Alphabay introduce yet another new feature, digital contracts for buyers and vendors – As it was announced on their forum: http://pwoah7foa6au2pul.onion/forum/index.php?threads/new-feature-digital-contracts-pgp-signed.5000/
We are now introducing our newest feature – Digital Contracts. We are the first Darknet marketplace to ever allow a digital contract between two users.
AlphaBay Digital Contracts allow two users to make business arrangements in the long-term by signing a digital contract which will be signed with the server PGP key of AlphaBay as proof of deal. Our system enables serious businessmen/businesswomen to conduct safely business without worrying if the other person will scam them or simply not fulfill his/hers part of the deal – by signing the contract, both parties are obliged to complete their end of deal.
What are the requirements?
Any user (does not require to be a vendor) can initiate a contract with any another user in the marketplace as long as the initiator has the fee to cover for the creation of the contract.
How it works?
When at marketplace, take a look on the left-hand side on a column called “Profile Actions“, somewhere in the middle you will find a link called “Contracts“. When you open it, you will see several tabs – Create Contract, Current, Pending, Completed, Disputed. Each of these tabs is self-explanatory, so you go ahead and click “Create Contract“. Each field/setting is important so pay attention:
- To user: – include username in marketplace of the other person here
- Title: – include the title of the Contract here
- Content: – The most important bit – the contents. Read about what you should put here in next question down.
- Completion: – Date of completion, meaning, by this date, the aforementioned by both users, should be completed/over.
What should you put in Content?
You have to have prepared the contract in advance alongside your future business partner. There are no templates so use your imagination but make sure you cover all angles “in case of” – very important if dispute occurs, treat it like a real contract. It is not required to put in the exact full details – we understand your need for privacy but basic outline should be present in case of dispute. You can freely choose to encrypt with PGP your part of the contents so that it is not visible to anyone else however in such cases it will be difficult (but not impossible with help of both parties in contract) for moderators to resolve disputes.
Should the Content’s text be signed with PGP by each party in the contract?
No, signing your part of the text with your PGP key is not required because by accepting (signing) the contract or initiating (signing) the contract, each user obliges to do the duties/actions described or briefly mentioned. By signing you also verify that you are the person in control of that account & that excuses like “I was hacked, I did not sign that” will not go by as dispute reasons if you fail to fulfill your end of the deal.
What are some potential uses of Digital Contracts?
For example, if you are a bulk seller you can guarantee to your resellers that you will be able to deliver quantity X, every X week of the month, or you want to employ someone and to guarantee him his pay for the time period he is working or any other type of deal – it is all up to you, the user.
How can one verify the authenticity of a Contract?
Each Contract will be automatically signed by the PGP key of AlphaBay server, thus enabling users to verify the authenticity of each contract & its contents. In case you missed the sticky topic in this section, AlphaBay Marketplace PGP key here it is:Code:
What are the fees?
Only $5 per contract – this is payable by the initiator (the user that creates the contract).
What happens if there is a problem with the contract?
Any of the both signed parties can decide to “Dispute” at any given time after the start of the contract. Disputes are, as always, handled by our moderators & the procedure does not differ much from a normal escrow dispute. If a user has cheated & this has been verified by moderators during a dispute, the user will have updated count in “Failed” field on the marketplace profile, just below the date of your join. Only users who have failed to fulfill their end of the deal will have the count of failed contracts next to the “complete” and “in progress” field. So make sure you check your partners previous contracts count and see if they have successfuly completed previous contracts or have failed (lost in dispute).
What happens after the completion time is over?
Contract can no longer be disputed & the count of “Completed Contracts” is updated in both of the users fields.
The new feature has been thoroughly tested & has passed all security checks (including logic flaws testing) so if in the unlikely event of encountering a bug, please do not hesitate to contact me & I will look at your findings right away.