Socious Launched a Decentralized Escrow Service

We are thrilled to announce that Socious has launched a decentralized escrow service on Milkomeda, Cardano’s EVM sidechain. The platform supports multiple cryptocurrencies including WADA, Djed, USDC, USDT, and DAI.

Key Benefits

• Payments in Wrapped ADA: Process payments using WADA for seamless transactions within the Cardano ecosystem.
• Milestone-Based Payments: Implement milestone-based payment structures ensuring work quality assurance before funds are released.
• Low Transaction Fees: Take advantage of reduced fees compared to traditional escrow services.

How It Works

Hiring companies deposit funds into escrow smart contracts before work begins. Freelancers submit deliverables, and upon completion confirmation, smart contracts automatically release funds to the freelancer’s wallet. A dispute resolution mechanism addresses any conflicts that may arise.

The service has gained traction among Catalyst-funded projects seeking secure payment solutions with reduced fees and blockchain transparency.