Secure payments through smart contracts

Using trusted third-party-based smart contracts as a tool for anyone to shop safely

A smart contract involves a buyer, a seller, and a trusted agent. The object of the contract can be whatever you want, for example buying a mobile phone or having a blind repaired in your house.

The buyer creates the contract, leaving the total liters corresponding to said contract frozen at that same moment. The buyer will no longer be able to use them, so the seller is calm that he will receive his payment if he fulfills his part of the contract.

The buyer releases the payment when he receives the object or service, so he is calm that the purchase has met the initial expectations.

The trusted agent acts only if a dispute is initiated by one of the parties, deciding whether the total number of litras is returned to the buyer or paid to the seller. In this way, the buyer is calm that if the item purchased or the service received is not correct, he will be able to recover his litras. It is important to note here that the trusted agent is not a depositary of the litras, so there is no risk of loss, he only has the privilege of deciding in the event of a dispute.

In version 2 of the client program, other parties to the contract are included, which will be facilitators of information from abroad, and which will be used to condition their business logic.

Smart contracts will go through a series of states. These changes are caused by the participants by generating events.

4 different types of smart contracts can be used to adapt to all situations that we can find:

* Buy or sell litras or elitras: This type of contract is created when you want to buy or sell litras or elitras, paying or receiving fiat currency as a counterpart.

* Purchase or sale of objects or services on web pages that put the buyer and the seller in contact: The website creates the contract and also acts as a trusted agent. The buyer must accept it through the client program in less than 5 minutes.

* Purchase or sale of objects or services offered directly by the company that offers them: Used by any company that sells products or services. The company creates the contract but cannot be a trusted agent as it is an interested party. The buyer must accept the contract within 5 minutes.

* Purchase or sale of objects or services between individuals: The buyer creates the contract by choosing a trusted agent from the collaborating companies authorized by Litra.