CoinPlace is the first in the world platform for direct P2P trading of ICO tokens and cryptocurrencies. The main function of the platform is to allow a customer to purchase digital assets for fiat currencies. CoinPlace publishes crypto asset sale ads; buyers find the best offers and negotiate a deal with the seller directly on the platform. Moreover, the transaction takes place online.
A transaction starts with an offer.
1. A buyer or a seller creates an offer in the platform and sets out the terms.
2. The service saves the terms.
3. The buyer or the seller receives a proposition to enter into an escrow transaction.
4. Having received a proposition, the buyer or the seller may accept, refuse from, or amend it.
5. If the proposition is accepted, the digital asset that is a subject of the transaction is frozen.
6. A transaction is created. The service waits for both participants to confirm its completion or violation of its terms.
7. If both parties confirm successful completion, frozen funds are transferred as directed.
8. If both parties decide to cancel the transaction, or its time is over, guarantee payments are returned to the parties.
9. If one of the parties confirms the fulfillment of transaction terms, and the other one claims violation of its terms, a transaction is considered disputable.
10. In this case an arbitration procedure is initiated. A disputable transaction is moderated by the arbitrator of the platform. His task is to request the data from each of the users and to decide whether any payment was made. Arbitration results in transferring digital assets to one of the parties and in a rating change or removal of the guilty party from the platform.