Safety through security (deposits)
When you rent an apartment, you put down a security deposit when you take the lease. Landlords require this because if the market changes, they would lose out on the rent promised in the lease agreement.
In a similar way, marketplace sellers on Rigly receive payout deposits in multisig escrow.
How Escrow Works
When you pay for your mining plan, the funds are deposited in a 2:3 multisig with three keys:
- Marketplace Seller
- 3rd party observer
The Seller may only withdraw funds after hashrate is delivered.
If your miner goes away, Rigly performs a refund request - and if necessary, the 3rd party applies their key to approve the refund based on hashrate monitoring data
Soon, we plan to add support for Buyers to directly participate in the multisig escrow.
If your mining is offline for an extended period of time, you receive a refund of the balance of your prepaid mining plan