Release phase

The Release Phase is initiated when the Release Signer approves the release of funds. This triggers the escrow smart contract to perform verification checks, deduct fees, and securely disburse funds to the Receiver. The escrow is then marked as completed, concluding the transaction.

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Key Actions

1. Triggering the Release

• The Release Signer signs the release transaction, signaling the intent to disburse funds.

• The escrow smart contract initiates the release process.

2. Verification of Milestones

• The escrow smart contract verifies:

  • All milestones have their Approved Flag set to True.

  • No milestones are in a disputed state (Approved Flag ≠ On Dispute).

3. Fee Deductions

• Upon successful verification, the escrow contract calculates and deducts:

  • The Platform Fee (e.g., Marketplace fee%) as configured during the Initiation Phase.

  • The Trustless Work Fee (e.g., 0.3%).

4. Funds Disbursement

• The remaining funds are transferred to the Receiver Address designated during the Initiation Phase

5. Completion

• The escrow contract is marked as Completed, signaling the successful conclusion of the transaction.

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Key Metadata

1. Release Signer

• The entity responsible for triggering the release by signing the transaction.

2. Milestone Approval Check

• Confirms that:

  • All milestones are approved (Approved Flag = True).

  • No unresolved disputes exist.

3. Fee Deductions

• Platform Fee Deduction: Calculated and deducted from the total escrowed amount.

• Trustless Work Fee Deduction: A fixed percentage (e.g., 0.3%) is deducted for using the Trustless Work infrastructure.

4. Receiver Address

• The blockchain address of the Receiver, who will receive the funds (e.g., Freelancer, Host, Company).

5. Release Transaction ID

• A blockchain reference (e.g., tx456def) for the release action, ensuring traceability and transparency.

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Phase Outcomes

1. Funds Transferred Securely

• The Receiver (e.g., Freelancer, Host) receives the funds, minus the Platform Fee and Trustless Work Fee.

2. Escrow Marked as Completed

• The escrow status is updated to Completed, reflecting the transaction's successful conclusion.

3. Transparency Maintained

• All participants can trace the release process on-chain using the Release Transaction ID, ensuring full visibility and trust.