More information at https://blockscan.com/assetInfo/ESCX
Join us at https://t.me/c2trade
Ensure your Telegram apps is on!
In order to thrive further and put it to a more sustainable growth path of marketplace in longer term period, Crypto*Trade 3.0 is born. We are currently in talk with other group leaders to achieve common ground. It is a private group, added manually only with invitation given to traders who have actually fulfilled our stringent criteria set out here.
#. You use an Indiesquare wallet
#. You are already a VM @c2trade
#. You are an Escrow Committee who hold at least 20 ESCX
Crypto*Trade 3.0 will continue to co-exist with @c2trade. To further safeguard the cryptocommunity, some measures are introduced on top of existing houserules as we are preparing to integrate our ESCX membership token in various exchanges. In other words, there is a free float cost of membership that is determined by the market force if you want to join us.
Ideally speaking, for a new group with no socialized community losses whatsoever then your membership should be nil that is no cost to join. However, we do have some cases happened in the past unfortunately, settled and brought forward. You got to check our historical development in the group @c2trade. Hence, our cost of each token is set at 0.001 ESCX/BTC which indicates 15% discount of last done price, available to purchase from ESCX Treasurer, while stock last. Payment is made to Treasury address to reduce workload of audit and make it easy to cross check in blockchain later. Use the address from Indiesquare wallet for both BTC and ESCX transactions. No third party transfer - Proof of Receipt.
In the old group @c2trade, we are going to introduce new measure to ensure it reaches far greater audience and horizon in cryptocommunity. The membership renewal fees is set out below. Well, admin team will carry out duty to scrutinize all activity diligently from time to time with integrity, ethics and profession.
OPT1: Send 1 ESCX per year as your membership renewal fees to Treasury address
OPT2: You can simply ask for a waiver by bringing in another 10 referrals or new friends per year via 'add member' feature @c2trade to keep counter in check
Failure to do so will have your ads post removed from the group. We encourage you to promote our ESCX membership to your friends and traders. Often enjoy more direct deals with ample liquidity in marketplace if you feel being part of us and no more third party intermediary deals.
Terminology of ESCX Membership Program
Admin shall remain as the sole issuer of ESCX token in Crypto*Trade 2.0 who is responsible to liaise to/from multisig escrow members route and thus are NOT allow to carry out any sales related of token directly.
Escrow members are elected candidate to carry out duty to ensure a smooth transaction can happen between a buyer and a seller. Escrow members are responsible to carry out the sales of ESCX token, to justify the new amount of token and to decide on the outcome of a claim, all you need is 2 of 3 approvals or in case of tie, a referendum will call in.
Escrow committee are the ultimate owner of Crypto*Trade 2.0 and capable to dissolve the formation of escrow members after each new round of amount of token released to public due to claims.
CT2Traders are trusted dealer networks who registered with @cerebros_bot and got an introducer who has transaction history with track record, ranked by public and credit risk secured by insurance protection.
Classification of membership:
#Verify Members (VM)
Trader who obtained a pass in our verification system and eligible for ESCX Insurance on volunteer basis or by invitation only
#Non-Verify Members (nVM)
Trader who has long trades of history (5 individual trades) in the group that honoured a transaction without fail, vouched by 3 other members ie. A proposal, A seconder and A witness. The 3As' must have either fulfilled one of three criterion outline here, been active for one year, recognized as VM and dealt with the person before. You will be automatically tagged in our Gazetted Master List (GML) as somehow trusted. However, nVM are not entitled for ESCX Insurance. Deal at your own risk
Ordinary member who joins the group for fun, chit-chat, discussion of crypto and perhaps meet up for business idea, expand networks relationship and do not get involved in any transaction or trade at all.
Classification of wallet:
A multisig BTC address held by 2 of 3 escrow members. Used it to keep for ICO funds, claim funds, escrow transactions and escrow fees
[19.5.2016] Escrow Address: 32EyQiKfmqAz8AA5PcabUVbUsxSxWVif6w
A multisig BTC address held by 2 of 4 lead escrow committee. Used it to authorize tranches of bill payment arises from development order
Payout in BTC
[18.3.2017] Development Address1: 39CKv4fRZSRiRpxkcs4B4ebeRr43XSUpyJ
A solo ESCX pool address which has leftover of unauctioned and unsold unit of ESCX held by admin, derived outcome of votes from ESCX holders. Used it to authorize tranches of bill payment arises from development order
Payout in ESCX
[6.6.2016] Development Address2: 1AXgQdNmANYQgu4KXYRFTCKS6A26no9bek