How to Use Pactum

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Let’s continue: The seller navigates to Pactum.io and selects the “New SC” tab which stands for New Smart Contract. An explanation of this selected Smart Contract will populate down below for the user.From there, the seller selects the “Buyer/Seller” (official name pending) button that represents the Buyer Seller Smart Contract Template. This template is a Smart Contract that has been coded by Pactum, tested, and audited by Pactum and 3rd parties to verify its security.Now an intuitive wizard-like interface will appear for the seller to complete.The seller will fill out the “Buyer“ tab. Buyer’s username (optional) or email (optional). Seller hits “Next”.

5. On the “Item” screen, the seller will fill out the details of the product they are selling: the shipping method, item description, price, payment deadline, and toggle configurable options for the Smart Contract. Once complete, the seller hit “Next”.

6. Finally on the “Seller” tab, the seller selects the wallet they want to receive the funds once the Smart Contract releases the funds. The seller now hits “Create Pact”. This action validates the 3 previous forms, validates the Smart Contract configuration, and deploys the Smart Contract on behalf of the seller.

7. The buyer is now notified via any of the following methods: Pactum’s system, an email, or directly through the seller. Any of these methods will deliver the Smart Contract Address for direct payment (advance users) and a link to Pactum’s DApp (Decentralized Application) (for ease of access and use). Through Pactum’s DApp, the buyer can use their own Pactum managed wallet or a 3rd party wallet (Ledger Nano S or MetaMask for example) to pay into the Smart Contract. This notifies the seller to ship the item.

8. The seller ships the item. Returns to Pactum’s DApp and provides the tracking number. An oracle picks up this tracking number and begins polling the appropriate API for delivery status. The buyer is notified the item has been shipped. Once marked delivered, the funds are released to the seller’s wallet they selected in Step 6. At any time, the seller and buyer and come back to Pactum and review the current status of the Smart Contract they are participating in.

The above is a detailed draft of Pactum’s internal alpha we are currently developing. Pactum will continue to revise and streamline our processes to reduce any unnecessary steps. The above use case can be used worldwide between any two parties. Saving them a substantial amount in fees (versus PayPal, eBay, Amazon, etc…) and provides both parties an escrow service that they both don’t need to trust or pay for as it’s secured, audited code.