Last week the prestigious publication Cointelegraph published an article about what is an escrow account. In a nutshell an escrow account is a process by which when someone buys an item the money is not sent directly to the seller. Instead, it is kept by a company that will not release it until the buyer confirms that the order received is exactly what was promised.
UTEMIS uses an escrow account; Same as many Chinese e-commerce giants. Escrow accounts are 100% sure for both the buyer and the seller, especially if they are combined with a reputation system.
When at UTEMIS we promise security for our customers, this is what we promise: that even though in Latin America they are not widely used, they will be protected with an escrow account. That in case someone tries to falter on their promise, this company will not only not succeed at getting the money but also will have this attempt recorded in the UTEMIS reputational blockchain. This will be left for everyone else to see – in the entire Latin American region – and decide if they want to do business with that company.
There are a variety of typologies of escrow accounts, the one that UTEMIS uses is the same one than many Chinese e-commerce giants use, and it is also very profitable, for instance, one big Chinese escrow account company has a market cap of well over US$80 Billion.
UTEMIS has bold objectives in terms of profitability, capitalization and valuation of the UTEMIS Token. How do we plan to do that? A short answer: among other things, we use an escrow account.