In the world of international trade, trust, and dispute resolution are paramount. Traditionally, these relied on expensive intermediaries, but and Obyte can make the difference for small actors worldwide. You can now trust strangers because you’re protected —and it’s all easy and inexpensive. ArbStore This quick guide will walk you through the process of creating a contract with arbitration in the and choosing an arbiter without complications or hard steps. Let’s go! Obyte wallet Step 1: Download and Set Up Obyte Wallet To embark on this journey, both parties involved must download and set up the . Ensure the security settings are configured according to your requirements in the "Global Preferences" section, and back up . Next, pair your wallets by adding each other as contacts in the Chat tab. This is necessary to share (and pay to) addresses later. Obyte Wallet This lightweight and user-friendly app is available for Android, iOS, Windows, Mac, and Linux. your wallet Step 2: Fund Your Wallet Since operate exclusively with cryptocurrencies, one party, typically the buyer, must fund their wallet with their preferred Obyte-based token. . Regardless of the contract currency, having some GBYTE (Obyte's native token) in your wallet is necessary to cover transaction fees, which are typically less than $1. smart contracts in Obyte New users can navigate to the "Receive" tab to find a button (“ ”) for purchasing new coins Get Me Coins Step 3: Discuss and Create the Contract Now comes the exciting part. Parties can engage in a discussion and draft their agreement externally or via the feature within the Obyte Wallet. Once both parties are satisfied with the terms, proceed to write and copy the contract (in human language, so don’t worry), but first… encrypted chat This chat ensures privacy and confidentiality. Step 4: Choose an Arbiter Selecting an arbiter is a crucial step in this process. Take your time to browse through the available arbiters and choose one that best suits your needs. Arbiters on the platform may have their own terms and fees, offering flexibility in selecting the right fit for your trade scenario. Optionally, you could contact the chosen arbiter to verify their availability before writing their Obyte address in the contract (an obligatory step). The ArbStore of experienced arbiters with expertise in various industries. offers a pool Step 5: Deploy the contract The buyer should share their Obyte address with the seller. This allows the seller to initiate the creation of a contract with arbitration. and the selected arbiter address. The other party accepts the conditions from their own device if they agree to all the terms. Once the seller clicks on the address, they can fill in the necessary details, including the terms, conditions, payment information, Step 6: Deposit Funds and Ship Goods With the contract details finalized and signed, the next step is for the buyer to deposit the agreed-upon funds into the contract. This action effectively locks the funds until the are met. The seller can then proceed to ship the goods or deliver the agreed-upon services. If everything goes well, the buyer will need to release the payment to the seller from its own wallet. And that’s a successful trade! To do it, it’s only necessary to click on the contract link in the chat, and press the button “Pay X Tokens to Escrow.” predetermined conditions Step 7: Arbitration Process In the event of a dispute, the arbitration process comes into play. The arbitration, then, involves presenting evidence and arguments to the arbiter for evaluation. Meanwhile, the funds aren’t available for the parties involved in the contract. The party initiating the dispute, known as the plaintiff, contacts the selected arbiter and pays their fees. Step 8: Funds Release The arbiter carefully examines the evidence and documentation presented by both parties. Based on their analysis, they make a decision and release the funds to the winning party. While this process may not seem lightning-fast, it’s significantly quicker than traditional methods, which can take weeks or even years to reach a resolution. Bonus: Arbiter Registration (Optional) If you're interested in becoming an arbiter in the Arbstore, the process is straightforward. Follow the instructions provided by a chatbot within the , and you can also consult the for additional information. Obyte Wallet Arbiter's Guide Now, creating contracts with arbitration in the and the is a game-changer for international trade. . By following these steps, you can harness the power of distributed ledger technology (DLT) to make your international transactions and purchases smoother and more reliable than ever before. Obyte Wallet ArbStore It provides transparency, efficiency, and cost-effectiveness while ensuring privacy and security Featured Vector Image by storyset / Freepik
