OK, show of hands, who here knows how an escrow works?
We can’t see your hands, because this is a blog post, so please put them down.
It was just a joke.
HELLO gamers, friends, family, holders, all 👾
We are here to tell you about our brilliant new partnership with Polkalokr, the lovely folks who are bringing the security and simplicity of the escrow mechanism to the world of blockchain.
Escrow is a very simple process. Imagine you’re selling your house. Everything is agreed upon, but there is really no way for you to know whether the other party will pay you the money once you hand them over the keys and sign the contract. There’s no way for you to know whether they even HAVE it. And the other party is, of course, fearsome of giving you the money before everything is official. What if there’s a licensing issue? What if the lawyers find fault with the paperwork?
So what can anyone do?
That’s what escrow is. A trusted third party (a bank, or a financial agent of some sort) agrees to hold that money in escrow until every term of the contract is cleared. It’s a good system, and it works. Except for one small detail. It’s centralised. And you need an intermediary.
Polkalokr fixes that.
Welcome to DeFi escrow
Now, of course we know blockchain is secure. The problem is people. Token unlocks and distributions are still done in a centralized way a lot. Some token economies are entirely dependent on teams or companies, who are in charge of the treasury.
Smart contracts are another issue. Most users can’t read them. There’s a real need to make things more understandable and transparent for everyone.
Polkalokr escrow simplifies accessibility. You can draft your conditions and define what happens to your tokens and when. You can customize it however you prefer even if you don’t have great technical knowledge, and the best part is it’s all decentralised.
And now they’re helping us decentralise prizes and trophies
Polkalokr’s locking mechanisms have fantastic potential, and we are going to be exploring the integration of their locking protocols to handle the distribution of prizes and trophies, whether they’re tokens or NFTs.
This will remove us entirely from the equation, meaning literally nothing will get in the way of winners getting their just deserts.
And the best part is Polkalokr’s team are super-connected to gaming and they’re as enthusiastic about this partnership as we are. They will be creating their own community on our platform, so their supporters and teammates can play and enjoy the best we have to offer.
Here’s what Exeedme CSO Francisco Varela had to say about this: “We were extremely surprised and ecstatic that the Polkalor team was so connected to the gaming space and wanted to create a new space for their community to play2earn. We will also be exploring together how their escrow mechanisms could build a fairer and more transparent process to distribute prizes and trophies of future Exeedme events.”
Anis Ahmed Chohan, Polkalokr CTO & Co-founder, also added: “The synergies for the gaming sector and blockchain are well and truly brought to life by Exeedme platform. With the use of DeFi and NFT technologies, we can see a very bright future for gaming and its competitive scene.
We look forward to building with ExeedMe, looking into locking and distributing rewards via our LOKR platform, and exploring possibilities for token swapping functionality based on results and outcomes of gaming tournaments via SWAPR. Using Exeedme’s gaming data feeds really enables us to tap into our event based distribution technology in an exciting new way.”
Exeedme is a trusted and fair Play2Earn ecosystem that allows gamers at all skill levels, developers and gaming communities to monetize their skills and efforts with the power of innovations like DeFi and NFT’s. With Exeedme, gamers can play their favorite games, challenge an opponent, bet on their own victory and earn rewards for participating and progressing, ultimately enabling ALL players to make money off their skills.