This is a draft for a three-party or four-party scheme that enables an escrow transaction using nothing more than standard (non-multi-signature) Bitcoin transactions.
This proposal contemplates the following features:
One shared Bitcoin address for the entire transaction.
All parties to the transaction can verify that the Bitcoin address belongs to the transaction they're participating in, and not one made up or taken from someone's own personal wallet.
Escrow agent can control the disposition of the funds but cannot take the funds.
Releasing the funds remains possible even if the escrow agent disappears.
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