LARGO COIN – REDEFINING ESCROW SERVICE FOR GREATER EFFICIENCY
The cryptocurrency arena has been in constant flux and several projects has toiled the soil of the industry to bring respite to the ever-increasing challenges which have bedeviled the industry. There has always been a constant need for transactions between different parties who may be transacting from a different location and this has raised the need for an escrow service. An Escrow is a third party that stands in the gap between the transacting parties to ensure that the contractual agreement between both parties is effected and the fear of loss is reduced or eliminated.
The LARGO project is built around the premise that transactions could be carried out effectively without the fear of loss on the part of the buyer. This is evident with the fact that the buyer is duly compensated in the event of loss of the initial cost. The compensation is paid with the largo coin (LRG) which is tradable in several cryptocurrency exchanges.
It is worthwhile to know that the buyer initiates the contract and signs up for Escrow service in the LARGO platform. The buyer is expected to make the payment of the initial cost, together with the commission of 15%, this payment validates the deal and the seller is notified to initiate he’s own part of the agreement, which could be by sending the item of purchase or carrying out the service.
The payment is transferred to the seller when the buyer confirms that the agreed service or item has been carried out. In an event when there’s a disagreement between both parties, the amount of initial cost is frozen and a committee is set up to look into the issue and determine the best course of action. The amount would be transferred back to the buyer when it’s certain that the seller did not keep to his part of the agreement.
The LARGO platform utilizes the service of validators who is assigned and takes a keen interest in each escrow service that is registered on the platform. The validator verifies every stage of the contract, ensuring that the details of the contract are diligently followed to detect and possibly avoid the issue of non-compliance especially from the seller. This is possible with the easy to use interphase which provides the functionalities necessary to verify the assets of transactions, monitor validity and compliance with registered agreements and hold tracking and shipment information.
KEY ADVANTAGES OF LARGO
Risk Reduction/Elimination
The Largo Platform eliminates the dangers of dealing in a low trust environment, especially when the buyer and seller process trans-border transactions.
Limited Supply
LARGO has a limited supply of only 200,000,000 coins. This would assist in checkmating inflation and ensure that the value of the coin keeps increasing. The usage of the coin increases as the escrow services are being rendered and settlements are paid using the coin.
Low Transaction Fee
The LRG coin boast of low transaction cost due to the Proof of Stake consensus algorithm combined with the Masternodes technology used for the coin. This is more economically viable than most cryptocurrencies.
High-end Security
LRG can be said to be highly secured, this is achieved with the combination of the state-of-the-art Proof-of-Stake consensus design, that ensures loyal user-enabled legitimacy of transactions, and Master Node validation and control allow for multi-level decentralized, autonomous and sustainable protection that scales-up with the growth of the entire network
LARGO COIN SPECIFICATION
PROJECT INFORMATION
WEBSITE - https://web.largocoin.io
ANN THREAD - https://bitcointalk.org/index.php?topic=5200762
TWITTER - https://twitter.com/largocoin
FACEBOOK - https://www.facebook.com/LargoCoinPublic
MEDIUM - https://medium.com/@largocoin
REDDIT - https://www.reddit.com/r/largocoin/
TELEGRAM - https://t.me/largocoin_chat
AUTHOR’S INFORMATION
BTT USERNAME - Bossfidelity
BTT PROFILE LINK - https://bitcointalk.org/index.php?action=profile;u=2401960
WALLET ADDRESS - D6vJUCGXDb1DAjctsCDywLv8U65GxqHG97