Escrow Makes MPT Safe as Houses
With so much froth in the ICO marketplace, there’s been ample opportunity for shady dealings and outright scams. Caveat emptor.
Mark Pesce Tokens are not speculative investments. They’re a contract for a fixed amount of professional services – that’s why they’re called “Professional Attention Tokens”.
Yet there’s still delivery risk. What if the contract can not be fulfilled through circumstances beyond anyone’s control? What happens in that case?
In the interests of transparency – and to establish a practice others can follow – all funds will sit in with a third-party licensed escrow agent, unspent, until the contract is fulfilled, cancelled, or expires.
Here’s a step by step diagram illustrating how escrow protects your purchase of Mark Pesce Tokens:
Step One: Token Purchase
Currency is exchanged for a Mark Pesce Token(s). The funds immediately go into a third-party escrow account:
Token holders have the right to inspect the escrow account – this account will be publicly auditable because of the way a blockchain works.
Note: The completed smart contract implementation of the Mark Pesce Token implements escrow; a third party will not be needed.
Step Two: Execution of Token Contract
The contract is executed as soon as you pay for a token. The contract is performed when both parties agree a time to fulfill the contract and provide services. The token holder proposes a time, and when agreed, the escrow funds are released:
No funds used to purchased Mark Pesce Tokens can be spent in advance of an agreed time to provide professional services.
That’s all you need to know, with one exception – there’s a time limit on how long funds sit in escrow.
Fine Print: Your right to Cancel, and My Right to Spend
Within the first twelve months you may cancel your Mark Pesce Token for any reason for a full refund, less whatever fees are incurred getting your funds returned to you.
If a token has neither been redeemed or cancelled within twelve months, the funds in escrow are released to me. That doesn’t mean you’ve lost your money! You have an additional 48 months – for a total of 60 months – to redeem your token for my professional services.
This escrow policy creates a fair, safe and secure way to trade in professional attention tokens.