A seller creates an offer, a buyer finds it and commits to it. Seller's and buyer's funds are encumbered by the protocol and the buyer receives a tradeable rNFT.
2
Redemption period
The buyer can trade the rNFT or redeem it.
Both the seller and the buyer can withdraw from the exchange during this period, but they will be penalised if they do so.
3
Dispute period
The seller must deliver the item. If the item is not delivered or is faulty, the buyer raises a dispute.
4
Resolution period
The seller and buyer try to mutually resolve the dispute. The final outcome is the decision on how the locked money is split between them. If they cannot do it, the buyer can escalate it, and the dispute resolver gets involved.
5
Escalation period
The dispute resolver decides how the money, locked in the protocol, is distributed between the seller and the buyer.
State transitions
Phase
Previous state
State
Next state(s)
Listing period
/
LISTED
COMMITTED
Redemption period
LISTED
COMMITTED
REVOKED
CANCELEDREDEEMED
Dispute period
COMMITTED
REDEEMED
COMPLETED
DISPUTED
Resolution period
REDEEMED
DISPUTED
RETRACTED
RESOLVED
ESCALATED
Escalation period
DISPUTED
ESCALATED
RETRACTED
RESOLVED
DECIDED
REFUSED
End states are written in bold. Each of the periods is described on the following pages. The final payouts for all states are listed on Exchange payouts.
