[Market News] SrcPay by Sourcery - Payment, Settlement, Escrow

TL;DR: SrcPay is a service run by Sourcery and has an API that allows vendor shops to create contracts for escrow. Essentially, SrcPay is the first step towards decentralization. A market/shop focuses on their hidden service to present their goods and services. Then when a buyer makes a purchase, the shop reaches out to SrcPay hidden service to create an escrow contract. SrcPay provides escrow and arbitration services so that an independent vendor shop can offer escrow services - which is one reason why many vendors need markets. Many vendors need markets because they need to be able to offer escrow to their buyers. An independent shop cannot offer impartial escrow services on their own.

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- From the team at Sourcery, we are announcing our latest innovation in the DNM 
space: SrcPay by Sourcery.  We built the safest and most innovative payment, 
settlement and escrow system on the DNMs for Sourcery Market.  We are now 
opening up our escrow service as a platform for direct integration with 
independent vendor shops, DNM services, and even other markets.  SrcPay still 
follows the same philosophy of never touching coin.  With SrcPay, both buyers 
and shop owners can rest assured that their coin is safe from theft.  We have a 
proven process that eliminates the need for market hot wallets.  We are bringing 
that same security and safety to SrcPay customers.  

**Why SrcPay?**

* Offer neutral, third party escrow and arbitration services to your buyers.  
Increase your sales by giving your buyers the comfort of Sourcery's multisig 
implementation.

* No more maintaining hot wallets on your onion.  
* No need to write software to manage buyer deposits and wallets.  Many a market
 have had their hot wallets drained due to buggy deposit management software.  
* No need to store sensitive Bitcoin addresses and transaction history on your 
onion.  Reduce your OPSEC risk by never needing to maintain Bitcoin history on 
your onion.
* LE hates us because of this one trick.  No market wallet means no coins for LE 
to seize or hackers to steal.  Give hackers less motivation to try to hack your 
service.  


**What is SrcPay**

Simply put, SrcPay will allow any DNM service or shop to leverage Sourcery's 
escrow platform and service.  Many vendors want to open up their own shop outside 
of a traditional market but still need the ability to offer neutral escrow services 
that a market normally provides.  SrcPay fills this need.  SrcPay provides two 
primary services/functions for shops and services:

1.  SrcPay will handle the process of funding of order and confirmation of the 
deposit from the buyer.  A SrcPay customer no longer needs to build any Bitcoin 
functionality to handle receiving funds from a buyer.  SrcPay will handle this for 
you and provide confirmation services back to the vendor/shop. 

2.  SrcPay will provide escrow services for your buyer using the same innovative 
2 of 3 multisig platform currently used by Sourcery Market. 

SrcPay has several integration options to meet your needs.  You may offer a 
completely seamless experience to your buyers by presenting the data directly 
on your own hidden service, managed via API calls.  Alternatively, for a quick 
and simple integration, SrcPay will provide a reference link for all deposits 
and escrow functionality allowing you to simply direct your buyer to click the 
link to complete a deposit or finalize escrow.  We leave it up to you!  Independent 
shops are no longer limited to vendors who can command FE - we are opening up 
the landscape to all vendors by giving them the opporunity to have the best of 
both worlds - the escrow service provided by a market combined with the 
flexibility of running your own shop/service. Whether your shop is a simple, 
mostly static site or a full blown market, our solution will work well with 
your service.

**The SrcPay Advantage**

* Less development time and overhead for hidden service operator

We handle all of the Bitcoin related functionality so you don't have to.  This 
frees you up to focus on your products.  No need to build tedious daemons and 
manage Bitcoin core.  No need to build accounting and ledger functionality to 
track buyer deposits.  Focus on your product and service, not on Bitcoin.  

* Increase Anonymity and Privacy

SrcPay has several hidden benefits for vendor shops and services:

1. Vendor shop will not need Bitcoin wallets (cold or hot) on their hidden 
service.
2. Hackers have no coins to steal from a vendor's hidden service.
3  Coins cannot be seized should the hidden service get seized.  
4. Vendor shop databases won't need to hold information about bitcoin 
transactions.  

Vendors can hold their wallets completely offsite from their hidden service.  
This greatly enhances vendor privacy and not only protects their funds from potential
 hackers, it protects their bitcoin transaction data and keeps this data out of a 
potential adversary's hands.  While a seizure or hack is something no hidden service 
operator ever wants to have happen, it is important to take measures to mitigate and 
minimize damages should this happen.  SrcPay helps you mitigate that damage.  Your 
shop will no longer need to store wallets and transaction history on the hidden service.
  Your shop will be less profitable to a hacker because there are no coins for hackers 
to steal.  Your shop will no longer have to build clunky accounting software to track 
buyer deposits.  Historically, many markets have become vulnerable to bugs which allowed
 a hacker to drain wallets.  Rest easier knowing that your coin is safe. 

On the flip side, SrcPay has very minimal information about the details of the 
underlying transaction.  As mentioned before, SrcPay provides two major pieces 
of functionality:  it handles getting the deposit from the buyer AND providing 
escrow.  For the first piece of functionality, SrcPay will know nothing about 
what was purchased.  All it knows is that a certain amount of coin needs to be 
collected from a buyer.  The buyer could be purchasing widgets, sand from the 
beach, or a kilo of an illicit substance.  SrcPay doesn't need to know the vice.

We follow the principle where everything is on a "need to know basis."  What this 
means is that when an escrow transaction is created, SrcPay will have no details 
about the underlying order.  With a normal, good transaction (which are most 
transactions), the order details are irrelevant to the escrow service.  The details
 of the order only become important during a dispute.  Therefore, the order details
 are only provided to SrcPay in the event of a dispute.  We have a methodology that
 ensures the details are available in a dispute and are not changed in the middle of
 a transaction - the details are there, SrcPay simply doesn't have access to them 
unless a dispute arises.  Contact us for implementation details.  

***Other Features***

* Completely separate hidden service and runs on completely different hardware than 
Sourcery Market
* Buyers do not need to create accounts on SrcPay or Sourcery. 
* Buyers are given a unique URL to access deposit information/details.  Buyers use 
their PGP key to gain access to contracts and transactions.  NOTE: Remember SrcPay 
won't have product details, only the related Bitcoin addresses and amounts relevant 
to the transaction.  
* SrcPay never touches buyer coin.  Uses our proven, transparent process during 
the handling of your coin.

**Getting Started**

If you want to run your own hidden service and leverage SrcPay, send us a message 
on Sourcery or visit our onion forum.  We will provide as much technical assistance 
as you require to get you set up with SrcPay.  We can also fulfill most requests 
for customized interfaces with SrcPay.  We will work with you and your needs so 
you may get the most out of SrcPay.

* Fees (Dependent upon needs)

1. One time set up fee (based on level of technical consulting required)
2. Per transaction fee (based on various factors, may include or exclude escrow services)

We look forward to being a long term partner and help in the growth of your business.

Sourcery Team
http://sourcel3zg2kzu4k.onion/
Forum: http://srcryfxsuyisnjgd.onion/
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Comments


[3 Points] murderhomelesspeople:

Even after reading this I still don't feel like a understand what srcpay is? Do you have more detailed information about the underlying functionality?


[1 Points] UnderGroundDrugRoad:

When are you guys going to stop banning substances?


[1 Points] HotPlateD:

3d party escrow not to blame the market if your money is gone?