How to Create a Escrow Trade on Tethermalls: Step-by-Step Guide

Learn how to use Tethermalls’ blockchain escrow service for secure cryptocurrency transactions. This guide explains the step-by-step process of creating an escrow contract on the Tethermalls platform.

What is a Secure Transaction (Escrow)?

A secure transaction, or escrow, is an intermediary mechanism that ensures trust between transaction parties. Tethermalls’ escrow system uses blockchain technology to safely hold the buyer’s funds in a smart contract, releasing them to the seller only when the transaction conditions are met.

Steps to Create an Escrow on Tethermalls

Step 1: Select Who Receives the Payment

In the first step, you choose who will receive the payment in the escrow transaction:

Yourself (Contract Creator): Select this if you are the seller. In this case, the other party (buyer) will deposit funds that will be transferred to you when conditions are met.
The Other Party: Select this if you are the buyer and the other party is the seller. In this case, you’ll deposit funds that will be transferred to the other party when conditions are met.

Choose carefully as this determines the flow of funds in the escrow.

Step 2: Enter the Other Party’s Wallet Address

In this step, you enter the cryptocurrency wallet address of your transaction partner:

For Ethereum Network: Enter an Ethereum address format that starts with 0x (e.g., 0x6Fb638e6E2127212B2eC01E7e9B7Cd017CD952df)
For Tron Network: Enter a Tron address format that starts with T (e.g., TVoHNgX6b5K6PfnY5o7Ku94V6RXafBScY1)

The address must be entered correctly, as typos could result in funds being sent to the wrong address.

Step 3: Select the Cryptocurrency for Payment

Tethermalls currently supports two stablecoins:

Tether (USDT): The most widely used stablecoin, pegged to the US dollar at a 1:1 ratio.
USD Coin (USDC): A stablecoin issued by Circle and Coinbase, also maintaining a 1:1 value with the US dollar.

Select your preferred cryptocurrency. Both currencies are available on Ethereum and Tron networks.

Step 4: Enter the Contract Name

The contract name is used to identify this transaction. Enter a clear and specific contract name that will help you identify it later.

Examples:

“YA-5557 Trade Transaction”
“Design Service Contract – Logo Design”
“Used MacBook Pro 2023 Purchase”

Step 5: Enter the Contract Details

The contract details section is where you describe the transaction’s specific conditions, expectations, and deliverables. This information will be crucial reference material if a dispute arises, so write it as detailed as possible.

Content to include:

Detailed description of the product/service
Shipping/delivery deadlines
Quality standards
Inspection methods and timeframes
Refund conditions (if applicable)
Other important terms or agreements

You can use the rich text editor to organize content clearly with fonts, colors, lists, etc. You can also attach images if necessary.

Step 6: Create the Private Transaction

After entering all the information, click the “Create Escrow Trade” button to generate the escrow contract. The system will validate the information you’ve entered and, if everything is correct, create the escrow contract on the blockchain.

Tips for Using Secure Transactions

Verify Wallet Addresses: Always double-check your transaction partner’s wallet address.
Establish Clear Contract Terms: Document all transaction conditions clearly to reduce the possibility of future disputes.
Be Careful with Network Selection: Ethereum and Tron networks are not compatible with each other. Make sure you’re using the same network.
Maintain Sufficient Gas Fees: When using the Ethereum network, keep gas fees (ETH) in your wallet for transaction processing.
Verify Wallet Connection: Ensure your wallet is correctly connected to Tethermalls before the transaction.

For more information or assistance, please contact us through the official Tethermalls Telegram channel (@tethermalls) or email us at [email protected].